U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                   FORM 10-QSB

    FOR ANNUAL AND TRANSITION REPORTS PURSUANT TO SECTION 13 OR 15(D) OF THE
                   SECURITIES EXCHANGE ACT OF 1934 (MARK ONE)

[X]     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
        EXCHANGE ACT OF 1934

                           FOR THE THREE MONTHS ENDED
                                 MARCH 31, 2007

[ ]     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
        EXCHANGE ACT OF 1934

                        Commission File Number 000-27189

                            VICTORIA INDUSTRIES, INC.
                (Name of Registrant as specified in its charter)

                    NEVADA                             98-0230423
        (State or other jurisdiction of            (I.R.S. Employer
         incorporation or organization)          Identification Number)

          551 Fifth Avenue, Suite 2020
               New York, New York                          10017
       (Address of principal executive office)          (Zip Code)

ISSUER'S TELEPHONE NUMBER: (212) 973-0063

Securities registered under Section 12(b) of the Exchange Act:

     Title of each class          Name of each exchange on which registered
                   Common shares          OTC Bulleting Board

Securities registered under Section 12(g) of the Exchange Act: Common Stock

Check  weather the issuer is not required to file reports pursuant to Section 13
or  15(d)  of  the  Exchange  Act:                                           [ ]

Note  -  Checking the box above will not relieve any registrant required to file
reports  pursuant  to  Section  13  or  15(d)  of  the  Exchange  Act from their
obligations  under  those  Sections.

                         PERSONS  WHO  ARE  TO  RESPOND  TO  THE  COLLECTION  OF
                         INFORMATION  CONTAINED IN THIS FORM ARE NOT REQUIRED TO
                         RESPOND  UNLESS THE FORM DISPLAYS A CURRENTLY VALID OMB
SEC  2337  (12-05)       CONTROL  NUMBER.

Check  weather  the issuer (I) 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]

Check  if  there  is a disclosure of delinquent filers in response to Hem 405 of
Regulation  S-B  contained in this form, and no disclosure will be contained, to
the  best  of  registrant's  knowledge,  in  definitive  proxy  or  information
statements  incorporated  by  reference  in  Part  II of this Form 10-QSB or any
amendment  to  this  Form  10-QSB.
[   ]

Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Act).                                         Yes [ ]  No [X]

Issuer's revenues for its most recent fiscal year:    $8,411,971


<PAGE>
State the aggregate market value of the voting and non-voting common equity held
by  non-affiliates computed by reference to the price at which the common equity
was  sold, or the average bid and asked price of such equity, as of May 15, 2007
within  past  60  days:  $3,450,000

State the number of shares outstanding of each of the issuer's classes of common
equity, as of November 13, 2006:

Common Stock; 10,965,090
              -----------

Transitional  Small  Business  Disclosure  Format  (Check  one):
                                                                Yes [ ];  No [X]


<PAGE>
<TABLE>
<CAPTION>
VICTORIA INDUSTRIES, INC.

FORM 10-QSB

                                                TABLE OF CONTENTS


<S>                                                                                                          <C>
PART I.      FINANCIAL INFORMATION                                                                           Page
                                                                                                             ----

Item 1.      Financial Statements (unaudited) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

             Consolidated Balance Sheets - March 31, 2007 and December 31, 2006 . . . . . . . . . . . . . .

             Consolidated Statements of Operations and Comprehensive Income (Loss) - for the three months
             ended March 31, 2007 and 2006. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

             Consolidated Statements of Changes in Stockholder's Equity (Capital Deficit) - March 31, 2007
             and December 31, 2006. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

             Consolidated Statements of Cash Flows - for the three months ended March 31, 2007
             and  March 31, 2006. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

             Notes to Unaudited Consolidated Financial Statements . . . . . . . . . . . . . . . . . . . . .

Item 2 .     Management's Discussion and Analysis of Principal Condition and Operations . . . . . . . . . .

Item 3.      Quantitative and Qualitative Disclosures About Market Risk . . . . . . . . . . . . . . . . . .

Item 4.      Controls and Procedures. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

PART II.     OTHER INFORMATION. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Item 1.      Legal Proceedings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Item 2.      Unregistered Sales of Equity Securities and Use of Proceeds. . . . . . . . . . . . . . . . . .

Item 3.      Defaults upon Senior Securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Item 4.      Submission of Matters to a Vote of Security Holders. . . . . . . . . . . . . . . . . . . . . .

Item 5.      Other Information. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Item 6.      Exhibits and Reports on Form 8-K . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

SIGNATURES. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
</TABLE>


<PAGE>
<TABLE>
<CAPTION>
                                                                                       VICTORIA INDUSTRIES, INC.
                                                                                     CONSOLIDATED BALANCE SHEETS
                                                                                       (EXPRESSED IN US DOLLARS)
----------------------------------------------------------------------------------------------------------------

                                                                                     MARCH 31,
                                                                                        2007       DECEMBER 31,
                                                                                    (UNAUDITED)        2006
                                                                                    ------------  --------------
<S>                                                                                 <C>           <C>
ASSETS

CURRENT ASSETS
  Cash and cash equivalents                                                         $   212,678   $     138,602
  Accounts receivable                                                                 3,300,172       3,118,137
  Related party receivable - current portion                                             68,389         136,245
  Taxes receivable                                                                       73,205         204,336
  Inventories                                                                           131,186               -
  Prepayments and other current assets                                                  637,921         518,623
  Deferred interest expense                                                               8,275          20,484
  Deferred tax asset                                                                      1,322           3,574

                                                                                    ------------  --------------
    Total current assets                                                              4,433,148       4,140,001

Property, plant and equipment, net                                                          564             718

                                                                                    ------------  --------------
TOTAL ASSETS                                                                        $ 4,433,712   $   4,140,719
                                                                                    ============  ==============

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
  Short term borrowings from related parties                                        $    97,925   $      77,925
  Short term bank loans                                                                 335,000         335,000
  Accounts payable                                                                    2,222,747       2,056,443
  Taxes payable                                                                             718               -
  Other current liabilities                                                             186,913         190,019
  Interest payable                                                                            -
                                                                                    ------------  --------------
    Total current liabilities                                                         2,843,303       2,659,387

Commitments and Contingencies (Note 20)                                                       -               -


STOCKHOLDERS' EQUITY
  Common stock, $0.001 par value, 10,965,090 shares issued and outstanding  as of
  March 31, 2007 and December 31, 2006                                                   10,965          10,965
  Additional paid-in capital                                                          1,877,027       1,867,367
  Accumulated (deficit )                                                               (310,029)       (403,902)
  Accumulated other comprehensive (loss)  - foreign currency                            (12,446)         (6,902)

                                                                                    ------------  --------------
Total stockholders' equity                                                            1,590,409       1,481,332

                                                                                    ------------  --------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                                          $ 4,433,712   $   4,140,719
                                                                                    ============  ==============
</TABLE>

     The accompanying notes are an integral part of the consolidated financial
                                   statements


<PAGE>
<TABLE>
<CAPTION>
                                                       VICTORIA INDUSTRIES, INC.
           CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
                                 (EXPRESSED IN US DOLLARS, EXCEPT SHARE AMOUNTS)
                                                                       UNAUDITED
--------------------------------------------------------------------------------

                                        FOR THE THREE MONTHS ENDED
                                         MARCH 31,     MARCH 31,
                                            2007          2006
                                        ------------  ------------
<S>                                     <C>           <C>
REVENUES                                $ 2,924,518   $ 2,455,164

COST OF SALES                            (2,774,644)   (2,102,014)
                                        ------------  ------------

GROSS PROFIT                                149,874       353,150

OPERATING EXPENSES
Sales, general and administrative           (18,643)     (178,022)
Compensation                                 (9,660)       (9,848)
Professional fees                           (15,000)       (9,469)
Depreciation and amortization                  (161)         (151)
                                        ------------  ------------

OPERATING INCOME                            106,410       155,650

OTHER INCOME (EXPENSE)
Interest income                              10,446         4,164
Interest expense                            (12,209)      (11,487)
Foreign exchange loss                          (103)      (42,916)
Other expense, net                           (6,261)            -
                                        ------------  ------------

INCOME BEFORE TAX                            98,283       105,421

FOREIGN INCOME TAX                           (4,410)      (14,676)
                                        ------------  ------------

NET INCOME                                   93,873        90,745

Other comprehensive (loss)
  Foreign currency translation  (loss)        5,544        12,338
                                        ------------  ------------

