UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             Washington, D. C. 20549

                                   FORM 10-KSB
                               (Amendment No. 1)

  (x) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE
                           ACT OF 1934 (FEE REQUIRED)

                   For the fiscal year ended December 31, 2002
                                             ------------------

    ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
                     EXCHANGE ACT OF 1934 (NO FEE REQUIRED)

              For the transition period from __________to _________


                         Commission File number 0-31783
                                                -------

                             ELEGANT CONCRETE, INC.
                              (Formerly Shaft Inc.)
                         -------------------------------
               (Exact name of registrant as specified in charter)

                Nevada                                        87-0660287
 -------------------------------------------           -------------------------
State or other jurisdiction of incorporation          (I.R.S. Employer I.D. No.)
           or organization

                     20 Old Turnpike Road, Nanuet, NY 10954
    ------------------------------------------------------------------------
               (Address of principal executive offices) (Zip Code)

           Issuer's telephone number, including area code 845-623-6888
    -------------------------------------------------------------------------
          Securities registered pursuant to section 12 (b) of the Act:

                               Title of each class
                    Name of each exchange on which registered
    ------------------------------------------------------------------------

Securities registered pursuant to section 12 (g) of the Act:
                                     Common
                    ---------------------------------------
                                (Title of Class)



<PAGE>

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. (1) Yes [x] No [ ] (2)
Yes [x] No [ ]

Check if there is no disclosure of delinquent  filers in response to Item 405 of
Regulation  S-B is not  contained  in  this  form,  and no  disclosure  will  be
contained,  to the best of the  registrant's  knowledge,  in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-KSB
or any amendment to this Form 10-KSB. [x]

State issuer's revenues for its most recent fiscal year:  $ -0-

State the aggregate  market value of the voting stock held by  nonaffiliated  of
the registrant. The aggregate market value shall be computed by reference to the
price at which the stock was sold,  or the average bid and asked  prices of such
stock, as of a specified date within the past 60 days.

At December 31, 2002, the aggregate market value of the voting stock held by non
affiliates is undeterminable and is considered to be 0.

     (ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)

                                 Not applicable

                   (APPLICABLE ONLY TO CORPORATE REGISTRANTS)

As of December  31,  2002,  the  registrant  had 702,755  shares of common stock
issued and outstanding.

                       DOCUMENTS INCORPORATED BY REFERENCE

List hereunder the following documents if incorporated by reference and the part
of the form 10- KSB (e.g.,  part I, part II,  etc.) into which the  document  is
incorporated:  (1) Any annual report to security holders; (2) any proxy or other
information statement;  and (3) Any prospectus filed pursuant to rule 424 (b) or
(c) under the Securities Act of 1933:

Portions of the Elegant  Concrete,  Inc.'s definitive  Information  Statement on
Schedule 14C furnished to stockholders are incorporated by reference in Part III
of this Form 10-KSB.  Such definitive  information  statement was filed with the
Commission on January 22, 2003.



<PAGE>
<TABLE>
<CAPTION>


                                          TABLE OF CONTENTS


PART I.........................................................................................Page
<S>                                                                                            <C>
ITEM 1. DESCRIPTION OF BUSINESS..................................................................4
-----

ITEM 2. DESCRIPTION OF PROPERTY..................................................................8
------

ITEM 3. LEGAL PROCEEDINGS........................................................................8
-----

ITEM 4. SUBMISSION OF MATTERS TO VOTE OF SECURITY HOLDERS........................................8
------

PART II

ITEM 5. MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS ................................8
------

ITEM 6. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION................................10

ITEM 7. FINANCIAL STATEMENTS.....................................................................10
------

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.....10
------

PART III

ITEM 9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS, AND CONTROL PERSONS; COMPLIANCE WITH
------  SECTION 16 (a) OF THE EXCHANGE ACT ......................................................11

ITEM 10. EXECUTIVE COMPENSATION..................................................................13
-------

ITEM 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED
-------  SHAREHOLDER MATTERS ....................................................................14

ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS..........................................15
-------

PART IV

ITEM 13. EXHIBITS AND REPORTS ON FORM 8-K........................................................15
-------

</TABLE>



                                        3
<PAGE>




FORWARD LOOKING STATEMENTS

     Certain   matters   discussed   in  this  Annual   Report  may   constitute
forward-looking  statements  within the meaning of Section 27A of the Securities
Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities
Exchange Act of 1934, as amended (the "Exchange  Act"),  and as such may involve
risks and uncertainties. These forward-looking statements relate to, among other
things, expectations of the business environment in which Elegant Concrete, Inc.
(the  "Company")   operates,   projections  of  future  performance,   perceived
opportunities in the market and statements  regarding the Company's  mission and
vision.  These  statements  can be identified by the use of words like "expect",
"anticipate",  "estimate"  and  "believe",  variations  of these words and other
similar expressions.  Readers should not place undue reliance on forward-looking
statements.  The Company's  actual results,  performance,  or  achievements  may
differ significantly from the results, performance, or achievements expressed or
implied in such forward-looking  statements. All such forward-looking statements
are subject to certain risks and  uncertainties  that could cause actual results
to differ  materially from those in the  forward-looking  statements.  Important
factors  that  could  cause  actual  results  to  differ   materially  from  our
expectations  include,  among  others,  the  factors  discussed  in the  section
entitled "Description of Business--Risk Factors."


                                     PART I.

 ------------------------------------------------------------------------------
                         ITEM 1. DESCRIPTION OF BUSINESS
 ------------------------------------------------------------------------------

History and Organization.

General.

The Company was  incorporated  under the laws of the state of Nevada on March 9,
1990 with  authorized  common  stock of 2,500  shares with no par value with the
name  "Bucharoom  Inc." and on July 21,  2000 the  authorized  common  stock was
increased to 100,000,000 shares with a par value of $0.001 with a name change to
"Shaft,  Inc." On July 21, 2000 the Company  completed a forward  stock split of
two hundred  shares for each  outstanding  share.  The Company was inactive from
1992  through  2002.  This report has been  prepared  showing  after stock split
shares with a par value of $0.001 from inception.

Business.

Other than the above-referenced  matters and seeking and investigating potential
assets,  properties or  businesses  to acquire,  the Company has had no business
operations through December 31, 2002.

On January 6, 2003, the Company  consummated the acquisition (the "Acquisition")
of all of the outstanding shares of Elegant Concrete  Technologies,  Inc., a New
York   corporation   ("Elegant"),   pursuant  to  an   Agreement   and  Plan  of
Reorganization   (the  "Agreement")   among  the  Company,   Elegant,   and  the
shareholders of Elegant ("Shareholders").


                                       4
<PAGE>

Elegant is a privately  held  corporation  engaged in the  business of engraving
permanent patterns into existing concrete mostly for exterior floors and patios.
The engraved patterns look like tile, but cost  significantly  less. Elegant was
organized  under the laws of the State of New York on April 3, 2002. It recorded
approximately  $200,000 in net sales from inception  through  December 31, 2002.
Elegant began operations in the New York City  metropolitan  region during 2002,
and plans to expand regionally throughout the country and abroad. Such expansion
is based on the ability of Elegant to obtain the  necessary  financing;  however
there are no assurances that such financing can be obtained.

The Company delivered at the closing (the "Closing") of the Acquisition  500,000
restricted  shares of its common stock in exchange for 166 2/3 shares of Elegant
common stock,  which represents all of the outstanding shares of common stock of
Elegant, par value $1.00, in what was intended to be a tax-free  reorganization.
The Company made certain representations and warranties in the Agreement,  which
were confirmed by the officers and directors of the Company. The Company paid no
separate consideration for such confirmation.  Also pursuant to the Acquisition,
the  shareholders,  directors  and officers of the Company  contributed  208,755
shares of common  stock of the Company as capital.  After the  Acquisition,  the
Company had 994,000 shares of common stock issued and outstanding.

The Board of  Directors  and the  Shareholders  of the  Company  approved a name
change to  "Elegant  Concrete,  Inc." and forward  stock split of the  Company's
common  stock,  par  value  $.001  per  share  ("Common  Stock"),  whereby  each
outstanding share of Common Stock was converted and changed into ten (10) shares
of Common  Stock.  The Board of Directors  approved  the forward  stock split on
January 6,  2003,  and such a split  became  effective  on  February  10,  2003.
Stockholders  of record  received  ten (10) shares of Common Stock for every one
share of Common  Stock  which was held as of the  record  date.  After the stock
split, the Company had 9,940,000 shares of Common Stock issued and outstanding.

Principal Products and Services.

