U.S. Securities and Exchange Commission
                             Washington, D.C. 20549

                                   Form 10-QSB

                                   (Mark One)

           |X| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                For the quarterly period ended September 30, 2000

                                   ----------

            |_| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                            THE EXCHANGE ACT OF 1934

                        For the transition period from to

                                   ----------

                        Commission File Number 000-27949

                                   ----------

                     First India Diversified Holdings, Inc.

                                  -------------

        (Exact name of small business issuer as specified in its charter)

            New York                                       06-1551283
  (State of other jurisdiction                 (IRS Employer Identification No.)
of incorporation or organization)

                     First India Diversified Holdings, Inc.
                              257-10 Union Turnpike
                           Floral Park, New York 11004
                                 (888) 238-6400

                                   ----------

                           (Issuer's telephone number)

Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports),  and (2) has been
subject to such filing requirements for the past 90 days.   Yes |_|   No X

State number of shares  outstanding  of each of the  issuer's  classes of common
equity as of the latest  practicable date. As of September 30, 2000,  61,000,000
shares  of  the   registrant's  no  par  value  common  stock  were  issued  and
outstanding.

            Transmittal Small Business Disclosure Format (check one):

                Yes X                                  No

<PAGE>

FIRST INDIA DIVERSIFIED HOLDINGS, INC.

TABLE OF CONTENTS

                                                                            Page

REPORT OF INDEPENDENT ACCOUNTANT                                              1

FINANCIAL STATEMENTS

  Balance Sheets as of September 30, 2000 and 1999                            2

  Statement of Operations for the year ended
    September 30, 2000 and for the period
    July 2, 1999 (inception) to September 30, 1999
    and September 30, 2000                                                    3

  Statement of Stockholders' Equity for the year
    ended September 30, 2000 and for the period

  July 2, 1999 (inception) to September 30, 1999                              4
    Statement of Cash Flows for the year ended
    September 30, 2000 and for the period
    July 2, 1999 (inception) to September 30, 1999
    and September 30, 2000                                                    5

  Notes to Financial Statements                                              6-7

<PAGE>

                      FIRST INDIA DIVERSIFIED HOLDING, INC.
                          (A Development Stage Company)

                                     AUDITED
                              FINANCIAL STATEMENTS

                        Year ended September 30, 2000 and
                   For The Periods July 2, 1999 (Inception) to
                           September 30, 1999 and 2000

<PAGE>

      Aaron Stein
CERTIFIED PUBLIC ACCOUNT

                                                                981 ALLEN LANE
                                                                 P.O. BOX 406
                                                              WOODMERE, NY 11598
                                                                 516-569-0520

To the Board of Directors and Stockholders'
   First India Diversified Holdings, Inc.

I have  audited  the  accompanying  balance  sheets of First  India  Diversified
Holdings,  Inc. (a  development  stage  enterprise) as of September 30, 2000 and
1999, and the related statements of operations,  stockholders'  equity (deficit)
and cash flows for the year ended  September  30, 2000 and for the periods  from
July 2, 1999 (inception) to September 30, 1999 and from July 2, 1999 (inception)
to September 30, 2000. These financial  statements are the responsibility of the
Company's  management.  My  responsibility  is to  express  an  opinion on these
financial statements based on my audit.

I conducted my audit in accordance with generally  accepted auditing  standards.
Those standards  require that I plan and perform the audit to obtain  reasonable
assurance   about  whether  the  financial   statements  are  free  of  material
misstatements.  An audit includes examining on a test basis, evidence supporting
the amounts and disclosures in the financial statements.  An audit also includes
assessing the  accounting  principles  used and  significant  estimates  made by
management,  as well as evaluating the overall financial statement presentation.
I believe that my audits provide a reasonable basis for my opinion.

In my opinion, the financial statements referred to above present fairly, in all
material respects,  the financial position of First India Diversified  Holdings,
Inc. (a development stage enterprise) as of September 30, 2000 and 1999, and the
results of its  operations  and its cash flows for the year ended  September 30,
2000 and for the periods from July 2, 1999 (inception) to September 30, 1999 and
from July 2, 1999 (inception) to September 30, 2000 in conformity with generally
accepted accounting principles.

The  accompanying  financial  statements  have been  prepared  assuming that the
Company  will  continue  as a  going  concern.  As  discussed  in  Note 2 to the
financial statements,  the Company has suffered recurring losses from operations
and has a net capital deficiency that raises substantial doubt about its ability
to continue as a going  concern.  Management's  plans in regard to these matters
are also  described  in Note 2. The  financial  statements  do not  include  any
adjustments that might result from the outcome of this uncertainty.