COMPREHENSIVE INCOME (LOSS)             $    99,417   $   103,083
                                        ============  ============

BASIC INCOME PER SHARE
  From Continuing operations            $      0.01   $      0.01
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING                       10,965,090    10,965,090
</TABLE>


     The accompanying notes are an integral part of the consolidated financial
                                   statements


<PAGE>
<TABLE>
<CAPTION>
                                                                                                       VICTORIA INDUSTRIES, INC.
                                                    CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (CAPITAL DEFICIT)
                                                                                                                       UNAUDITED
                                                                                 (EXPRESSED IN US DOLLARS, EXCEPT SHARE AMOUNTS)
--------------------------------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------------------------------
                                                COMMON STOCK     ADDITIONAL    ACCUMULATED     ACCUMULATED          TOTAL
                                            -------------------    PAID-IN      (DEFICIT)         OTHER         STOCKHOLDERS'
                                              SHARES    AMOUNT     CAPITAL                    COMPREHENSIVE         EQUITY
                                                                                                 (LOSS)       (CAPITAL DEFICIT)
------------------------------------------  ----------  -------  -----------  -------------  ---------------  ------------------
<S>                                         <C>         <C>      <C>          <C>            <C>              <C>

DECEMBER 31, 2005                           10,965,090   10,965    1,823,629      (818,200)          (2,226)           1,014,168
------------------------------------------  ----------  -------  -----------  -------------  ---------------  ------------------
Contributed services                                 -        -       43,738             -                -               43,378
------------------------------------------  ----------  -------  -----------  -------------  ---------------  ------------------
Other comprehensive (loss) for the period            -        -            -             -            9,128              414,297
------------------------------------------  ----------  -------  -----------  -------------  ---------------  ------------------
Net income for the period                            -        -            -       414,297                -                9,128
------------------------------------------  ----------  -------  -----------  -------------  ---------------  ------------------

------------------------------------------  ----------  -------  -----------  -------------  ---------------  ------------------
DECEMBER 31, 2006                           10,965,090  $10,965  $ 1,867,367  $   (403,902)  $        6,902   $        1,481,332
------------------------------------------  ----------  -------  -----------  -------------  ---------------  ------------------

------------------------------------------  ----------  -------  -----------  -------------  ---------------  ------------------
Contributed services                                                   9,660                                               9,660
------------------------------------------  ----------  -------  -----------  -------------  ---------------  ------------------
Net gain (loss) for the year                                                        93,873                                93,873
------------------------------------------  ----------  -------  -----------  -------------  ---------------  ------------------
Other comprehensive gain (loss)                                                                       5,544                5,544
------------------------------------------  ----------  -------  -----------  -------------  ---------------  ------------------

------------------------------------------  ----------  -------  -----------  -------------  ---------------  ------------------
MARCH 31, 2007                              10,965,090   10,965    1,877,027      (310,029)          12,446            1,590,409
--------------------------------------------------------------------------------------------------------------------------------
</TABLE>


     The accompanying notes are an integral part of the consolidated financial
                                   statements


<PAGE>
<TABLE>
<CAPTION>
                                                                    VICTORIA INDUSTRIES, INC.
                                                        CONSOLIDATED STATEMENTS OF CASH FLOWS
                                                                    (EXPRESSED IN US DOLLARS)
                                                                                    UNAUDITED
---------------------------------------------------------------------------------------------

                                                                    FOR THE THREE MONTHS ENDED
                                                                      MARCH 31,    MARCH 31,
                                                                        2007         2006
                                                                    ------------  ------------
<S>                                                                  <C>          <C>
CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES:
  Net income                                                         $   93,873   $   90,745
  Adjustments due to reconcile net income from
  operations to net cash in operating activities:
    Contributed services by shareholders                                  9,660        9,847
    Deferred tax expense (gain)                                           2,252          208
    Net imputed interest (income)                                       (10,466)      (3,149)
    Depreciation                                                            161          151

  Changes in current assets and liabilities:
    (Increase) in accounts receivable                                  (182,035)    (953,771)
    Decrease in prepaid expenses and other current assets              (119,298)     (21,731)
    (Increase) in inventories                                          (131,186)     (47,930)
    Decrease (increase) in VAT receivable and other taxes prepaids      140,512       11,904
    Increase in accounts payable                                        166,304      992,032
    Increase in taxes payable                                               718       12,591
    Increase (decrease) in other accounts payable                        (3,106)    (213,482)
    Change in interest payable                                           12,209        4,566
                                                                     -----------  -----------
NET CASH FLOW FROM OPERATING ACTIVITIES                                 (20,383)    (118,019)

CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES:
  Short term loans received                                                   -            -
  Short term loans repaid                                                     -       (7,532)
  Borrowings from related parties                                        20,000            -
                                                                     -----------  -----------
NET CASH FLOW FROM FINANCING ACTIVITIES                                  20,000       (7,532)

CASH PROVIDED BY INVESTING ACTIVITIES:

  Promissory notes repaid                                                68,922       68,922
  Purchase of property, plant and equipment                                   -            -
                                                                     -----------  -----------
NET CASH FLOW FROM INVESTING ACTIVITIES                                  68,922       68,922

EFFECT OF FOREIGN EXCHANGE TRANSLATION RATE CHANGES                       5,537       12,450
                                                                     -----------  -----------

(DECREASE) INCREASE IN CASH:                                             74,076      (29,115)
CASH, AT THE BEGINNING OF THE PERIOD                                    138,602       32,301

                                                                     -----------  -----------
CASH, AT THE END OF THE PERIOD                                       $  212,678   $    3,186
                                                                     ===========  ===========
</TABLE>

     (1) Cash paid for income tax in the amount of $5,254 and $27,475 for the
     three months ended March 31, 2007 and 2006, respectively.
     (2) Cash paid for interest in the amount of $Nil and $10,503 for the three
     months ended March 31, 2007 and 2006, respectively.


     The accompanying notes are an integral part of the consolidated financial
                                   statements


<PAGE>
1.   NATURE OF BUSINESS

     Victoria  Industries,  Inc.  was  incorporated  on  January  25, 2000 under
     the  laws  of  the  State  of  Nevada.

     The  current  principal  activities  of  Victoria  Industries, Inc. and its
     subsidiaries  (collectively  referred  to as the "Company") as of March 31,
     2007  and  December  31,  2006  were  as  follows:

<TABLE>
<CAPTION>
<S>                             <C>                            <C>            <C>         <C>
     OPERATING ENTITY           PRINCIPAL ACTIVITY             COUNTRY OF     MARCH 31,   DECEMBER 31,
                                                              INCORPORATION    2007          2006
                                                                                   CONTROL %
     -------------------------  -----------------------------  -------------  ----------  -------------
     Victoria Industries, Inc.  Holding company                United States       -              -
                                                               of America
     Victoria Resources, Inc.   Marketing and distribution     United States     100%           100%
                                of forestry products           of America
     Victoria Lumber, LLC       Marketing and distribution     Russian           100%           100%
                                of forestry products           Federation
     Coptent Trading Limited    Marketing and distribution of  Cyprus            100%           100%
                                forestry products
</TABLE>

     The  principal  executive  office  of  the  Company  is  situated  at  the
     following  address:  551 Fifth Avenue, Suite 2020, New York, NY 10017, USA.
     The  principal  operating office of the Company is located at the following
     address:  2-B  Vitebskaya  Street,  Suite  1-A, 454080 Chelyabinsk, Russian
     Federation.  The  Company's  web  site  is  www.victoriaind.com.

     The  number  of  fulltime  employees  of  the  Company as at March 31, 2007
     and  December  31,  2006  amounted  to  9.

     The  principal  customers  of  the  Company  are  based  in Eastern Siberia
     and the Far East regions of Russia, and the North provinces of China: Inner
     Mongolia  and  Heyluntszyan.  The  Company  has  announced  its  planned
     involvement  in  real  estate  development  in Russia. The Company has been
     considering  various  development  scenarios  including  manufacturing  and
     distribution  of construction materials as well as real estate development.
     In  2006,  in  addition  to  its  main timber trading business, the Company
     imported  forestry  machinery  and  construction materials from China which
     were  sold  within  Russia. The Company has also received orders for future
     deliveries  of  the  above  items.

     The  Company  believes  that  real  estate business is complementary to the
     Company's  operations  as  its  key  management  has  broad  real  estate
     development  background.