Through December 31, 2002, the only activities  conducted by the Company were to
manage its limited assets and to seek out and investigate the acquisition of any
viable  business  opportunity  by purchase and exchange  for  securities  of the
Company or pursuant to a  reorganization  or merger through which  securities of
the Company would be issued or exchanged.

Competitive Business Conditions.

See "Risk Factors" below.

Effect of Existing or Probable Governmental Regulations on Business.

The  integrated  disclosure  system for small  business  issuers  adopted by the
Commission  in  Release  No.  34-30968  and  effective  as of August  13,  1992,
substantially  modified the information  and financial  requirements of a "Small
Business  Issuer,"  defined to be an issuer  that has  revenues of less than $25
million;  is a U.S. or Canadian issuer; is not an investment  company;  and if a
majority-owned subsidiary, the parent is also a small business issuer; provided,
however,  an entity is not a small business issuer if it has a public float (the
aggregate  market  value  of  the  issuer's   outstanding   securities  held  by
non-affiliates) of $25 million or more.


                                       5
<PAGE>

The Commission,  state securities  commissions and the North American Securities
Administrators  Association,  Inc.  ("NASAA")  have  expressed  an  interest  in
adopting  policies that will  streamline  the  registration  process and make it
easier for a small business issuer to have access to the public capital markets.
The present laws, rules and regulations  designed to promote availability to the
small  business  issuer of these  capital  markets and similar  laws,  rules and
regulations  that may be  adopted  in the future  will  substantially  limit the
demand for "blank  check"  companies  like the Company,  and may make the use of
these companies obsolete.

Number of Employees.

In the most  recent  three (3) fiscal  years the  Company  has had no  full-time
employees.  As of the  date  hereof,  the  Company  has  approximately  ten (10)
full-time employees.

Risk Factors.

The Company's  business and  investment in its securities is subject to a number
of risks which, in addition to ordinary business risks, include the following:

1.       COMPANY HAS NO HISTORY OF EARNINGS

The Company has only recently  entered into the business of engraving  permanent
patterns into existing  concrete mostly for exterior floors and patios and has a
limited  history of revenues or earnings from such  activities.  The Company may
not be successful in securing customers for its business.  There is no assurance
that the Company will  generate  either  revenues or earnings  from any existing
customers  and  contracts or from any other  customers or contracts  that it may
enter into in the future.

The Company is at an early stage of entering  the  commercial  marketplace.  The
Company's future operating  results are subject to a number of risks,  including
its ability to implement its strategic  plan, to attract a niche customer and to
raise sufficient  financing as required.  Management's  inability to effectively
guide  the  Company's  growth  (including   implementing   appropriate  systems,
procedures and controls) could have an adverse effect on the Company's financial
condition and operating results.

2.       UNCERTAINTY OF ADDITIONAL CAPITAL

Although the Company currently has cash flows, it does not anticipate  achieving
significant  cash  flows from  operations  until  Spring  2003.  Therefore,  the
Company's  financial  position  for at  least  the  next  three  (3)  months  is
contingent  on its ability to raise money  through  equity or debt  financing to
meet the financial  needs that are not funded from  operations.  The Company has
entered  into a temporary  financing  agreement.  Under the terms of the six (6)
month  financing  agreement,  the  Company  has  the  ability  to  borrow  up to
$1,000,000  in the  form of a  revolving  line of  credit.  The  borrowings  are
collateralized  by all of the Company's  assets,  including those acquired after
12/31/02.  The line of credit  bears a variable  interest  rate ranging from the
prime rate plus .75% to the prime rate plus 1.50%.

The Company cannot offer  assurances  that funds will be raised when it requires
them or that the Company will be able to raise funds on suitable terms.  Failure
to obtain  such  financing  when needed  could  delay or prevent  the  Company's
planned  development and projects,  which could  adversely  affect the Company's
business,  financial condition and results of operations.  If additional capital


                                       6
<PAGE>

is raised  through  the sale of  additional  equity or  convertible  securities,
dilution to the Company's stockholders is likely to occur.

3.       COMPETITION

The Company faces direct  competition from a number of other companies.  Many of
the Company's  competitors may have established track records and customer bases
in the concrete  engraving  business.  As a relatively new company entering into
the marketplace,  the Company has not yet established a long-standing reputation
or substantial market presence in the industry and there is no assurance that it
will. The Company has no patented  technology to prevent direct competitors from
competing.

4.       DEPENDENCE ON KEY PERSONNEL AND PROGRAMMING STAFF

The Company is highly  dependent on key members of its management and its staff.
The loss of the  services  of any of them may  adversely  affect its  ability to
achieve its business plan. Although management believes that the Company will be
successful in attracting and retaining skilled personnel and management,  it can
offer no assurance that the Company can accomplish  this objective on acceptable
terms.

5.       THE COMPANY'S STOCK PRICE MAY BE VOLATILE

In recent years and months,  the U.S. stock market has  experienced  significant
price and volume fluctuations.  These fluctuations, which are often unrelated to
the operating performances of specific companies,  have had a substantial effect
on the market price of stocks. It is also possible that the Company's  operating
results will not meet the  expectations  of its public  market  analysts,  which
could  have an  adverse  effect  on the  trading  price  of its  common  shares.
Accordingly,  the market  price for the  Company's  Common  Stock may  fluctuate
substantially.

The Company's  Common Stock currently trades on the OTC Bulletin Board under the
symbol "ELGC".  The market price of the Company's  Common Stock could  fluctuate
substantially  due to a variety of factors,  including market  perception of its
ability to achieve its planned  growth,  the trading volume in its Common Stock,
changes in general  conditions in the economy,  the  financial  markets or other
developments  affecting the Company or its competitors.  In addition,  the stock
market is subject to extreme price and volume fluctuations.

Penny Stock Regulation.
----------------------

Broker-dealer  practices in connection  with  transactions in "Penny Stocks" are
regulated by certain  penny stock rules  adopted by the  Exchange.  Penny stocks
generally  are equity  securities  with a price of less than $5.00  (other  than
securities  registered  on certain  national  securities  exchanges or quoted on
NASDAQ  provided  that  current  price and volume  information  with  respect to
transactions in such securities is provided by the exchange or trading system).

The penny stock rules require a broker-dealer, prior to a transaction in a penny
stock not  otherwise  exempt  from the  rules,  to deliver a  standardized  risk
disclosure  document that provides  information about penny stocks and the risks
in the penny stock market. The broker-dealer also must provide the customer with
current bid and offer  quotations for the penny stock,  the  compensation of the
broker-dealer  and its  salesperson  in  connection  with the  transaction,  and
monthly account  statements showing the market value of each penny stock held in
the customer's  account.  In addition,  the penny stock rules generally  require
that prior to a  transaction  in a penny stock,  the  broker-dealer  must make a


                                       7
<PAGE>

special written  determination that the penny stock is a suitable investment for
the purchaser and receive the purchaser's  written agreement to the transaction.
These  disclosure  requirements  may have the  effect of  reducing  the level of
trading activity in the secondary market for a stock that becomes subject to the
penny stock rules. the Company's  securities are presently  subject to the penny
stock rules, and, as a result,  investors may find it more difficult to sell its
securities.


6.   THE COMPANY DOES NOT PLAN TO PAY DIVIDENDS

The  Company  has not yet  realized  positive  net  income  and has  not,  since
incorporation,  paid dividends.  The Company expects to use any earnings to fund
it ongoing operations and to fund future business development.

7.   MANAGEMENT OF RAPID GROWTH AND LIMITED OPERATING EXPERIENCE

The  Company  anticipates  that  the  management  of its  growth  will  be a key
challenge.  Failure to  effectively  meet this  challenge  could have a material
adverse  effect on its  operating  results.  There is no assurance  that, if the
Company's business grows rapidly, the Company will be able to manage such growth
successfully.

8.   SHARES ELIGIBLE FOR FUTURE SALE

As of the date hereof,  the Company had outstanding  9,940,000  shares of common
stock, $1.00 par value per share (the "Common Stock ") of which 4,940,000 shares
were eligible for resale without restriction.  In addition,  there are 5,000,000
shares of Common  Stock held by  directors,  officers  and others  which will be
eligible for resale  pursuant to Rule 144 of the  Securities Act (but subject to
the  relevant  volume  limitations).  Under  those  exemptions  such shares will
generally  be  available  for  resale  in the  U.S.  one  year  from the date of
respective  issuance.  This influx of shares eligible to be on the public market
may adversely  affect the market price of the Company's  shares and could affect
the amount of trading in such shares.


--------------------------------------------------------------------------------
                         ITEM 2. DESCRIPTION OF PROPERTY
--------------------------------------------------------------------------------

The Company's does not own any property.