Aaron Stein
Woodmere, New York
May 28, 200


                                       1
<PAGE>

FIRST INDIA DIVERSIFIED HOLDINGS, INC.
(A DEVELOPMENT STAGE COMPANY)
BALANCE SHEET

                                                              September 30,
                                                          ----------------------
                                                            2000         1999
                                                          ---------    ---------

ASSETS

Current assets

  Cash and cash equivalents                               $    --      $    --
  Stock subscriptions receivable                               --        105,100
                                                          ---------    ---------

     Total current assets                                      --        105,100
                                                          ---------    ---------

LIABILITIES AND STOCKHOLDRS' EQUITY

Liabilities                                               $    --      $    --

Stockholders' Equity
  Common stock, $0.0001 par value,
     100,000,000 shares authorized,
     61,000,000 shares issued and outstanding                 6,100        6,100
  Additional paid-in capital                                 99,000       99,000
  Deficit accumulated during the development stage         (105,100)        --
                                                          ---------    ---------

                                                          $    --      $ 105,100
                                                          =========    =========

      See accompanying accountants' notes to financial statements


                                       2
<PAGE>

FIRST INDIA DIVERSIFIED HOLDINGS, INC.
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF OPERATIONS

                                      Year Ended     July 2, 1999 (Inception) to
                                     September 30,          September 30,
                                     -------------   ---------------------------
                                         2000           1999           2000
                                     -------------   -----------   -------------

REVENUES                             $       --      $     --     $       --

EXPENSES                                  105,100          --          105,100
                                     ------------    ----------   ------------

INCOME BEFORE PROVISION FOR
     INCOME TAXES                        (105,100)         --         (105,100)

INCOME TAX EXPENSE                           --            --             --
                                     ------------    ----------   ------------

NET INCOME (LOSS)                    $   (105,100)   $     --     $   (105,100)
                                     ============    ==========   ============

LOSS PER SHARE
     BASIC                                 nil           nil            nil

AVERAGE NUMBER OF
     COMMON SHARES OUTSTANDING         61,000,000    61,000,000     61,000,000

           See accompanying accountants' notes to financial statements


                                       3
<PAGE>

FIRST INDIA DIVERSIFIED HOLDINGS, INC.
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF STOCKHOLDERS EQUITY

<TABLE>
<CAPTION>
                                                           Common Stock               Additional
                                                    ---------------------------        Paid-In        Accumulated
                                                      Shares           Amount          Capital          Deficit            Total
                                                    ----------       ----------       ----------      -----------        ----------
<S>                                                 <C>              <C>              <C>              <C>               <C>
Subscription to common stock
  at par value                                      51,000,000       $    5,100       $     --         $     --          $    5,100

Subscription to common stock
  at $.01 per share                                 10,000,000            1,000           99,000             --             100,000

Net Income- September 30, 1999                            --               --               --               --                --
                                                    ----------       ----------       ----------       ----------        ----------

Balance-September 30, 1999                          61,000,000            6,100           99,000          105,100

Net Loss-September 30, 2000                               --               --               --           (105,100)         (105,100)
                                                    ----------       ----------       ----------       ----------        ----------

Balance-September 30, 2000                          61,000,000       $    6,100       $   99,000       $ (105,100)       $     --
                                                    ==========       ==========       ==========       ==========        ==========
</TABLE>

           See accompanying accountants' notes to financial statements


                                       4
<PAGE>

FIRST INDIA DIVERSIFIED HOLDINGS, INC.
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF CASH FLOWS

                                      Year Ended     July 2, 1999 (Inception) to
                                     September 30,          September 30,
                                     -------------   ---------------------------
                                          2000           1999          2000
                                     -------------   -----------    ------------

CASH FLOWS FROM OPERATING
  ACTIVITIES:

  Net loss                             $(105,100)      $    --      $(105,100)
  Adjustments to reconcile net
    loss to cash used in
    operating activities:                   --              --           --
                                       ---------       ---------    ---------

      Net cash used in operating
        activities                      (105,100)           --       (105,100)
                                       ---------       ---------    ---------

CASH FLOWS FROM FINANCING
  ACTIVITIES:

  Issuance of common stock               105,100            --        105,100
                                       ---------       ---------    ---------

     Net increase in cash and cash
       equivalents                          --              --           --

CASH AND CASH EQUIVALENTS, Beginning        --              --           --
                                       ---------       ---------    ---------

CASH AND CASH EQUIVALENTS, Ending      $    --         $    --      $    --
                                       =========       =========    =========

Supplemental disclosure of cash
  flow information
    Interest paid                      $    --         $    --      $    --
                                       =========       =========    =========

    Income taxes paid                  $    --         $    --      $    --
                                       =========       =========    =========

           See accompanying accountants' notes to financial statements


                                       5
<PAGE>

                     FIRST INDIA DIVERSIFIED HOLDINGS, INC.
                          NOTES TO FINANCIAL STATEMENTS
                               SEPTEMBER 30, 2000

Note 1: Organization, Business and Significant Accounting Policies

      Organization

      First India Diversified Holdings, Inc. (the "Company") was incorporated on
      July 2,  1999  under  the laws of the  State of New York to  engage in any
      lawful corporate activity, including, but not limited to, selected mergers
      and  acquisitions.  The Company has sold 10,000,000 shares of Common Stock
      in a "private  placement"  pursuant to Rule 504 of the  Securities  Act of
      1933. The Company is authorized to issue 61,000,000 shares of Common Stock
      with a par value of $0.0001 per share.