     GOING  CONCERN  -  These  consolidated  financial  statements  have  been
     prepared  on  a  going concern basis which assumes that adequate sources of
     financing will be obtained as required and that our assets will be realized
     and  liabilities  settled  in the ordinary course of business. Accordingly,
     these  consolidated  financial  statements  do  not include any adjustments
     related  to  the  recoverability of assets and classification of assets and
     liabilities  that  might  be necessary should we be unable to continue as a
     going  concern.


<PAGE>
     In  order  to  carry  out  the planned expansion into real estate ventures,
     the  Company  will  require additional financing. There can be no assurance
     that  additional  financing  will  be  available  to  us when needed or, if
     available,  that it can be obtained on commercially reasonable terms. While
     the  company  was  profitable  in 2006 and the three months period of 2007,
     there is no assurance that the lumber business that the Company is involved
     in  will  generate  sufficient  funds  to  carry  out  the planned expanded
     operations.

     Management  of  the  Company  plans  to continue to recover its losses that
     relate  to  prior  periods  through extensive marketing policy and flexible
     shipment terms being offered to its new clients for 2007. However, there is
     no  assurance  these  policies  will  continue  to  be  successful.


2.   PRESENTATION  OF  FINANCIAL  STATEMENTS

     BASIS  OF  PRESENTATION  -  The  consolidated  financial  statements  have
     been prepared in accordance with the requirements of Statement of Financial
     Accounting  Standards No. 52, "Foreign Currency Translation" (SFAS 52). The
     functional  currency  of our Cyprus subsidiary is U.S. Dollars. The Russian
     subsidiary  of  the  Company  maintains  its  accounting records in Russian
     Rubles  in  accordance with the accounting and reporting regulations of the
     Russian  Federation. Russian statutory accounting principles and procedures
     differ  substantially  from  those  generally  accepted  under  US  GAAP.
     Accordingly,  the  consolidated  financial  statements,  which  have  been
     prepared  from  the Company's Russian statutory accounting records, reflect
     adjustments  necessary  for  such  financial  statements to be presented in
     accordance  with  US  GAAP.

     The  accompanying  unaudited  condensed  consolidated  financial statements
     have  been  prepared  in accordance with U.S. generally accepted accounting
     principles  ("GAAP")  for  interim  financial  information  and  with  the
     instructions  to  Form  10-QSB. Accordingly, they do not include all of the
     information  and  footnotes  required  by  GAAP  for  complete  financial
     statements.  In  the  opinion of management, all adjustments (consisting of
     normal  recurring adjustments) considered necessary for a fair presentation
     have  been  included.  Operating  results for the three months period ended
     March  31,  2007 are not indicative of the results that may be expected for
     the  year  ending  December  31,  2007.

     As  contemplated  by  the  Securities  and  Exchange Commission (SEC) under
     Rules  of Regulation S-B, the accompanying financial statements and related
     footnotes  have  been condensed and do not contain certain information that
     will be included in the Company's annual financial statements and footnotes
     thereto.  For  further  information,  refer  to  the  Company's  audited
     consolidated financial statements and related footnotes thereto included in
     the  Company's annual report on Form 10-KSB for the year ended December 31,
     2006.


     USE  OF  ESTIMATES  AND  ASSUMPTIONS  -  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  amount  of  revenues  and  expenses  during the reporting period.
     Actual  results  could  differ  from  those  estimates.


<PAGE>
     FUNCTIONAL  AND  REPORTING  CURRENCY  -  The  functional  currency  of  the
     Company  is  the  U.S.  Dollar.  Certain  subsidiaries keep their financial
     records  and  transact  most of their transactions in Russian Rubles, their
     functional currencies. Their financial statements have been translated into
     U.S.  dollars  using  period  end  foreign  exchange  rates  for assets and
     liabilities,  average  foreign  exchange rates for income and expenses, and
     rates  for  common  stock  issuance that were in effect on the dates of the
     transactions.  Translation  differences  from  year  to year resulting from
     varying  exchange  rates  are  reflected  in  other  comprehensive  income.
     Remeasurement  differences  from  settlements of transactions in currencies
     other  than  the  functional  currency  are  reflected  in the statement of
     income.

     The  prevailing  exchange  rates  as  at  March  31,  2007 and December 31,
     2006  were  approximately 1 U.S. dollar to 26.01 and 26.33, Russian rubles,
     respectively.  For  the  periods ended March 31, 2007 and 2006, the average
     exchange  rate  for  1U.S.  Dollar  was  26.30  and  27.18, Russian rubles,
     respectively.


3.   SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES

     BASIS  OF  CONSOLIDATION  -  The  consolidated  financial  statements
     incorporate the financial statements of Victoria Industries, Inc. and other
     enterprises,  where  the Company, directly or indirectly exercises control.
     Control is achieved where the Company has the power to govern the financial
     and  operating  policies of an invested enterprise so as to obtain benefits
     from  its  activities.

     Where  necessary,  adjustments  are  made  to  the  financial statements of
     subsidiaries  to  ensure  the accounting policies are consistently applied.

     All  significant  intercompany  transactions,  balances  and  unrealized
     gains  (losses)  on  transactions  are  eliminated  on  consolidation.


     REVENUE  RECOGNITION  -  For  revenue  from  product  sales,  the  Company
     recognizes  revenue  in  accordance  with SEC Staff Accounting Bulletin No.
     104,  "Revenue  Recognition  in  Financial  Statements ("SAB 104"). SAB 104
     requires  that  four  basic  criteria  must  be  met  before revenue can be
     recognized:  (1) persuasive evidence of an arrangement exists; (2) delivery
     has  occurred;  (3)  the  selling  price is fixed and determinable; and (4)
     collectibility  is  reasonably  assured.

     Criterion  (1)  is  met  as  every  delivery  is  covered  by  a  separate
     contract  and  the  title  passes  to  the  customer  only  upon customer's
     acceptance  at  point of destination, which is in compliance with criterion
     (2).  Determination  of  criteria  (3)  and  (4)  are based on management's
     judgments  regarding the fixed nature of the selling prices of the products
     delivered and the collectibility of those amounts. Provisions for discounts
     and  rebates  to  customers,  and other adjustments are provided for in the
     same  period the related sales are recorded. The Company defers any revenue
     for which the product has not been delivered and accepted by its customers.
     In  accordance  with  the Company's standard contract terms, once delivered
     and  accepted the product cannot be returned and no claims can be presented
     to  the  Company.  The  Company  recognizes  revenue  on  gross  basis.

     PROPERTY,  PLANT  AND  EQUIPMENT  -  Property,  plant  and  equipment  is
     stated  at  cost.


<PAGE>
     Depreciation  is  computed  under  the  straight-line  method  utilizing
     useful  lives  of  the  assets,  which  are:

<TABLE>
<CAPTION>
<S>                           <C>
          Office Equipment    4 - 6 years
          Computer Equipment      3 years
</TABLE>

     The  gain  or  loss  arising  on  the disposal or retirement of an asset is
     determined  as  the  difference between the sales proceeds and the carrying
     amount  of  the  asset  and  is  recognized  in  the  income  statement.

     LEASING  -  There  were  no  assets  held  under  capital leases. Operating
     lease  expenses are written of in the profit and loss account in the period
     in  which  they  are  incurred.

     INVENTORIES  -  Inventories  are  stated  at  the  lower  of  cost  or  net
     realizable value. Cost comprises direct cost of products purchased, customs
     duties,  transportation  and  handling  costs. Cost is calculated using the
     specific  identification  method.  Net  realizable  value  represents  the
     estimated selling price less all estimated costs to completion and costs to
     be  incurred  in  marketing,  selling  and  distribution.

     ACCOUNTS  RECEIVABLE  -  Accounts  receivable  are  stated  at  their  net
     realizable  value after deducting provisions for uncollectible amounts. The
     provision  for  uncollectable accounts is estimated based on credit history
     of  particular  customers.

     CASH  AND  CASH  EQUIVALENTS  -  Cash  include  petty cash and cash held on
     current bank accounts. Cash equivalents include short-term investments with
     a maturity of 3 months or less that are readily convertible to known amount
     of  cash  and  which are subject to insignificant risk of changes in value.

     LOANS  AND  OTHER  NON-BANK  BORROWINGS  -  All  loans  and  borrowings are
     initially  recorded  at  the  proceeds received, net of direct issue costs.
     After  initial  recognition  all  loans  and  borrowings  are  subsequently
     measured  at amortized cost, which is calculated by taking into account any
     discount  or  premium  on  settlement.