The Company  leases 4,000 square feet of  commercial  space at Island Park,  NY.
This facility  houses the  Company's  operations.  The Company  entered into its
lease in  January  2003 and the lease  expires in January  2008.  The  Company's
current monthly rent payment at the above-mentioned premises is $2,700.

The Company believes that existing facilities are adequate for its needs. Should
the Company require additional space at that time, or prior thereto, the Company
believes  that such space can be secured on  commercially  reasonable  terms and
without undue operational disruption.



                                       8
<PAGE>

--------------------------------------------------------------------------------
                            ITEM 3. LEGAL PROCEEDINGS
--------------------------------------------------------------------------------

None.

--------------------------------------------------------------------------------
          ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDERS
--------------------------------------------------------------------------------

No matters were  submitted to a vote of  shareholders  of the Company during the
fiscal year ended December 31, 2002.


                                     PART II

--------------------------------------------------------------------------------
                                     ITEM 5.
            MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
--------------------------------------------------------------------------------


Market Information.

There was no "public  market" for shares of common stock of the Company  through
February 10, 2003.  Commencing on February 10, 2003, the Company's  shares began
trading via the OTC Bulletin  Board of the National  Association  of  Securities
Dealers.  However,  no assurance  can be given that any market for the Company's
common  stock will  continue or that any  additional  market will  develop or be
maintained.

The ability of an individual  shareholder to trade shares in a particular  state
may be subject to  various  rules and  regulations  of that  state.  A number of
states  require  that an  issuer's  securities  be  registered  in such state or
appropriately  exempted from registration before the securities are permitted to
trade in that  state.  Presently,  the  Company  has no plans  to  register  its
securities in any particular  state.  Further,  most likely the Company's shares
will be  subject  to the  provisions  of  Section  15(g)  and Rule  15g-9 of the
Securities  Exchange Act of 1934,  as amended  (the  "Exchange  Act"),  commonly
referred  to as the  "penny  stock"  rule.  Section  15(g)  sets  forth  certain
requirements for transactions in penny stocks and Rule 15g-9(d)(1)  incorporates
the definition of penny stock as that used in Rule 3a51-1 of the Exchange Act.

See DESCRIPTION OF BUSINESS--RISK FACTORS--5.  "The Company's stock price may be
volatile" above.

Holders.

The number of record  holders of the  Company's  common  stock as of the date of
this report is  approximately  25. The  Company's  transfer  agent is  Interwest
Transfer  Company,  Inc.,  1981 East  Murray-Holiday  Rd., Salt Lake City,  Utah
84117.



                                       9
<PAGE>

Sales of "Unregistered" and "Restricted" Securities over the Past Three Years.

In July of 2000,  in a private  transaction,  the Company  sold 8,755  shares to
David Williams,  Christina Williams and Jennifer Harris to fund certain expenses
of the Company. In September of 2000, in a private transaction, the Company sold
100,000  shares  each to David  Williams  and  Jennifer  Harris  in order to pay
outstanding  payables and pay for the costs of filing the related  registration.
These  transactions  are deemed  exempt  pursuant  to  Section  4(2) of the Act.
Further,  the Company  issued 500,000  restricted  shares of Common Stock to Mr.
Hillsberg,  Mr.  Costanzo and Hudson One  Enterprises on January 6, 2003. All of
these  transactions  occurred  before the  Company's  forward  stock  split took
effect.

-------------------------------------------------------------------------------
        ITEM 6. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
-------------------------------------------------------------------------------

The Company had not engaged in any material  operations or had any revenues from
operations from inception through December 31, 2002. Having completed a business
combination  during  January  2003,  the Company now provides a niche service to
both the commercial and  residential  decorative  concrete  market.  The Company
offers  many  decorative  concrete  techniques,  such as  stamping,  stenciling,
engraving or  application  of acid  stains.  In these  applications  a permanent
pattern is engraved or stamped into new or existing concrete. The classical rich
beauty of  cobblestone,  marble,  curved  brick or tile is achieved  with new or
existing  concrete  for a lower  cost of brick or other hard  surface  products.
Elegant  Concrete Inc. has an aggressive  growth plan which includes the opening
of additional corporate  locations,  as well as the franchising of the Company's
unique system and planned expansion to the overseas marketplace.

Liquidity and Capital Resources.

As of December  31, 2002 the Company had no assets.  In the past the Company has
paid its  expenses by selling  shares of its common  stock to its  officers  and
directors and by contributions to capital from its officers and directors.

Effective  January  2003,  the  Company  entered  into  a  temporary   financing
agreement. Under the terms of the six-month financing agreement, the Company has
the  ability  to  borrow up to  $1,000,000  in the form of a  revolving  line of
credit.  The  borrowings  are  collateralized  by all of the  Company's  assets,
including  those  acquired after  12/31/02.  The line of credit bears a variable
interest  rate  ranging  from the prime  rate  plus .75% to the prime  rate plus
1.50%.

On February 25, 2003, the Company announced the signing of a non-binding  Letter
of Intent (LOI) with Tianqi Real Estate Co.,  LTD (Tianqi) of Ningbo,  China for
the purpose of expanding  the Company's  operations to South East Asia.  The LOI
stipulates  that Tianqi  will make an  investment  of up to $1 million  into the
Company.  The LOI further stipulates that, Tianqi will have exclusive contractor
rights to apply the Company's  processes in China and sections of Taiwan and the
Company is to provide  Tianqi with  training and support on all of the Company's
application  processes.  The  agreement  is  scheduled to be closed on or before
April 25, 2003.

Results of Operations.

The Company had no operations for the year ended December 31, 2002.


                                       10
<PAGE>

--------------------------------------------------------------------------------
                          ITEM 7. FINANCIAL STATEMENTS
--------------------------------------------------------------------------------

The  financial  statements  of the Company are included  following the signature
page to this Form 10-KSB.

--------------------------------------------------------------------------------
                                     ITEM 8.
         CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
                              FINANCIAL DISCLOSURE
--------------------------------------------------------------------------------

     (a) (1) The  Registrant  has  decided  not to engage  Andersen,  Andersen &
Strong, L.C. ("Andersen") to serve as the Company's  independent  accountant for
the audit of its financial statements for the year ended December 31, 2002.

     (2) Andersen's  reports on the  Registrants'  financial  statements for the
past two years did not contain an adverse opinion or disclaimer of opinion,  nor
were they  qualified or modified as to  uncertainty,  audit scope or  accounting
principles.

     (3) The decision not to engage Andersen as its  independent  accountant was
made by the Registrant's Board of Directors on January 6, 2003.

     (4) In connection  with the audits for the two most recent fiscal years and
through the effective  date of the dismissal,  there have been no  disagreements
with  Andersen on any matter of accounting  principles  or practices,  financial
statement disclosure,  or auditing scope or procedure,  which disagreements,  if
not resolved to the satisfaction of Andersen, would have caused Andersen to make
reference thereto in its report on the Registrants' financial statements.

     (b) (1) The  Registrant  engaged the firm of Sacher & Co., P.C. to serve as
the Registrant's independent accountant for year 2002.

     (2) The decision to engage Sacher & Co., P.C. to serve as the  Registrant's
independent  accountant for fiscal year 2002 was made by the Registrant's  Board
of Directors on January 6, 2003.

     (3) At no time during the  Registrant's  fiscal years 2001 or 2002 or since
has the Registrant or anyone acting on the  Registrant's  behalf  consulted with
Sacher & Co.,  P.C.  or  Andersen,  Andersen & Strong  L.C.,  regarding  (a) the
application of accounting principles to a specified transaction; (b) the type of
audit opinion that might be rendered on the Registrant's  financial  statements;
or (c) any matter that was the subject of a  disagreement  as defined in Section
304(a)(1)(iv)  and its related  instructions  of Regulation S-K, or a reportable
event as described in Section 304(a)(1)(v) of Regulation S-K.



                                       11
<PAGE>

                                    PART III


--------------------------------------------------------------------------------
                                     ITEM 9.
  DIRECTORS AND EXECUTIVE OFFICERS, PROMOTERS, AND CONTROL PERSONS; COMPLIANCE
                     WITH SECTION 16(a) OF THE EXCHANGE ACT
--------------------------------------------------------------------------------

The  information  required by this Item is  incorporated  by reference  from the
Company's  definitive  Information  Statement filed with the Exchange on January
22, 2003 ("Company's Definitive Statement").

Compliance with Section 16(a) of the Exchange Act.