      Business

      First India Diversified Holdings, Inc. has been in the developmental stage
      since  inception  and has no  operations  to date.  The Company is a blank
      check company as defined by the  Securities and Exchange  Commission.  The
      definition of a blank check company is one which has no specific  business
      or plan other than to consummate an  acquisition  of or merge into another
      business entity.

      Significant accounting policies

      Use of Estimates in Financial  Statements - Management  uses estimates and
      assumptions in preparing  these  financial  statements in accordance  with
      generally accepted accounting principles.  Those estimates and assumptions
      affect the reported amounts of assets and  liabilities,  the disclosure of
      contingent assets and liabilities,  and the reported revenue and expenses.
      Actual results could vary from the estimates that were used.

      Cash and Cash  Equivalents  - For  purposes of reporting  cash flows,  the
      Company  considers all cash accounts,  which are not subject to withdrawal
      restrictions  or penalties,  as cash and  equivalents in the  accompanying
      balance sheet.

      Income Taxes - The  provision  for income taxes are computed  based on the
      pretax  loss  included  in the  Statement  of  Operations.  The  asset and
      liability   approach  is  used  to  recognize   deferred  tax  assets  and
      liabilities  for  the  expected  future  tax   consequences  of  temporary
      differences  between the carrying  amounts and the tax bases od assets and
      liabilities.

      Earnings per Common Share - Basic loss per common share is computed  using
      the weighted average number of common shares outstanding during the year.


                                       6
<PAGE>

                     FIRST INDIA DIVERSIFIED HOLDINGS, INC.
                          NOTES TO FINANCIAL STATEMENTS
                               SEPTEMBER 30, 2000

Note 2: Going Concern Consideration

      The accompanying financial statements have been prepared assuming that the
      Company  will  continue as a going  concern.  The Company has no operating
      history nor any revenues or earnings from operations. The Company will, in
      all likelihood, sustain operating expenses without corresponding revenues,
      until the  consummation of a business  combination.  The Company's lack of
      financial resources and liquidity at September 30, 2000 raises substantial
      doubt  about its ability to continue  as a going  concern.  The  financial
      statements  do not  include  any  adjustments  that might  result from the
      outcome of this  uncertainty.  The Company has been dependent upon raising
      equity  funding to remain in existence  and will  continue to be dependent
      upon such funding until a business combination has been consummated.


                                       7
<PAGE>

Item II MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS:

The following  discussion of the results of operations  and financial  condition
should be read in conjunction with the audited financial  statements and related
notes appearing under the caption "Financial Statements".

The Company did not have any revenues  during the period from inception (July 2,
1999) to September 30, 2000. The Company incurred aggregate expenses of $105,100
from  inception to September 30, 2000.  These  expenses  relate to evaluation of
proposed  transactions.  The Company had minor amounts of dividend  income which
slightly reduced its loss from the amount of expenses incurred.

Liquidity and Capital Resources

The Company had total  assets of $105,100 on  September  30,  2000.  The Company
believes is has sufficient resources to meet its needs while evaluating business
opportunities.  The Company will need to raise additional substantial capital in
order  to  effectuate  any of the  transactions  it is  evaluating.  There is no
assurance that these efforts to raise additional  capital will be successful nor
any assurance  that the Company's  actual capital needs will not be greater than
anticipated,  or that the Company will generate  revenues to fund its operations
in the absence of other sources.

PART II-OTHER INFORMATION

The statements in this  quarterly  report on Form 10-QSB that are not historical
constitute "forward-looking statements". Said forward-looking statements involve
risks and  uncertainties  which may cause the  actual  results,  performance  or
achievements of the Company and its subsidiaries to be materially different from
any future results,  performance or  achievements,  expressed or implied by such
forward-looking  statements.  These forward-looking statements are identified by
their  use  of  such  terms  and  phrases  as  "expects",   "intends",  "goals",
"estimates", "projects", "plans", "anticipates", "should", "future", "believes",
and "scheduled".

The variables which may cause differences  include,  but are not limited to, the
following:  general economic and business  conditions;  competition;  success of
operating initiatives; operating costs; advertising and promotional efforts; the
existence  or absence of adverse  publicity;  changes in  business  strategy  or
development  plans; the ability to retain management;  availability,  terms, and
deployment   of  capital;   business   abilities   and  judgment  of  personnel;
availability  of  qualified  personnel;  labor  and  employment  benefit  costs;
availability and costs of raw materials and supplies; and changes in, or failure
to comply with various  government  regulations.  Although the Company  believes
that the  assumptions  could  be  inaccurate,  and  therefore,  there  can be no
assurance that the forward-looking statements included in this filing will prove
to be  accurate.  In  light of the  significant  uncertainties  inherent  in the
forward-looking  statements  included herein,  the inclusion of such information
should not be regarded as a representation by the Company or any person that the
objectives and expectations of the Company will be achieved.


                                       8
<PAGE>

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

(a) EXHIBITS

Exhibit                                                  Description of Exhibits
-------                                                  -----------------------

    None

(b) Reports on Form 8-K

    None

SIGNATURES

      In accordance  with the  requirements  of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

                                          First India Diversified Holdings, Inc.

Date: May 30, 2001                        /s/ David Griffith
                                          --------------------------------------
                                          David Griffith, President


                                       9