     VALUE  ADDED  TAX  ON  PURCHASES  AND  SALES  -  Value  added  taxes  (VAT)
     related  to  sales  is  payable  to  the tax authorities upon collection of
     receivables from customers. Input VAT is reclaimable against sales VAT upon
     payment  for purchases. The tax authorities permit the settlement of VAT on
     a net basis. VAT related to sales and purchases which have not been settled
     at the balance sheet date (VAT deferred) is recognized in the balance sheet
     on a gross basis and disclosed separately as a current asset and liability.
     Where  provision  has  been made against debtors deemed to be uncollectible
     bad  debt expense is recorded for the gross amount of the debtor, including
     VAT.  The  related VAT deferred liability is maintained until the debtor is
     settled  or  until  the  debtor  is  written  off  for statutory accounting
     purposes.

     INCOME  TAXES  -  Income  tax  has  been  computed based on the results for
     the  year  as  adjusted  for  items  that  are  non-assessable  or  non-tax
     deductible.

     The  Company  has  adopted  Financial  Accounting  Standards No. 109 ("SFAS
     109"),  under  which  the  deferred  tax is accounted for using the balance
     sheet  liability  method  in  respect of temporary differences arising from
     differences  between  the  carrying amount of assets and liabilities in the
     financial  statements  and  the  corresponding  tax  basis  used  in  the
     computation  of  taxable  profit.  Deferred  tax  liabilities are generally
     recognized  for  all  taxable temporary differences and deferred tax assets
     are  recognized  to  the  extent  that  it  is


<PAGE>
     probable  that  taxable  profits  will  be  available  against  which
     deductible  temporary  differences can be utilized. Deferred tax assets and
     liabilities  are offset when they relate to income taxes levied by the same
     taxation  authority  and  the  Company intends to settle its tax assets and
     liabilities  on  a  net  basis.

     Deferred  tax  is  calculated  at  rates  that are expected to apply to the
     period  when  the  asset  is  realized  or  the liability is settled. It is
     charged  or  credited  to  the  income statement, except when it relates to
     items credited or booked directly to equity, in which case the Deferred tax
     is  also  dealt  with  in  equity.


     FAIR  VALUE  OF  FINANCIAL  INSTRUMENTS  -  The  Company's  financial
     instruments  consist  of cash, accounts receivable, short term loans given,
     accounts  payable  and  accrued  liabilities  and amounts due to directors.
     Unless  otherwise noted, it is management's opinion that the Company is not
     exposed  to  significant  interest,  currency  or credit risks arising from
     these  financial  instruments.  The  fair  value  of  financial instruments
     approximate  their  carrying  values  due  to  the  immediate or short term
     maturity  of  these  financial  instruments.

     INCOME  PER  SHARE  -  Income  per  share  is  computed  in accordance with
     SFAS No. 128, "Earnings Per Share". Basic income per share is calculated by
     dividing  the  net  income available to common stockholders by the weighted
     average  number of shares outstanding during the year. Diluted earnings per
     share  reflect  the  potential  dilution  of securities that could share in
     earnings  of  an  entity. In a loss year, dilutive common equivalent shares
     are  excluded  from  the  loss per share calculation as the effect would be
     anti-dilutive.  Basic  and  diluted  income  per share are the same for the
     years  presented.

     COMPREHENSIVE  INCOME  (LOSS)  -  Statement  of  SFAS  130,  "Reporting
     Comprehensive  Income,"  establishes standards for reporting and displaying
     of  comprehensive  income,  its  components  and  accumulated  balances.
     Comprehensive  income  is  defined  to include all changes in equity except
     those  resulting  from  investments  by owners and distributions to owners.
     Among other disclosures, SFAS 130 requires that all items that are required
     to  be  recognized  under  current  accounting  standards  as components of
     comprehensive income be reported in a financial statement that is displayed
     with  the  same  prominence  as  other  financial  statements.

     RETIREMENT  BENEFIT  COSTS  -  The  operating  entities  of  the  Group
     situated in the Russian Federation contribute to the state pension, medical
     and  social  insurance  and  employment  funds on behalf of all its current
     employees.  Any  related expenses are recognized in the income statement as
     incurred.  No  other  retirement  plans  have  been  established.

     SEGMENT  REPORTING  -  The  Company's  business  operations  are located in
     the  Russian  Federation and relate primarily to marketing and distribution
     of  forestry  products.  Therefore,  business activities are subject to the
     same  risks  and  returns  and  addressed  in  the  consolidated  financial
     statements  of  the  Company  as  one  reportable  segment.

     NEW ACCOUNTING PRONOUNCEMENTS  -

4.   FOUNDATION AND DISPOSAL OF SUBSIDIARIES

     VICTORIA RESOURCES, INC. - 100%


<PAGE>
     In  September  2003,  the  Company  contributed  $1,000  into  the
     establishment of a wholly-owned subsidiary, Victoria Resources, Inc. in the
     State  of  New York for the purpose of pursuing opportunities in the lumber
     resource  sector.

     VICTORIA  UMBER, LLC - 100%

     In  December  2003  the  Company's  subsidiary,  Victoria  Resources, Inc.,
     contributed approximately $300,000 into the establishment of new 100% owned
     subsidiary,  Victoria Lumber, LLC, based in Chelyabinsk, Ural region of the
     Russian  Federation.

     Victoria  Lumber  LLC,  was  established  in  order  to  focus on marketing
     and  distribution  of  high-value  added  forestry  products.

     COPTENT  TRADING  LTD  -  100%

     In  April  2004  the  Group's  subsidiary,  Victoria  Resources  Inc
     contributed  $10,095  into  the establishment of new 100% owned subsidiary,
     Coptent  Trading Ltd., registered in Cyprus. The subsidiary was established
     in order to provide better marketing and administration functions of lumber
     sales  on  the  Chinese  market.


5.   ACCOUNTS RECEIVABLE

     As  of  March  31,  2007  and  December  31,  2006 accounts receivable were
     comprised  of  receivables  from  three parties: Yun Chou of $2,951,591 and
     $2,585,266  , respectively; Exintra of $119,696 and $135,482, respectively;
     and  Ladoga  of  $56,444  and  $None,  Promtekhresurs  172,442  and  None
     respectively. All amounts were due for the Company's forestry products sold
     to  these  parties. No provisions were accrued as management of the Company
     considers  all  receivables to be fully collectible, in accordance with the
     terms  of  the  contracts.

6.   RELATED PARTY RECEIVABLE

     In  August  2004  the  Company  decided  to  dispose of its shareholding in
     Siberian  Wood  LLC.  On  or  about December 31, 2004 the Company signed an
     agreement  with  TK  Promtekhresurs  (a  related  party)  to  transfer  the
     Company's  interest  in  exchange  for  an  interest  free note of $551,377
     payable by TK Promtekhresures. The Company considers this transaction to be
     in  accordance  with  market  terms,  and  that  these  terms  represent an
     arms-length  transaction.  The current balance of the note receivable is as
     follows:

<TABLE>
<CAPTION>
                          AT COST    AT NET PRESENT
                                          VALUE
                         MARCH 31,      MARCH 31,
                            2007          2007
                         ----------  ---------------
<S>                      <C>         <C>
          June 30, 2007      68,922           68,389
                         ----------  ---------------
          TOTAL          $   68,922  $        68,389
                         ==========  ===============
</TABLE>

     The  net  recovered  amount  of  the  investment has been discounted at the
     estimated  cost  of  capital  as  of  December  31,  2004.

     As  of  March  31,  2007,  the present value of payments due to the Company
     from  the  above  transaction  equaled  $68,389.  This value represents the
     Company's  share  in  the  net  assets  of


<PAGE>
     Siberian  Wood  LLC,  after  the  redemption  of  one scheduled payments in
     the  total  amount  of  $68,922.

7.   TAXES RECEIVABLE

<TABLE>
<CAPTION>
                                 3/31/2007    12/31/2006
                                -----------  ------------

<S>                             <C>          <C>
     VAT receivable             $   73,900   $   203,502
     Profit tax receivable              23         1,601
     Less other taxes prepaids        (718)         (767)
                                ===========  ============
     TOTAL                      $   73,205   $   204,336
                                ===========  ============
</TABLE>

     As  of  March  31,  2007  and December 31, 2006, taxes receivable consisted
     mostly of VAT receivable and were discounted at 15% annual rate based on an
     average  six  months  turnover  period.