         The Company  knows of no person who at any time during the fiscal year,
was a director,  officer, beneficial owner of more than ten percent of any class
of equity  securities  of the  registrant  registered  pursuant  to  Section  12
("Reporting  Person") who failed to file on a timely basis any reports  required
to be furnished  pursuant to Section 16(a). Based upon a review of Forms 3 and 4
furnished to the  registrant  under Rule 16a-3(d)  during its most recent fiscal
year,  other than disclosed  below,  the registrant knows of no Reporting Person
that failed to file the required  reports  during the most recent fiscal year or
prior years.


--------------------------------------------------------------------------------
                         ITEM 10. EXECUTIVE COMPENSATION
--------------------------------------------------------------------------------

The  information  required by this Item is  incorporated  by reference  from the
Company's Definitive Statement.


--------------------------------------------------------------------------------
                                    ITEM 11.
         SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
--------------------------------------------------------------------------------

The  information  required by this Item is  incorporated  by reference  from the
Company's Definitive Statement.


--------------------------------------------------------------------------------
             ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
--------------------------------------------------------------------------------

The  information  required by this Item is  incorporated  by reference  from the
Company's Definitive Statement.




                                       12
<PAGE>


--------------------------------------------------------------------------------
                    ITEM 13. EXHIBITS AND REPORTS ON FORM 8-K
--------------------------------------------------------------------------------


(a)(1) Financial Statements.  The following financial statements are included
       in this report:


<TABLE>
<CAPTION>

Title of Document                                                              Page
-----------------                                                              ----
<S>                                                                            <C>
Elegant Concrete, Inc.'s Definitive Information Statement of January 22, 2003   18

Report of Sacher & Co., PC Certified Public Accountants for 2002                28

Report of Predecessor Accountants for 2001                                      29

Balance Sheet as of December 31, 2002                                           30

Statements of Operations for years ended December 31, 2002,
and 2001                                                                        31

Statements of Changes in Stockholders' Equity for the period
      March 9, 1990 to December 31, 2002                                        32

Statements of Cash Flows for the years ended December 31, 2002,
      and 2001                                                                  33

Notes to Financial Statements                                                   34

</TABLE>


(a)(2)  Financial Statement  Schedules.   The following financial statement
           schedules are included as part of this report:

None.

(a)(3) Exhibits.  The following exhibits are included as part of this report by
          reference:

None.




                                       13
<PAGE>



--------------------------------------------------------------------------------
                                   SIGNATURES
--------------------------------------------------------------------------------


         Pursuant to the  requirements of Section 13 or 15 (d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.

                                   ELEGANT CONCRETE, INC.
                                   (Registrant)


                                  By: /s/ Alan Hillsberg

                                   -------------------------------
                                   Alan Hillsberg
                                   President and Director

Dated: 15th day of April, 2003.

     Pursuant to the  requirements of the Securities  Exchange Act of 1934, this
report  has  been  signed  below  by the  following  persons  on  behalf  of the
registrant and in the capacities indicated on the 15th day of April, 2003.


/s/ Alan Hillsberg
------------------------------------
Alan Hillsberg
Director and Chief Executive Officer



/s/ Anthony Costanzo
------------------------------------
Anthony Costanzo
Director and Treasurer



                                       14
<PAGE>


                                 CERTIFICATIONS

I, Alan Hillsberg, certify that:

1. I have reviewed this annual report on Form 10-KSB of Elegant Concrete, Inc.;

2. Based on my knowledge, this annual report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this annual
report;

3. Based on my knowledge, the financial statements, and other financial
information included in this annual report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this annual report;

4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

     a)   designed such disclosure controls and procedures to ensure that
          material information relating to the registrant, including its
          consolidated subsidiaries, is made known to us by others within those
          entities, particularly during the period in which this annual report
          is being prepared;

     b)   evaluated the effectiveness of the registrant's disclosure controls
          and procedures as of a date within 90 days prior to the filing date of
          this annual report (the "Evaluation Date"); and

     c)   presented in this annual report our conclusions about the
          effectiveness of the disclosure controls and procedures based on our
          evaluation as of the Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent
functions):

     a)   all significant deficiencies in the design or operation of internal
          controls which could adversely affect the registrant's ability to
          record, process, summarize and report financial data and have
          identified for the registrant's auditors any material weaknesses in
          internal controls; and

     b)   any fraud, whether or not material, that involves management or other
          employees who have a significant role in the registrant's internal
          controls; and

6. The registrant's other certifying officers and I have indicated in this
annual report whether there were significant changes in internal controls or in
other factors that could significantly affect internal controls subsequent to
the date of our most recent evaluation, including any corrective actions with
regard to significant deficiencies and material weaknesses.

Date: April 15, 2003

/s/ Alan Hillsberg
-----------------------
Alan Hillsberg
President and Chief Executive Officer

                                       15
<PAGE>



I, Anthony Costanzo, certify that:

1. I have reviewed this annual report on Form 10-KSB of Elegant Concrete, Inc.;

2. Based on my knowledge, this annual report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this annual
report;

3. Based on my knowledge, the financial statements, and other financial
information included in this annual report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this annual report;

4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

     a)   designed such disclosure controls and procedures to ensure that
          material information relating to the registrant, including its
          consolidated subsidiaries, is made known to us by others within those
          entities, particularly during the period in which this annual report
          is being prepared;

     b)   evaluated the effectiveness of the registrant's disclosure controls
          and procedures as of a date within 90 days prior to the filing date of
          this annual report (the "Evaluation Date"); and

     c)   presented in this annual report our conclusions about the
          effectiveness of the disclosure controls and procedures based on our
          evaluation as of the Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent
functions):

     a)   all significant deficiencies in the design or operation of internal
          controls which could adversely affect the registrant's ability to
          record, process, summarize and report financial data and have
          identified for the registrant's auditors any material weaknesses in
          internal controls; and

     b)   any fraud, whether or not material, that involves management or other
          employees who have a significant role in the registrant's internal
          controls; and

6. The registrant's other certifying officers and I have indicated in this
annual report whether there were significant changes in internal controls or in
other factors that could significantly affect internal controls subsequent to
the date of our most recent evaluation, including any corrective actions with
regard to significant deficiencies and material weaknesses.

Date: April 15, 2003

/s/ Anthony Costanzo
-----------------------
Anthony Costanzo
Chief Financial Officer

                                       16
<PAGE>



                            CERTIFICATION PURSUANT TO
                  SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
                            (18 U.S.C. SECTION 1350)

In  connection  with the  Annual  Report  of  Elegant  Concrete,  Inc,  a Nevada
corporation (the "Company"), on Form 10-KSB for the year ended December 31, 2002
as filed with the Securities and Exchange  Commission  (the  "Report"),  I, Alan
Hillsberg,  Chief Executive Officer of the Company,  certify, pursuant to 906 of
the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350), that to my knowledge:

1.   The Report fully complies with the  requirements  of section 13(a) or 15(d)
     of the Securities Exchange Act of 1934; and
2.   The information  contained in the Report fairly  presents,  in all material
     respects, the financial condition and result of operations of the Company.

/s/      Alan Hillsberg
-------------------------------
Alan Hillsberg
Chief Executive Officer
April 15, 2003




                            CERTIFICATION PURSUANT TO
                  SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
                            (18 U.S.C. SECTION 1350)

In  connection  with the  Annual  Report  of  Elegant  Concrete,  Inc,  a Nevada
corporation (the "Company"), on Form 10-KSB for the year ended December 31, 2002
as filed with the Securities and Exchange Commission (the "Report"),  I, Anthony
Costanzo,  Chief Financial Officer of the Company,  certify,  pursuant to 906 of
the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350), that to my knowledge:

3.   The Report fully complies with the  requirements  of section 13(a) or 15(d)
     of the Securities Exchange Act of 1934; and
4.   The information  contained in the Report fairly  presents,  in all material
     respects, the financial condition and result of operations of the Company.

/s/      Anthony Costanzo
-------------------------------
Anthony Costanzo
Chief Financial Officer
April 15, 2003



                                       17
<PAGE>






                                  SCHEDULE 14C

                                 (RULE 14C-101)

                  INFORMATION REQUIRED IN INFORMATION STATEMENT

                            SCHEDULE 14C INFORMATION

                 INFORMATION STATEMENT PURSUANT TO SECTION 14(c)
                     OF THE SECURITIES EXCHANGE ACT OF 1934


Filed by Registrant                       [X]
Filed by Party other than the Registrant  [ ]

Check the appropriate box:

[ ]  Preliminary Information Statement

[ ]  Confidential, for the use of the Commission Only (as permitted by Rule
     14c-5(d)(2))

[x]  Definitive Information Statement



<PAGE>


                                   SHAFT, INC.
                  (Name of Registrant As Specified in Charter)

Payment of Filing Fee (Check the appropriate box):

[X] No Fee required.