8.   INVENTORIES

     As  of  March  31,  2007  and  December  31,  2007  the Company's inventory
     balances  amounted  to  $131,186  and  None.


9.   PREPAYMENTS  AND  OTHER  CURRENT  ASSETS


     As  of  March  31,  2007  and  December  31,  2006  amounts of $637,921 and
     $518,623,  respectively,  represent  advances  to  Cenex  Continental,  the
     Company's  payment  agent,  prepaid in order to purchase certain amounts of
     forestry  products  and  Exintra,  a  supplier  of  timber  to the Company.


10.  DEFERRED  INTEREST  EXPENSE

     On  September  15,  2006,  the  Company  obtained  a  short  term loan from
     Thor United Corporation (the Lender) in amount of $335,000 with interest on
     the  loan  set  at  the  nominal  interest of 14.6%. This was equivalent to
     $35,000,  which,  in  accordance  with the terms of the Loan agreement, was
     withheld  in  full by the Lender immediately following the receipt of funds
     (Note  14).  Accordingly  the respective amount of interest was capitalized
     and is being charged to expense pro rata at the end of each quarter. During
     the  quarter  ended  March 31, 2007, amount charged to expense was $12,209.

11.  INCOME  TAX

     The  Company's  provision  for  income  tax for the periods ended March 31,
     2007  and  December  31,  2006  were  as  follows:

<TABLE>
<CAPTION>
                                  3/31/2007    12/31/2006
                                  ----------  ------------

<S>                               <C>         <C>
     Current tax                  $    2,158  $   (28,927)
     Deferred tax (gain) expense       2,252        3,383
                                  ----------  ------------
     TOTAL INCOME TAX CREDIT      $    4,410  $   (25,544)
                                  ==========  ============
</TABLE>


<PAGE>
     Deferred  taxes  reflect  the  net  tax  effects  of temporary differences,
     due  to  the discounting of VAT receivable, between the carrying amounts of
     assets  and  liabilities  for  financial reporting purposes and the amounts
     used  for  tax  purposes.

     The  change  for  the  periods  in  the  Company's deferred tax position is
     as  follows:

<TABLE>
<CAPTION>
                                                            3/31/2007    12/31/2006
                                                           -----------  ------------
<S>                                                        <C>          <C>
     Net asset (liability) at the beginning of the period  $    3,574   $    (6,957)

     Charged to (expense)  income for the period               (2,252)       (3,383)
                                                           -----------  ------------

     NET ASSET  AT THE END OF THE PERIOD                   $    1,322   $     3,574
                                                           ===========  ============
</TABLE>

     The  tax  effect  on  the  major  temporary  differences  that give rise to
     the  deferred  tax  assets  as  at  March 31, 2007 and December 31, 2006 is
     presented  below:

<TABLE>
<CAPTION>
                                                                       3/31/2007   12/31/2006
                                                                       ----------  -----------
<S>                                                                    <C>         <C>
     TEMPORARY DIFFERENCES THAT GIVE RISE TO DEFERRED TAX ASSETS
     Valuation of VAT receivable                                       $    5,349  $    14,730
     Difference in depreciable value of PPE                                   160          160
                                                                       ----------  -----------
     TOTAL                                                             $    5,509  $    14,890

     TEMPORARY DIFFERENCES THAT GIVE RISE TO DEFERRED TAX LIABILITIES           -            -

                                                                       ----------  -----------
     NET DEFERRED TAX ASSET                                            $    5,509  $    14,890
                                                                       ==========  ===========
</TABLE>

     The  deferred  tax  assets  as  at  March  31,  2007 and December 31, 2006,
     calculated at effective Russian income tax rate of 24%, is consisted of the
     following:

<TABLE>
<CAPTION>
                                                    3/31/2007   12/31/2006
                                                    ----------  -----------
<S>                                                 <C>         <C>
          DEFERRED TAX ASSETS
            Valuation of VAT receivable             $    1,284  $     3,536
            Difference in depreciable value of PPE          38           38
                                                    ----------  -----------
          TOTAL                                          1,322        3,574
          DEFERRED TAX LIABILITIES                           -
                                                    ----------  -----------
          NET DEFERRED TAX ASSET                    $    1,322  $     3,574
                                                    ==========  ===========
</TABLE>

     The  taxation  charge  for  the  year is different from that which would be
     obtained  by  applying  the federal US statutory income tax rate to the net
     income  before  income tax. Below is a reconciliation of theoretical income
     tax  at  34%  to  the  actual  expense  recorded  in  the  Company's income
     statement:

<TABLE>
<CAPTION>
                                                            3/31/2007    3/31/2006
                                                           -----------  -----------

<S>                                                        <C>          <C>
       Income (loss) before income tax                     $   98,283   $  105,421
       Theoretical income tax at statutory rate                33,416       35,843
       Non deductible fair value compensation adjustment        9,660        3,348
       Change in income tax estimates                               -            -
       Other permanent differences                            (38,666)     (24,515)
                                                           -----------  -----------
     INCOME TAX EXPENSE (BENEFIT)                          $    4,410   $   14,676
                                                           ===========  ===========
</TABLE>


<PAGE>
     As  at  March  31,  2007  and  December  31,  2006  the  Company  had a net
     operating  loss  carry  forwards  for  purposes of US federal income tax of
     approximately  $130,000  and  $120,000 for the respective above periods. No
     deferred  tax  asset  has  been  recorded  because  of  the  uncertainty of
     realization. The carry forward expires during the period from 2022 to 2024.

12.  PROPERTY,  PLANT  AND  EQUIPMENT

     Property,  plant  and  equipment  as  of  March  31,  2007 and December 31,
     2006  consisted  of  the  following:

<TABLE>
<CAPTION>
                                     3/31/2007    12/31/2006
                                    -----------  ------------
<S>                                 <C>          <C>
          Computer equipment        $    2,309   $      2281
          Accumulated Depreciation      (1,743)        (1563)
                                    -----------  ------------
          NET BOOK VALUE            $      564   $       718
                                    ===========  ============
</TABLE>

13.  SHORT TERM  BORROWINGS  FROM  RELATED  PARTIES

     Borrowings  from  related  parties  as  of  March 31, 2007 and December 31,
     2006  in  a  total  amount  of  $97,925  and  $77,925  were  as  follows:

-    Advances  from  the  shareholders  as  of  March  31, 2007 and December 31,
     2006  in  the  total  amount  of  $82,925  represents  non-interest bearing
     borrowings  payable  on  demand,  which  the  Company  borrowed in order to
     finance  certain administrative expenses relating to the Company's New York
     office.

-    Borrowings  from  the  Company's  former  directors outstanding as of March
     31,  2007  and  December 31, 2006 amounted to $15,000. The short term loans
     were  obtained  during  the year ended December 31, 2002 and are payable on
     demand.

14.  SHORT TERM  LOANS

     Short-term  loans  as  of  March  31,  2007  and  December 31, 2006 were as
     follows:

<TABLE>
<CAPTION>
                                  %,      3/31/2007   12/31/2006
                               CURRENCY
                              ----------  ----------  -----------
<S>                           <C>         <C>         <C>
     Thor United Corporation      14.6%,  $  335,000      335,000
                              US Dollars  ----------  -----------
       TOTAL                              $  335,000  $   335,000
                                          ==========  ============
</TABLE>


<PAGE>
     On  September  15,  2006  The  Company  obtained  a  loan  of $335,000 from
     Thor United Corporation (The Lender) with the interest affixed in amount of
     $35,000 at the rate of 14.6%, which was withheld by the Lender upon closing
     (Note  10).

     The  short  term  loan  obtained  from  Thor  United  Corporation  in  the
     amount  of  $335,000  was secured by the shares of common stock held by the
     Company's CEO. Proceeds of the loans were used mainly for immediate working
     capital  requirements.

     Interest  expense  for  the  three  months  period ended March 31, 2007 and
     2006 was accrued in the total amounts of $12,209 and $11,487, respectively.


15.  TAXES PAYABLE

     Taxes  payable  as  of  March  31,  2007 and December 31, 2006 consisted of
     the  following:

<TABLE>
<CAPTION>
                                         3/31/2007   12/31/2006
                                         ----------  -----------
<S>                                      <C>         <C>
          Taxes withheld from employees  $      252  $         -
          Other taxes                           466
                                         ----------  -----------
          TOTAL                          $      718  $         -
                                         ==========  ===========
</TABLE>

16.  OTHER CURRENT  LIABILITIES

     Other  accounts  payable  in  the  total  amounts  of $186,913 and $190,019
     as  of  March  31,  2007  and  December  31,  2006 were mostly comprised of
     $122,541  (2006:  $129,736)  payable  to  Exintra and represents amounts of
     transportation, storage and other expenses that are to be reimbursed by the
     Company  in  accordance  with  the  Agency  Agreement.


17.  INTEREST  PAYABLE

     As  of  March  31,  2007  and  December  31,  2006  the amounts of $Nil and
     $6,926 represented balance of interest accrued on short term loans obtained
     by  the  Company  during  2006  (Note  14).


18.  COMMON  STOCK

     There  are  75,000,000  common  shares  authorized by the Company's Amended
     and  Restated  Certificate  of Incorporation. There are 10,965,090 ordinary
     shares  with  a  par value of $0.001 US dollar issued and outstanding as of
     March  31,  2007  and  December  31,  2006.

     The  holders  of  ordinary  shares  have  voting rights but no guarantee of
     dividends.  Distributable  profits  are  determined on the basis of profits
     reported in statutory financial statements of the Company's entities. These
     profits  differ  from  profits  recorded  under  US  GAAP.

     No  dividends  were  declared  or  paid  during the periods ended March 31,
     2007  and  March  31,  2006.

19.  RELATED  PARTIES


<PAGE>
     Related  parties  include  shareholders,  affiliates  and  entities  under
     common  ownership,  over  which  the  Company has the ability to exercise a
     significant  influence  and/or  control.

     Transactions  with  related  parties  are  performed  on  terms  that  may
     differ  from  those  that  would  be  available  to  unrelated  parties.

     For  details  of  related  party  balances outstanding as of March 31, 2007
     and  December  31,  2006  see  Notes  4,  6  and  13.

20.  COMMITMENTS  AND  CONTINGENCIES

     LEASE  COMMITMENTS  --  The  Company  leases office space on a year by year
     basis  and  its  outstanding lease commitments as of March 31, 2007, are as
     follows:

<TABLE>
<CAPTION>
                           2007
                        ----------
<S>                     <C>
          Office lease  $    4,192
                        ----------
          TOTAL         $    4,192
                        ==========
</TABLE>

     LITIGATION  -  The  Company  has  been  and  continues to be the subject of
     legal  proceedings  and  adjudications from time to time, none of which has
     had,  individually  or  in  the aggregate, a material adverse impact on the
     Company.  Management  believes  that the resolution of all business matters
     will  not  have  a  material  impact on the Company's financial position or
     operating  results.

     RUSSIAN  FEDERATION  TAX  AND  REGULATORY  ENVIRONMENT  - The government of
     the  Russian  Federation  continues  to  reform the business and commercial
     infrastructure  in its transition to a market economy. As a result laws and
     regulations  affecting businesses continue to change rapidly. These changes
     are characterized by poor drafting, different interpretations and arbitrary
     application  by  the authorities. In particular taxes are subject to review
     and investigation by a number of authorities enabled by law to impose fines
     and  penalties.  While  the Company believes it has provided adequately for
     all  tax liabilities based on its understanding of the tax legislation, the
     above  facts  may  create  tax  risks  for  the  Company.


21.  RISK MANAGEMENT  POLICIES

     The  main  risks  inherent  to  the  Company's operations are those related
     to credit risk exposures, market movements in foreign exchange rates and in
     interest  rates. A description of the Company's risk management policies in
     relation  to  those  risks  are  as  follows.

     CREDIT  RISK  -  The  Company  is  exposed to credit risk which is the risk
     that  one  party  to  a  financial  instrument  will  fail  to discharge an
     obligation and cause the other party to incur a financial loss. The Company
     structures the levels of credit risk it undertakes by placing limits on the
     amount  of  risk  accepted  in  relation  to  one  customer,  or  groups of
     customers.  Limits  on the level of credit risk by customer are approved by
     the  Credit  Committee.

     CURRENCY  RISK  -  Currency  risk  is defined as the risk that the value of
     a  financial  instrument  will fluctuate due to changes in foreign exchange
     rates.

     The  Credit  Committee  sets  limits  on  the  level  of  exposure  by
     currencies  (primarily  US  Dollar),  by  entities  and  in  total.


<PAGE>
     CONCENTRATION  OF  SALES  -  Sales  in excess of 5% to any one customer for
     the  periods  ended  March  31,  2007  and  2006  were  as  follows:

<TABLE>
<CAPTION>
                     3/31/2007   3/31/2006
                     ----------  ----------
<S>                  <C>         <C>
     Exintra         $        -  $   48,376
     Yon Chou         1,564,805   2,406,788
     Promtekhresurs     726,413
     Ladoga             633,301
                     ----------  ----------
     TOTAL           $2,924,518  $2,455,164
                     ==========  ==========
</TABLE>

     Customers  are  Russian  and  Chinese  operating  companies  involved  in
     construction  and  lumber  trading.

     Our  main  suppliers  in  excess  of  5%  of  the cost of goods sold during
     the  periods  ended  March  31,  2007  and  2006  were  as  follows:

<TABLE>
<CAPTION>
                        3/31/2007   3/31/2006
                        ----------------------
<S>                     <C>         <C>
     Geomashproject     $  586,154  $        -
     Speztekhsbyt          695,861           -
     Kedr L                630,268           -
     Exintra               818,625   1,222,030
     Stroitransservice           -     879,984
     Other                  43,736           -
                        ----------------------
     TOTAL              $2,774,644  $2,102,014
                        ======================
</TABLE>

     To  reduce  certain  of  the  risks  associated  with  remote  location  of
     forestry  producers  and  to  facilitate  tracking  and  monitoring of such
     productions  and  the Company's sales, which consist mostly of the sales of
     Victoria  Lumber,  the  Company's operating subsidiary, the Company engaged
     Exintra  to  provide tracking and monitoring services as well as a range of
     related  logistical  services.  As compensation for these services, Exintra
     receives  a  fee  for  the  amounts  of  product  sold  by  the  Company.

     The  Company  sells  lumber  to  it's  major  Chinese  customer,  Yun  Chou
     through  its  operating  subsidiary,  Coptent Trading, Ltd., which provides
     marketing and administration services facilitating such transactions. Sales
     by  Coptent  are facilitated through Exintra, and the inter-company amounts
     attributable  to  these  sales  are  eliminated  on consolidation. Revenues
     reported  in  the  Company's  Statements of Operations consist of Coptent's
     sales to Yun Chou, the final customer, as well as of amounts that were sold
     by  Victoria  Lumber itself to third parties. Because the company also owes
     Exintra  other fees due to the above services and other logistical services
     rendered,  Exintra may act as both a vendor and a customer for the Company.

     INTEREST  RATE  RISK  -  Interest  rate  risk  arises  from the possibility
     that  changes  in  interest  rates  will  affect the value of the financial
     instruments  used  by  or  that  otherwise  relate  to  the Company and its
     operations.

     Currently,  the  Company's  approach  to  reducing  the  interest  risk  is
     borrowing  at  fixed  rates.


<PAGE>
22.  CONCENTRATION  OF  BUSINESS  RISK

     The  Company's  business  activities  are  presently limited to the Russian
     Federation,  China,  Mongolia,  and  Cyprus. Laws and regulations affecting
     businesses  operating  in  the these countries are subject to rapid changes
     and  the  Company's  assets and operations could be at risk due to negative
     changes  in the political and business environment of any of these regions.


ITEM  2.  MANAGEMENT  DISCUSSION  AND  ANALYSIS  OF  PRINCIPAL  CONDITIONS  AND
OPERATIONS

DISCUSSION  AND  ANALYSIS  OF  FINANCIAL  CONDITION
---------------------------------------------------

RESULTS OF OPERATIONS

Revenues  recognized  for  the periods ended March 31, 2007 and 2006 amounted to
$2,924,518  and  $2,455,164,  respectively.  Cost  of  sales  for the respective
periods,  2007  and  2006, consisted mainly of purchased logs and transportation
cost  in  the  amounts  of  $2,774,644  and  $2,102,014,  for  each of the above
respective  periods.

The  significant increase in sales for the first three months period of 2007 was
mostly due to the increased volumes of birch in the amounts of $1,564,805 (7,367
cubic  meters).

Cost  of  sales for the three months ended March 31, 2007 consisted primarily of
birch,  and  construction  materials,  spare  parts  and transportation expenses
amounting  to  $1,448,893,  $46,169,  $1,246,633  and  $32,949  respectively.