[ ] Fee computed on table below per Exchange Act Rules 14c-5(g) and 0-11.

     (1)  Title of each class of securities to which transaction applies:

     (2)  Aggregate number of securities to which transaction applies:

     (3)  Per unit  price  or other  underlying  value of  transaction  computed
          pursuant to Exchange  Act Rule 0-11 (set forth the amount on which the
          filing fee is calculated and state how it was determined):

     (4)  Proposed maximum aggregate value of transaction:

     (5)  Total fee paid:

[ ] Fee paid previously with preliminary materials

[ ] Check box if any part of the fee is offset as  provided  by  Exchange  Act
    Rule  0-11(a)(2)  and identify the filing for which the  offsetting  fee was
    paid  previously.  Identify the previous  filing by  registration  statement
    number, or the Form or Schedule and the date of its filing.

     (1)  Amount Previously Paid:

     (2)  Form, Schedule or Registration Statement No.:

     (3)  Filing Party:

     (4)  Date Filed:


                                ----------------
                                   Shaft, Inc.
                              20 Old Turnpike Road
                             Nanuet, New York 10954
                                ----------------


                                       19
<PAGE>



                              INFORMATION STATEMENT
                           AND NOTICE OF ACTIONS TAKEN
                 BY WRITTEN CONSENT OF THE MAJORITY STOCKHOLDERS

General Information

This  information  is being  provided to the  shareholders  of Shaft,  Inc. (the
"Company") in connection with our prior receipt of approval by written  consent,
in lieu of a special  meeting,  of the holders of a majority of our common stock
authorizing the Company to:

         1. Effect a forward  stock split of the  Company's  outstanding  Common
Stock at a ratio of  ten-for-one  as discussed in the  accompanying  Information
Statement;

         2.  Amend the  Company's  Articles  of  Incorporation  to effect a name
change to "Elegant  Concrete,  Inc.",  and change the address for the  Company's
principal place of business to 20 Old Turnpike Road, Nanuet, NY 10954;

         3. Reduce the Board of Directors of the Company to two directors;

         4. Approve the form, terms and provisions of the Employment  Agreements
between the Company and Alan Hillsberg and Anthony Costanzo; and

         5. Approve the form, terms and provisions of the Incentive Stock Option
Agreement,  and authorize the officers of the Company to execute and deliver, on
behalf of the Company, such an Incentive Stock Option Agreement.

The shareholders  holding shares  representing  approximately 98.5% of the votes
entitled  to be cast at a meeting of the  Company's  shareholders  consented  in
writing to the proposed actions. The consent by the shareholders will not become
effective  until  20 days  from  the  date of the  mailing  of this  Information
Statement to our shareholders.

The elimination of the need for a special meeting of the shareholders to approve
the  actions  set forth  herein is  authorized  by Section  78.320 of the Nevada
Revised  Statutes,  (the "Nevada Law"). This Section of Nevada Law provides that
the  written  consent of the  holders of  outstanding  shares of voting  capital
stock, having not less that the minimum number of votes which would be necessary
to  authorize  or take the action at a meeting at which all shares  entitled  to
vote on a matter were  present  and voted,  may be  substituted  for the special
meeting.

In order to  eliminate  the costs and  management  time  involved  in  holding a
special  meeting and in order to effect the actions set forth herein as early as
possible  in order to  accomplish  the  purposes  of the  Company,  the Board of
Directors  of the Company  voted to utilize the written  consent of the majority
shareholders of the Company.

The date on which this Information  Statement was first sent to the shareholders
is on or about January 21, 2003.


                                       20
<PAGE>

Outstanding  Voting  Stock of the Company  and  Statement  that  Proxies Are Not
Solicited

The  Certificate  of Amendment to the  Articles of  Incorporation  will not take
effect until at least 20 days after the mailing of this  Information  Statement.
This Information  Statement is furnished solely for the purpose of informing our
stockholders of this corporate action pursuant to the Securities Exchange Act of
1934, as amended, and the Nevada Law.

The  Board  of  Directors  fixed  January  6,  2003 as the  record  date for the
determination  of stockholders  entitled to receive this  Information  Statement
(the "Record Date").  As of the Record Date, there were 994,000 shares of Common
Stock issued and outstanding. The Common Stock constitutes the outstanding class
of voting  securities  of the Company.  Each share of Common Stock  entitles the
holder  to  one  (1)  vote  on  all  matters  submitted  to  shareholders.  This
information  statement  is being sent on  January  21,  2003 to such  holders of
record.

WE ARE NOT ASKING YOU FOR A PROXY AND YOU ARE  REQUESTED NOT TO SEND US A PROXY.
This Information  Statement is being sent to you for information  purposes only.
No action is requested nor required on your part.

QUESTIONS AND ANSWERS

Q:       What am I being asked to approve?

A: You are not being asked to approve  anything.  This Information  Statement is
being  provided  to you  solely  for your  information.  Shareholders  holding a
majority of the  outstanding  voting  common  stock of the Company  have already
agreed to:

         1. Effect a forward  stock split of the  Company's  outstanding  Common
Stock at a ratio of  ten-for-one  as discussed in the  accompanying  Information
Statement;

         2.  Amend our  Articles  of  Incorporation  to effect a name  change to
"Elegant  Concrete,  Inc.",  and change the address for the Company's  principal
place of business to 20 Old Turnpike Road, Nanuet, NY 10954;

         3. Reduce the Board of Directors of the Company to two directors;

         4. Approve the form, terms and provisions of the Employment  Agreements
between the Company and Alan Hillsberg and Anthony Costanzo; and

         5. Approve the form, terms and provisions of the Incentive Stock Option
Agreement,  and authorize the officers of the Company to execute and deliver, on
behalf of the Company, such an Incentive Stock Option Agreement.

Q:       Why have the Board of  Directors  and a  majority  of the  shareholders
         agreed to approve these actions?

A: All of these actions are  necessary to accomplish  the terms of the Agreement
and Plan of Reorganization (the  "Reorganization")  dated as of January 6, 2003,
between  the  Company  and  Elegant  Concrete  Technologies,  Inc.  (hereinafter
referred to as "Elegant").

Q:       What are the basic terms of the transaction with Elegant?



                                       21
<PAGE>

A: The Company  delivered at the closing (the  "Closing") of the  Reorganization
500,000  restricted shares of its common stock in exchange for 167 2/3 shares of
Elegant common stock,  which represents all of the outstanding  shares of common
stock  of  Elegant,  par  value  $1.00,  in what is  intended  to be a  tax-free
reorganization.  Pursuant to the Reorganization, the shareholders, directors and
officers  of the  Company  contributed  208,755  shares of  common  stock of the
Company as capital. After the Acquisition, the Company now has 994,000 shares of
common  stock  issued  and  outstanding.  You will  retain  all of your  present
stockholdings in the Company.

Q:       What business is conducted by Elegant?

A: Elegant is a privately  held  corporation  that intends to engage in business
that involves  engraving  permanent  patterns into existing  concrete mostly for
exterior  floors and patios.  The  engraved  patterns  look like tile,  but cost
significantly  less. Elegant is a developmental  stage company,  organized under
the laws of the State of New York on April 3, 2002.

Q:       Are there risks involved in the transaction with Elegant?

A: Yes.  The  Company's  success will be totally  dependent  upon the success of
Elegant.  Elegant is a developmental stage company. There are no assurances that
Elegant's operations will be profitable after the Reorganization.


Security Ownership of Certain Owners and Management

The  following  table sets forth the Common Stock  ownership  information  as of
January 6, 2003,  with respect to (i) each person known to the Company to be the
beneficial  owner of more  that 5% of the  Company's  Common  Stock;  (ii)  each
director of the Company;  (iii) each person  intending to file a written consent
to the  adoption  of the  actions  set  forth  herein;  and (iv) all  directors,
executive  officers and designated  shareholders of the Company as a group. This
information  as to  beneficial  ownership  was furnished to the Company by or on
behalf of each person named.