Prices  for  our products are subject to volatility depending on seasonal demand
for  forestry  products. These can be seen by the relatively low gross margin in
the  first  quarter  of 2007, which resulted from unfavorable market conditions.

No  assurance  can  be given as to if and when we become an established supplier
and  as  to  whether  or  not  this  would allow us to sell at prevailing market
prices.  We  also  expect  to  secure better terms from our suppliers, which may
further  improve  our  gross  margin in the future.  There is no assurance as to
when  and  if  these  will  be  achieved.

Our  gross margin decreased from approximately 14.3% in the first three month of
2006  to  approximately  5.12% in three months 2007 primarily as a result of the
strengthening of the Russian Rouble against US dollar. While our sales contracts
are  denominated  in US dollars, our purchasing prices in Russia are denominated
in  Russian  Roubles  and we were unable to pass the increased timber purchasing
costs  on  to  our  customers  primarily  due  to  our  focus on maintaining and
increasing  our  market  share.  Another  contributing  factor was the change of
delivery  basis  from  DAF to FCA. Under FCA, the Company incurred significantly
lower  transportation expenses which were assumed by the buyer. The above change
in the delivery terms caused us to reduce our prices. However, the latter effect
on  the  gross  margin  was compensated by a reduction in our Sales, General and
Administration expenses from $176,673 to $18,643. Despite the steep reduction in
the  gross  margin  in 2007, our operating profit went down from $155,160 in the
first  three  months of 2006 to $106,410 in the first three months of 2007 while
our  before  tax  earnings  fell  by only $3,666 from 103,083 in the first three
months  of  2006  to  $99,417  in  the  the  first  three  months  of  2007.


<PAGE>
The continuation of the Company is dependent upon maintaining a profitable level
of operations, expanding the Company's business, continuing financial support of
creditors  and stockholders as well as obtaining long-term financing. Management
plans  to  raise  equity capital to finance the current cash requirements of the
Company.  Capital  raised  will  be  used  to expand current operations, finance
working  capital  and acquire fixed assets. While the Company is undertaking its
best  efforts  to  achieve  the above plans, there is no assurance that any such
activity will generate funds that will be sufficient to expand our operations or
maintain  their  current  level.  If  the  Company  is not successful in raising
financing,  the  Company's  expected business volumes may be adjusted or may not
materialize  at  all.  Additionally,  the Company may lose its current business,
which  may  lead  to  significant  curtailment  or  suspension  of  operations.


CAPITAL  EXPENDITURES

As  of March 31, 2007 and December 31, 2006 the Company did not have significant
fixed  assets  as  it  operated  solely  as  a  trader  and  not  a  producer.

In the near future, we may need to add certain fixed assets or obtain timberland
leases to maintain and further grow our business. The fixed assets may be in the
form of warehouse space, manufacturing facilities, processing machinery, logging
machinery,  automotive vehicles and tractors, chainsaws and other equipment used
for  logging  and lumber processing. We may also elect to form new partnerships,
invest  into  and/or  acquire  other companies operating in the same segment. In
order  to  finance future capital expenditures, we may need to raise substantial
funds.  There  is  no  assurance  that  the  required  financing will be raised.

COMPETITION

We compete in a highly competitive industry that is open to new entrants without
significant  barriers  to  entry.  We  encounter  competition  in  all  of  our
operations,  including the acquisition of goods from suppliers and sale of these
goods  to  customers. Many of our competitors have financial and other resources
substantially  greater  than  ours.

CASH REQUIREMENTS

The  Company anticipates it will require around $2,500,000 to sustain operations
and  develop  its subsidiaries over the next twelve months. The Company believes
it will be able to raise these funds through equity and debt financing; however,
there  is  no  guarantee  that  funds  will  be  raised.


LIQUIDITY AND CAPITAL RESOURCES

Since  inception,  the Company has financed its operations from private sources.
The  Company  began  operations  in  2003 and in 2004 acquired its subsidiaries'
businesses,  which included, Victoria Siberian Wood, Victoria Lumber and Coptent
Trading  Ltd.

During the three months period of 2007 we recognized a net profit of $93,873. As
of  March  31, 2007 the Company had total current assets of $4,433,148 and total
current  liabilities  of  $2,843,303.  As  of


<PAGE>
March  31,  2007, the Company had cash balance of $212,678 and a working capital
surplus  of  $1,589,845,  respectively.

GOING CONCERN

These financial statements have been prepared on a going concern basis which
assumes that adequate sources of financing will be obtained as required and that
our assets will be realized and liabilities settled in the ordinary course of
business. Accordingly, these consolidated financial statements do not include
any adjustments related to the recoverability of assets and classification of
assets and liabilities that might be necessary should we be unable to continue
as a going concern.

In order for us to continue as a going concern, we require additional financing.
There can be no assurance that additional financing will be available to us when
needed or, if available, that it can be obtained on commercially reasonable
terms.  If  we  are  not  able  to continue as a going concern,  we  would
likely be unable to realize the carrying value of our assets reflected  in  the
balances set out in the preparation of financial statements. While the Company
was profitable in 2006 and the first three months of 2007, there is no assurance
that the lumber business that the Company is involved in will generate
sufficient funds that will be available for operations. The Company's limited
revenue history, high concentration of credit risk in consequence of its
dependence on a single major customer and limited funding raise substantial
doubt about the Company's ability to continue as a going concern.

Accordingly, our independent auditors included an explanatory paragraph in their
report of the December 31, 2006 financial statements regarding concerns about
our ability to continue as a going concern. Our financial statements contain
additional notes and disclosures describing the circumstances that lead to this
disclosure by our independent auditors.

CASH FLOW

Cash  provided by (used in) operating activities for the periods ended March 31,
2007  and  2006,  amounted  to  ($20,383)  and  $(118,019),  respectively.  A
significantly  smaller  cash  outflow  for  the  period ended March 31, 2007 was
primarily  caused  by  a  significantly  smaller increase in accounts payable of
$166,304  (2006:  $992,032) and a reduction in VAT receivable of $140,512 during
three  months  ended  March  31,  2007 compared to a reduction of $11,904 during
three  months  ended  March  31,  2006.

Cash  provided  by  financing activities during the three months ended March 31,
2007  of  $20,000  resulted  from  shareholder  loans.

Except  for the cash inflow from the repayment of a related party note linked to
the  sale  of  Victoria  Siberian  Wood,  there  were  no significant activities
affecting  Cash  Flow  from Investing Activities during the three months periods
ended  March  31,  2007  and  2006.


INCOME TAXES, NET OPERATING LOSSES AND TAX CREDITS

Currently,  the  Company is liable for the Russian income tax at the rate of 24%
of  the  pre-tax earnings as defined by the Russian income tax law. The taxation
system  in Russia is evolving as the central government transforms itself from a
command  to  a  market-oriented economy. Based on current tax law and the United
States-Russia  income  tax  treaty,  the  income  tax  paid  in  Russia  will be
a  credited  when  determining  the  Company's  US  income  tax  liability.


<PAGE>
APPLICATION OF CRITICAL ACCOUNTING POLICIES


USE OF ESTIMATES

The  preparation  of  financial  statements  in  accordance  with  United States
generally  accepted  accounting principles requires management to make estimates
and  assumptions  that affect the reported amounts of assets and liabilities and
disclosures  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 materially differ from these estimates.

REVENUE  RECOGNITION

For  revenue  from  product  sales, the Company recognizes revenue in accordance
with  SEC  Staff Accounting Bulletin No.  104, "Revenue Recognition in Financial
Statements"  ("SAB  104"). SAB 104 requires that four basic criteria must be met
before  revenue  can  be  recognized:  (1) persuasive evidence of an arrangement
exists;  (2)  delivery  has  occurred;  (3)  the  selling  price  is  fixed  and
determinable;  and  (4)  collectibility  is  reasonably  assured.

Criterion (1) is met as every delivery is covered by a separate contract and the
title  passes  to  the  customer  only  upon  customer's  acceptance at point of
destination,  which  is  in  compliance  with  criterion  (2).  Determination of
criteria  (3)  and  (4)  are based on management's judgments regarding the fixed
nature of the selling prices of the products delivered and the collectibility of
those  amounts.  Provisions  for  discounts  and rebates to customers, and other
adjustments  are provided for in the same period the related sales are recorded.
The  Company defers any revenue for which the product has not been delivered and
accepted  by  its  customers. In accordance with the Company's standard contract
terms,  once delivered and accepted the product cannot be returned and no claims
can  be presented to the Company. The Company recognizes revenue on gross basis.