Name of Beneficial               Number of Shares             Percent
Owner (1)                       Beneficially Owned         of Class (2)
-------------------------------------------------------------------------------
Alan Hillsberg                      300,000                    30.2%

Hudson One Enterprises             175,000                     17.6%

Todd Grisoff                        49,500                      4.9%

Robert Grisoff, Sr.                 49,474                      4.9%

Robert Grisoff, Jr.                 49,500                      4.9%

Karl Foust                          47,877                      4.8%



                                       22
<PAGE>

Warren Schaeffer                    45,079                      4.5%

Inna Ivanova                        45,000                      4.5%

Patricia Bailey                     40,000                      4.0%

Stephanie Schaeffer                 34,500                      3.5%

Steven Schaeffer                    34,200                      3.4%

Lindsay Ferrin                      26,850                      2.7%

Anthony Costanzo                    25,000                      2.5%

Gregory M. Spinder                  22,500                      2.3%

Jill L. Spinder                     22,500                      2.3%

Marlene Grisoff                     11,200                      1.1%

Vivianne D'Ascola                    1,000                      0.1%
Glovsky


ALL EXECUTIVE OFFICERS
AND DIRECTORS AS A                 325,000                     32.7%
GROUP (2 people)

Notes:

Except as otherwise  indicated,  the persons or entities named in the table have
sole voting and investment  power with respect to all the shares of Common Stock
beneficially owned by them, subject to community property laws where applicable.
Except as  otherwise  indicated,  the address of each named  executive  officer,
director and beneficial  owner of more than 5% of the Company's  Common Stock is
c/o Elegant Concrete Technologies, Inc., 20 Old Turnpike Road, Nanuet, NY 10954,
Attn: CFO.

The ownership  percentages set forth in the table are based on 994,000 shares of
Common  Stock  outstanding  as of  January  6,  2003.  Beneficial  ownership  is
determined  in  accordance  with  the  rules  of  the  Securities  and  Exchange
Commission  and generally  includes  voting or investment  power with respect to
securities where applicable.


Purpose and Effect of the Forward Stock Split

On January 7, 2003 the Company's  Board of Directors  announced its intention to
undertake  a 10 for 1 forward  stock split (the  "Stock  Split").  On January 8,
2003,  shareholder's  holding  shares  representing  98.5  percent  of the votes
consented in writing to the Stock Split. This approval will not become effective
until 20 days from the mailing of this Information Statement to the shareholders
of the Company.



                                       23
<PAGE>

Upon filing of the  Certificate  of Amendment  to the Articles of  Incorporation
with the  Nevada  Secretary  of  State 20 days  following  the  mailing  of this
Information Statement,  the Stock Split will be effective,  and each certificate
representing  shares of Common Stock outstanding  immediately prior to the Stock
Split (the "Old Shares") will be deemed automatically, without any action on the
part of the shareholders,  to represent ten times the number of shares of Common
Stock after the Stock Split (the "New Shares").

The Board of Directors  believes  that this Stock Split is necessary to increase
the  marketability  of the Company's  common stock to prospective  buyers and to
enhance the  liquidity of the common stock so the Company can have better access
to the capital  markets.  Further,  the Stock Split will  provide the  necessary
infusion  of  capital  that the  Company  believes  it needs to make the  recent
reorganization  with  Elegant  successful.  This Stock Split will  increase  the
number of issued and outstanding shares from 994,000 to 9,940,000.

The  number  of  shares  of  capital   stock   authorized  by  the  Articles  of
Incorporation  will not change as a result of the Stock Split.  The Common Stock
issued  pursuant to the Stock Split will be fully paid and  non-assessable.  The
voting and other rights that presently characterize the Common Stock will not be
altered by the Stock Split.

Although  the Stock Split will not, by itself,  impact the  Company's  assets or
business,  the Stock Split could  result in a decrease in the  aggregate  market
value of the Company's equity capital. The Board of Directors believes that this
risk is outweighed by the benefits of the Stock Split.

Approval of the Reverse  Split  requires the  affirmative  consent of at least a
majority of the outstanding shares of Common Stock. Shareholders holding a total
of 979,180 shares of Common Stock,  representing 98.5% of the outstanding shares
of Common Stock, have already consented to the Stock Split.

There can be no assurance, nor can the Board of Directors of the Company predict
what  effect,  if any,  the Stock  Split  will have on the  market  price of the
Company's Common Stock.

Purpose and Effect of the Proposed Name and Symbol Change

On January 6, 2003, the Board of Directors  determined to change the name of the
Company to Elegant  Concrete,  Inc. and to change the Company's  NASDAQ  trading
symbol to ECTI,  or any other  similar  symbol  available  through  NASDAQ.  The
purpose of the name and proposed symbol change is to more accurately reflect the
Company's business and its activities after the Reorganization.

Approval  of the name  change  requires  the  affirmative  consent of at least a
majority of the outstanding shares of Common Stock of the Company.  Shareholders
holding a total of 979,180 shares of Common Stock (98.5%) have already consented
to such changes.

Purpose and Effect of the Change in Company's Address
-----------------------------------------------------

On January 6, 2003,  the Board of Directors  determined to change the address of
the principal place of business for the Company to 20 Old Turnpike Road, Naneut,
NY 10954. The purpose of the change in address is because the Company, after the
Reorganization,  will be operating  out of the New York region as its  principal
place of business,  and having such an address change would provide shareholders
and potential  customers  easier access to Company  information and contact with
Company personnel.



                                       24
<PAGE>

Approval of the address change  requires the  affirmative  consent of at least a
majority of the outstanding shares of Common Stock of the Company.  Shareholders
holding a total of 979,180 shares of Common Stock (98.5%) have already consented
to such changes.

Purpose and Effect of the Decrease in Board of Directors
---------------------------------------------------------

Prior to the  Reorganization,  the Board of Directors elected Alan Hillsberg and
Anthony  Costanzo to stand as directors on the board.  The Company has no reason
to believe that any nominee will refuse to act or be unable to accept  election.
Each Director  elected will serve until his or her term expires and until his or
her successor has been duly elected and qualified.

The Bylaws of the Company give the Board of Directors the authority to determine
the number of directors,  to increase or decrease the number of directors and to
fill  vacancies or eliminate  vacancies by resolution of the Board of Directors.
The Board of Directors,  by resolution dated January 3, 2003, had set the number
of directors at three. Upon the resignation of Ms. Jennifer Harris on January 6,
2003,  the Board  consists of two members,  Messrs.  Hillsberg and Costanzo.  As
such,  the Board by  resolution  dated  January 7, 2003,  pursuant to the powers
outlined in the Company's Bylaws, has decreased the number of directors to two.

Information concerning the nominees for election as Directors is as follows:

Alan Hillsberg: Mr. Hillsberg is 46 years old and is an entrepreneur in the true
sense of the word, over the past 20 years he has started numerous businesses and
consequently sold them to move on to other business opportunities.  In 1992, Mr.
Hillsberg and partners started PTI holdings,  a publicly traded company involved
in the protective  bicycle gear industry.  Mr. Hillsberg  consequently  sold his
interest  in PTI to the new owners in 1994 as the  company  was  emerging  as an
industry leader.

After PTI, Mr. Hillsberg started ShowCase Technologies, and developed hard shell
cases to protect  lap top  computers.  He again sold the  company in 1999 for an
undisclosed  amount.  At the same time,  Mr.  Hillsberg  developed a  technology
company to guarantee  top listings on Internet  search  engines.  After  selling
Showcase he started Top Listing and sold that company in 2000.

Mr.  Hillsberg  spent  much  of  2001  in  starting  a web  design  company  and
researching the viability of Elegant as a business.  After seeing the tremendous
potential  of the  decorative  concrete  business  he  went to  work  full  time
developing the Elegant business model

Anthony Costanzo:  Mr. Costanzo, age 33, is currently Chief Financial Officer of
PTI Holding Inc. ("PTI"), an office held by Mr. Costanzo since October 1997. PTI
is engaged in the business of designing,  developing and marketing  distinctive,
high-performance  men's athletic  footwear for  basketball,  and related apparel
bearing  PTI's name and logo.  Prior to becoming the CFO, he served as Treasurer
of PTI Holding Inc.  beginning in February  1995.  Prior to joining PTI Holding,
Mr. Costanzo worked in Public  Accounting  since graduating in 1991. He became a
Certified Public Accountant in August 1993.

Approval of the reduction in the number of directors  requires a majority of the
votes  cast  by  holders  of  the  outstanding  Common  Stock  of  the  Company.
Shareholders  holding a total of 979,180  shares of Common  Stock  (98.5%)  have
already consented to such changes, and such percentage represents a majority.


                                       25
<PAGE>

Purpose and Effect of Approving the Employment Agreements
---------------------------------------------------------

On January 7, 2003, the Board of Directors determined to approve the form, terms
and provisions of Employment  Agreements with Alan  Hillsberg,  the President of
Elegant, and Anthony Costanzo, the Chief Financial Officer of Elegant.

Each of Messrs.  Hillsberg and Costanzo will enter into an employment  agreement
(the "Employment  Agreements")  with the Company to become effective on the date
of the  Reorganization.  The form of said  Employment  Agreements  are  attached
hereto as Exhibits A and B, respectively. Pursuant to the Employment Agreements,
Mr.  Hillsberg will serve as President and Chief  Executive  Officer and will be
paid an annual base salary of  $250,000,  and Mr.  Costanzo  will serve as Chief
Financial  Officer  and  Secretary  and will be paid an  annual  base  salary of
$30,000.  In  addition,  the  Employees  shall be  eligible  to  receive  annual
performance  bonuses in amounts to be determined by simple  majority vote of the
shareholders of the Company.

Mr. Hillsberg's  Employment Agreement calls for a salary escalation on a sliding
scale  determined  by the  following:  (i) if the  Company  is able  to  produce
$750,000.00  in net profit,  compensation  is raised to $300,000  for that year;
(ii) if the Company is able to produce $1,000,000.00 in net profit, compensation
is raised to $350,000 for that year; and (iii) if the Company is able to produce
more than $1,200,000.00 net profit,  compensation is raised to $400,000 for that
year.

The  Employment  Agreements  grant three  options  (each an "Annual  Option") to
purchase shares (as adjusted for all splits, recombinations, stock dividends and
similar  events  occurring  after the 10 for 1 split of the shares of the Common
Stock of the Company to occur as detailed in this Information  Statement),  with
Mr.  Hillsberg  having an option for 50,000 shares,  and Mr.  Costanzo having an
option for 25,000 shares of the Common Stock of the Company.  The Annual Options
shall vest  successively  as follows:  (i) the first Annual Option shall vest on
the first anniversary of the date of the Employment  Agreement,  (ii) the second
Annual Option shall vest on the second anniversary of the date of the Employment
Agreement, and (iii) the third Annual Option shall vest on the third anniversary
of the date of the  Employment  Agreement (in each case, the "Annual Option Vest
Date"), provided that an Annual Option shall not vest and the Employee shall not
be  entitled  to  exercise  all or any part of such  Annual  Option  unless  the
Employee  shall be an employee of the Company  through the day before the Annual
Option  Vest Date for such Annual  Option.  The  exercise  price for each Annual
Option  shall be $1.00 per share (as  adjusted  for all splits,  recombinations,
stock  dividends and similar  events  occurring  after the 10 for 1 split of the
shares  of the  Common  Stock  of the  Company  to  occur  as  detailed  in this
Information  Statement.  Each Annual  Option shall expire [five years] after the
Annual Option Vest Date for such Annual Option.

The  Employment  Agreements  further  authorize the Company to issue  additional
options (each a "Discretionary Option") to the Employee upon the simple majority
vote of the shareholders of the Company. Each Discretionary Option shall vest as
determined by the shareholders of the Company at time of issuance (in each case,
the  "Discretionary  Option Vest Date"),  provided that an option shall not vest
and the  Employee  shall not be  entitled  to  exercise  all or any part of such
option unless the Employee  shall be an employee of the Company  through the day


                                       26
<PAGE>

before the  Discretionary  Option Vest Date.  The exercise  price and expiration
date for each Discretionary Option shall be set by the Board of Directors at the
time of its issuance.

Under the terms of the Employment Agreements,  if the Employee's employment with
the Company is terminated  by the Company other than for "cause" the  terminated
Employee  will be  entitled to continue to receive his base salary for 12 months
following the date of termination.

Approval of the Employment  Agreements  requires the  affirmative  consent of at
least a  majority  of the  outstanding  shares of Common  Stock of the  Company.
Shareholders  holding a total of 979,180  shares of Common  Stock  (98.5%)  have
already consented to such changes.

Purpose and Effect of Approving the Incentive Stock Option Plan
---------------------------------------------------------------

On  January 7,  2003,  the Board of  Directors  established  and  approved a new
incentive  stock  option  plan for the  Company  which will  cover an  estimated
300,000  shares of its Common  Stock.  The new  incentive  stock  option plan is
attached hereto as Exhibit C. It is expected that this stock option plan will be
registered on Form S-8 with the Securities and Exchange Commission.

No Dissenter's Rights

Under  Nevada law, the  Company's  dissenting  shareholders  are not entitled to
appraisal  rights,   and  the  Company  will  not   independently   provide  our
shareholders with any such right.

Conclusion

As  a  matter  of  regulatory  compliance,  the  Company  is  sending  you  this
Information  Statement which describes the purpose and effect of the actions set
forth  herein.  As the  requisite  stockholder  vote for the  actions  set forth
herein,  including any amendment to the Company's  Articles of  Incorporation as
described in this  Information  Statement  was obtained upon the delivery of the
written consent of a majority of the shareholders, WE ARE NOT ASKING FOR A PROXY
FROM YOU AND YOU ARE REQUESTED NOT TO SEND US ONE. This Information Statement is
intended to provide the Company's stockholders information required by the rules
and regulations of the Securities and Exchange Act of 1934.

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company
has duly  caused  this  report to be signed  on its  behalf by this  undersigned
hereunto duly authorized.

                          SHAFT, INC.

                          By: /s/ Alan Hillsberg
                             ---------------------
                          Name: Alan Hillsberg
                          Its: President


                                       27
<PAGE>



                          INDEPENDENT AUDITOR'S REPORT

To the Board of Directors and Stockholders of
Elegant Concrete, Inc.

We have  audited  the  accompanying  balance  sheet of  Elegant  Concrete,  Inc.
(formerly  known as  Shaft,  Inc.) as of  December  31,  2002,  and the  related
statements of operations,  stockholders' equity and cash flows for the year then
ended.  These  financial  statements  are the  responsibility  of the  Company's
management.  Our  responsibility  is to express  an  opinion on these  financial
statements based on our audit.

We conducted our audit in accordance with auditing standards  generally accepted
in the  United  States of  America.  Those  standards  require  that we plan and
perform the audit to obtain  reasonable  assurance  about  whether the financial
statements are free of material misstatement.  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.   We  believe  that  our  audit  provides  a
reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all  material  respects,  the  financial  position  of  Elegant  Concrete,  Inc.
(formerly known as Shaft,  Inc.) as of December 31, 2002, and the results of its
operations  and its cash  flows  for the year  then  ended  in  conformity  with
accounting principles generally accepted in the United States of America.



/s/ Sacher & Co., P.C.
-----------------------
Somers, New York
April 10, 2003

                                       28
<PAGE>


Board of Directors
Shaft, Inc.
Salt Lake City, Utah

               REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS

We have audited the statements of operations,  stockholders'  equity deficiency,
and cash flows of Elegant Concrete, Inc. (formerly known as Shaft, Inc.) for the
year ended December 31, 2001. These financial  statements are the responsibility
of the  Company's  management.  Our  responsibility  is to express an opinion on
these financial statements based on our audit.

We conducted our audit in accordance with auditing standards  generally accepted
in the  United  States of  America.  Those  standards  require  that we plan and
perform the audit to obtain  reasonable  assurance  about  whether the financial
statements are free of material misstatement.  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
balance  sheet  presentation.  We believe  that our audit  provides a reasonable
basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material respects, results of operations and cash flows of Elegant Concrete,
Inc.  (formerly  known as Shaft,  Inc.) for the year ended December 31, 2001, in
conformity with accounting principles generally accepted in the United States of
America.

/s/ Andersen Andersen & Strong, L.C.
------------------------------------
March 20, 2002
Salt Lake City, Utah









                                       29
<PAGE>



                              ELEGANT CONCRETE, INC
                         (Formerly known as Shaft, Inc.)
                                  BALANCE SHEET
                                December 31, 2002
                                     ASSETS




Total Current Assets and Total Assets                                  $   --
                                                                       =======

LIABILITIES AND STOCKHOLDERS' EQUITY DEFICIENCY

CURRENT LIABILITIES

Accounts payable                                                      $ 22,500
                                                                       -------

Total Current Liabilities                                               22,500
                                                                       -------


STOCKHOLDERS' EQUITY DEFICIENCY:
Common stock, $0.001 par value; authorized 100,000 shares,
issued and outstanding 702,755 shares                                      703
Capital in excess of par
                                                                        62,094
Deficit
                                                                       (85,297)
                                                                       -------

Total Stockholders' Equity Deficiency
                                                                       (22,500)
                                                                       -------


TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY DEFICIENCY
                                                                       $   --
                                                                       =======

   The accompanying notes are an integral part of these financial statements.


                                       30
<PAGE>

                             ELEGANT CONCRETE, INC.
                         (Formerly known as Shaft, Inc.)
                             STATEMENT OF OPERATIONS
                     Years Ended December 31, 2002 and 2001





                                                       2002             2001
                                                     ---------        ---------



REVENUES                                             $    --          $    --



EXPENSES, GENERAL AND ADMINISTRATIVE                    25,905            2,255
                                                     ---------        ---------


NET LOSS                                             $ (25,905)       $  (2,255)
                                                     =========        =========






NET LOSS PER COMMON SHARE
Basic and Diluted                                    $   (0.04)       $   (0.00)
                                                     =========        =========

AVERAGE OUTSTANDING SHARES
Basic and Diluted                                      702,755          702,755
                                                     =========        =========




The accompanying notes are an integral part of these financial statements.





                                       31
<PAGE>

                             ELEGANT CONCRETE, INC.
                         (Formerly known as Shaft, Inc.)
                  STATEMENT OF STOCKHOLDERS' EQUITY DEFICIENCY
                     Years Ended December 31, 2002 and 2001


                                          Common Stock    Capital in
                                      ------------------  Excess of
                                       Shares    Amount   Par Value    Deficit
                                      --------  --------   --------   --------


Balance, January 1, 2001               702,755  $    703   $ 55,034   $(57,137)

Capital contributions                     --        --        3,655       --

Net loss, year ended December 31, 2001    --        --         --       (2,255)
                                      --------  --------   --------   --------

Balance, December 31, 2001             702,755       703     58,689    (59,392)

Capital contributions
                                          --        --        3,405       --

Net loss, year ended December 31, 2002    --        --         --      (25,905)
                                      --------  --------   --------   --------

Balance, December 31, 2002             702,755  $    703   $ 62,094   $(85,297)
                                      ========  ========   ========   ========





   The accompanying notes are an integral part of these financial statements.








                                       32
<PAGE>




                             ELEGANT CONCRETE, INC.
                         (Formerly known as Shaft, Inc.)
                             STATEMENT OF CASH FLOWS
                     Years Ended December 31, 2002 and 2001


                                                           2002        2001
                                                         --------    --------
CASH FLOWS FROM OPERATING ACTIVIITES

Net Loss                                                 $(25,905)   $ (2,255)

Adjustments to reconcile net loss to net cash (used in)
operating activities:

Changes in accounts payable                                22,500      (1,400)
                                                         --------    --------

Net Cash (used in) Operating Activities                    (3,405)     (3,655)
                                                         --------    --------


CASH FLOWS FROM INVESTING ACTIVITIES                         --          --

                                                         --------    --------
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES
Capital contributions                                       3,405       3,655
                                                         --------    --------
Net Increase (Decrease) in Cash                              --          --
Cash, Beginning of Year                                      --          --
                                                         --------    --------

Cash, End of Year                                        $   --      $   --
                                                         ========    ========





The accompanying notes are an integral part of these financial statements.



                                       33
<PAGE>



                             ELEGANT CONCRETE, INC.
                         (Formerly known as Shaft, Inc.)
                          NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------

1.   Significant accounting policies:

     Company's activities:

     The Company was incorporated under the laws of the state of Nevada on March
     9, 1990 and has  remained  inactive.  During  January,  2003,  the  Company
     changed its name from Shaft, Inc. to Elegant Concrete, Inc.

     Income taxes:

     Income taxes are determined under the asset and liability method.  Deferred
     tax assets and liabilities are determined  based upon  differences  between
     the financial reporting and the tax basis of assets and liabilities.

     Use of estimates in the preparation of financial statements:

     The  preparation  of financial  statements  in  conformity  with  generally
     accepted  accounting  principles  requires management to make estimates and
     assumptions  that affect the reported amounts of assets and liabilities and
     disclosure  of  contingent  assets  and  liabilities  at  the  date  of the
     financial  statements  and the  reported  amounts of revenues  and expenses
     during  the  reporting  period.  Actual  results  could  differ  from those
     estimates.

     Fair value of financial instruments:

     The carrying amounts of financial instruments reported in the balance sheet
     approximate fair value due to their short-term maturities.

     Earnings (Loss) Per Share

     Earnings  (loss)  per share  amounts  are  computed  based on the  weighted
     average number of shares actually outstanding, after the stock splits.

     Reclassification:

     The  statement of cash flows for the year ended  December 31, 2001 has been
     reclassified to conform with the  presentation  for the year ended December
     31, 2002.

2.   Subsequent Events:

     Business Combination:

     During January,  2003, the Company began operations when it acquired all of
     the issued and outstanding  shares of Elegant Concrete  Technologies,  Inc.
     ("ECTI") in exchange for 500,000  shares of its common stock.  For purposes
     of the business combination,  the 500,000 shares issued have been valued at
     approximately $260,000.


                                       34
<PAGE>

     The acquisition gave rise to goodwill amounting to approximately  $295,000.
     The Company does not believe that such  goodwill is  deductible  for income
     tax purposes.

     ECTI  commenced  operations  during April 2002 as a niche  contractor  that
     resurfaces and decorates concrete for commercial and residential properties
     located  in  the  United  States.  ECTI  offers  many  decorative  concrete
     techniques, such as stamping, stenciling, engraving and application of acid
     stains.  In these  applications a permanent  pattern is engraved or stamped
     into new or existing  concrete.  The classical rich beauty of  cobblestone,
     marble, curved brick or tile is achieved with new or existing concrete at a
     lower cost than brick or other hard surface products.

     The condensed balance sheet of ECTI as of December 31, 2002 follows:

       Due from officer/shareholder...................................$ 77,917
       Other current assets..............................................4,597
                                                                         -----
       Total current assets.............................................82,514
       Machinery and equipment net......................................27,018
                                                                        ------
       Total assets..................................................$ 109,532
                                                                       =======

       Accounts payable and accrued expenses.........................$ 127,662
       Other current liabilities.........................................1,500
                                                                         -----
       Total current liabilities.......................................129,162
       Stockholders' equity deficiency.................................(19,630)
                                                                        ------
       Total liabilities and stockholders' equity deficiency...........109,532
                                                                       =======

     As part of the Agreement and Plan of Reorganization between the Company and
     ECTI, Company stockholders delivered 208,755 shares company Common Stock to
     the company.

     Debt and equity financings:

     Effective January 2003, ECTI entered into a temporary financing  agreement.
     Under the terms of the six month financing agreement,  ECTI has the ability
     to borrow up to $1,000,000 in the form of a revolving  line of credit.  The
     borrowings are  collateralized by all of ECTI's assets.  The line of credit
     bears a variable interest rate ranging from the prime rate plus .75% to the
     prime rate plus 1.50%.

     On February 25, 2003,  the Company  announced  the signing of a non-binding
     Letter of Intent (LOI) with Tianqi Real Estate Co., LTD (Tianqi) of Ningbo,
     China for the purpose of expanding its  operations to South East Asia.  The
     LOI stipulates that Tianqi will make an investment of up to $1 million into
     ECTI.  The  LOI  further   stipulates  that,  Tianqi  will  have  exclusive
     contractor  rights to apply the ETCI  processes  in China and  sections  of
     Taiwan and that ECTI is to provide  Tianqi with training and support on all
     of  ECTI's  application  processes.  The  agreement  is slated to be closed
     before April 25, 2003.

     Stock option plan:

     Subsequent  to  December  31,  2002,  the  Company  enacted  its 2003 Joint
     Incentive  and  Non-qualified  Stock Option plan to become  effective  upon
     shareholder approval.  Under the terms of the Plan, the amount of shares of


                                       35
<PAGE>

     common stock issued upon exercise of options granted can not exceed 300,000
     shares.

3.   Capital contributions:

     During the years ended  December  31, 2002 and 2001,  Company  stockholders
     made additional capital  contributions to fund company expenses the amounts
     of $3,405 and $3,655, respectively.

4.   Income Taxes:

     The types of temporary  differences  and carry  forwards  that give rise to
     significant portions of net deferred tax and assets and liabilities pertain
     primarily to net operating loss carry  forwards.  At December 31, 2002, the
     Company has a net operating  loss  carryforward  of  approximately  $85,000
     available to reduce future taxable income  expiring  through year 2022. The
     net deferred tax asset of $25,589 at December 31, 2002  resulting  from the
     differences  and  the  carry  forwards  has  been  reduced  by a  valuation
     allowance of same amount to reflect  management's  estimate that there is a
     least a 50% chance that no deferred tax assets will be realized.

     Significant  reconciling  items between the income tax  provisions  and the
     income taxes computed by applying the statutory  federal income tax rate to
     income  before  income taxes are  primarily  attributable  to the valuation
     allowance.

     The significant components of the income tax provision are presented below:

                                        2002          2001
                                      --------      --------

     Deferred income tax benefits     $ 25,589      $ 17,818
     Valuation allowance               (25,589)      (17,818)
                                      --------      --------
                                      $   --        $   --



                                       36