<PAGE>
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Much  of  the  information  included  in  this  report includes or is based upon
estimates,  projections  or  other  "forward  looking  statements". Such forward
looking  statements  include  any  projections  or  estimates made by us and our
management  in  connection  with  our  business  operations.  While  these
forward-looking  statements,  and any assumptions upon which they are based, are
made  in  good faith and reflect our current judgment regarding the direction of
our business, actual results will almost always vary, sometimes materially, from
any estimates, predictions, projections, assumptions or other future performance
suggested  herein.

Such  estimates,  projections  or  other  "forward  looking  statements" involve
various  risks  and  uncertainties as outlined below. We caution the reader that
important  factors  in  some  cases  have  affected  and,  in  the future, could
materially  affect  actual results and cause actual results to differ materially
from  the results expressed in any such estimates, projections or other "forward
looking  statements".

Our  common  shares  are  considered  speculative  during  our  search for a new
business  opportunity.  Prospective investors should consider carefully the risk
factors  set  out  below

LIMITED OPERATING HISTORY; ANTICIPATED LOSSES; UNCERTAINTY OF FUTURE RESULTS

The  Company  has  a  limited  operating history upon which an evaluation of its
prospects  can  be  made.  There  can  be  no  assurance  that  the Company will
effectively  execute  its business plan or manage any growth of the business, or
that  the  Company's future operating and financial forecast will be met. Future
development and  operating results will depend on many factors, including access
to  adequate  capital,  the  demand  for  the  Company's  products, the level of
product  and  price  competition,  the  Company's  success  in  setting  up  and
expanding  distribution channels,  and  whether  the  Company can control costs.
Many  of  these  factors are beyond the control of the Company. In addition, the
Company's  future  prospects  must  be  considered  in  light  of  the  risks,
expenses,  and  difficulties  frequently  encountered  in  establishing  a  new
business  in the forest products industry, which  is  characterized  by  intense
competition,  rapid  technological  change,  highly  litigious  competitors  and
significant  regulation.


LIMITED PUBLIC MARKET

The  Company's  Common  Stock is currently quoted on the NASD OTC Bulletin Board
under  the  ticker  symbol  VIIN.  As  of  May  15,2007 there were approximately
10,965,090  shares of Common Stock outstanding. There can be no assurance that a
trading market will be sustained in the future. Factors such as, but not limited
to, technological innovations, new products, acquisitions or strategic alliances
entered  into  by  the  Company  or  its  competitors,  failure to meet security
analysts'  expectations,  government  regulatory  action,  proprietary  rights
developments,  and market conditions for lumber products in general could have a
material  effect  on  the  volatility  of  the  Company's  stock  price.


POLITICAL RISKS

The  markets  in  Russia,  China  and Mongolia are monitored by their respective
governments,  which  could  impose  taxes or restrictions at any time that would
make  operations  unprofitable  and  infeasible and cause a write-off of capital
investment  in  lumber  opportunities.


<PAGE>
A  number  of  factors, beyond the Company's control, the effect of which cannot
be  accurately  predicted,  may  affect  the  marketing  of  the  Company's
products  and  its lumber operations.  These factors include political policy on
foreign  ownership, political policy to open the doors to foreign investors, and
political  policy  on  lumber  exports.


RISKS ASSOCIATED WITH INTERNATIONAL MARKETS

Commencing  in  2004  the  Company  started  trading with clients located in the
Peoples'  Republic  of  China.  The future success of the Company will depend in
part  on  its ability to generate sales to its international clients and markets
outside  of  its operational locations. There can be no assurance, however, that
the  Company  will  be  successful  in generating these sales. In addition, such
transactions  will be subject to a number of risks, including:  foreign currency
risk;  the  risks that agreements may be difficult or impossible  to enforce and
receivables  difficult  to  collect  through a foreign country's  legal  system;
foreign  customers  may have longer payment cycles; or foreign  countries  could
impose  withholding taxes or otherwise tax the Company's foreign  income, impose
tariffs, embargoes, or exchange controls, or adopt other restrictions on foreign
trade.  In  addition, the laws of certain countries do not protect the Company's
offerings  to  the  same  extent  as  the  laws  of  the  United  States.

Although  none of our present officers or directors individually is a key to our
continuing  operations,  we  rely  upon the continued service and performance of
these officers and directors, and our future success depends on the retention of
these individuals, whose knowledge of our business and whose technical expertise
would  be  difficult  to  replace.  At  this  time,  none  of  our  officers  or
directors  are  bound  by  employment  agreements,  and as a result, any of them
could  leave  with  little  or  no  prior  notice.

Competition  for qualified individuals is likely to intensify, and we may not be
able  to attract, assimilate, or retain additional highly qualified personnel in
the  future.  The  failure  to  attract,  integrate,  motivate  and retain these
employees  could  harm  our  business.

LACK OF DIVERSIFICATION

The  Company  is  currently  exclusively  in  the  business of trading in forest
products.  This lack of diversification into a number of areas may subject us to
economic  fluctuations  within  the forest products industry, thereby increasing
the  risks  associated  with  our  operations.

EXPOSURE TO NATURAL DISASTERS

The  forest products industry is subject to natural events such as forest fires,
adverse  weather  conditions,  insect  infestation,  disease  and  other natural
disasters.  The  occurrence  of  any  of these events could adversely affect our
ability  to  trade  in  forest products which would result in a material adverse
consequence  to  the  Company.

EXPOSURE TO FOREIGN EXCHANGE RATE FLUCTUATIONS

The  majority of our operations are located in the Russian Federation, China and
Mongolia,  The  majority  of  our expenses are denominated in Russian rubles. We
currently  do  not, and do not plan in the near future, to engage in hedging our
exposure  to  changing  foreign  exchange  rates. Any unfavorable changes in the
relevant foreign exchange rates may have a material effect on our financials and
performance.


<PAGE>
"PENNY STOCK" RULES MAY RESTRICT THE MARKET FOR THE COMPANY'S SHARES

Our  common  shares  are  subject  to  rules  promulgated  by the Securities and
Exchange  Commission  relating to "penny stocks," which apply to companies whose
shares  are  not  traded  on  a national stock exchange or on the NASDAQ system,
trade  at  less than $5.00 per share, or who do not meet certain other financial
requirements  specified  by  the Securities and Exchange Commission. These rules
require  brokers  who  sell  "penny  stocks"  to  persons other than established
customers  and  "accredited  investors"  to complete certain documentation, make
suitability  inquiries  of  investors,  and  provide  investors  with  certain
information  concerning  the  risks of trading in such penny stocks. These rules
may  discourage or restrict the ability of brokers to sell our common shares and
may  affect  the  secondary market for our common shares. These rules could also
hamper  our  ability to raise funds in the primary market for our common shares.


POSSIBLE VOLATILITY OF SHARE PRICES

Our  common shares are currently quoted on the OTC BB service. The trading price
of  our common shares has been subject to wide fluctuations. Trading  prices  of
our  common  shares  may fluctuate in response to a number of factors,  many  of
which  will  be  beyond  our  control.  The  stock  market  has  generally
experienced extreme price and volume fluctuations that have often been unrelated
or  disproportionate  to  the operating performance of companies with no current
business  operation.  There  can  be  no assurance that trading prices and price
earnings  ratios  previously experienced by our common shares will be matched or
maintained.  These  broad  market  and industry factors may adversely affect the
market  price  of  our  common  shares, regardless of our operating performance.

In  the past, following periods of volatility in the market price of a company's
securities,  securities  class-action litigation has often been instituted. Such
litigation,  if  instituted,  could  result  in  substantial  costs for us and a
diversion  of  management's  attention  and  resources.


INDEMNIFICATION OF DIRECTORS, OFFICERS AND OTHERS

Our  by-laws  contain  provisions  with  respect  to  the indemnification of our
officers  and  directors  against  all  expenses (including, without limitation,
attorneys'  fees,  judgments, fines, settlements, and other amounts actually and
reasonably  incurred  in connection with any proceeding arising by reason of the
fact that the person is one of our officers or directors) incurred by an officer
or  director in defending any such proceeding to the maximum extent permitted by
Nevada  law.

Insofar  as  indemnification for liabilities arising under the Securities Act of
1933  may  be  permitted  to  directors, officers and controlling persons of our
company  under  Nevada law or otherwise, we have been advised the opinion of the
Securities  and  Exchange  Commission  is  that  such indemnification is against
public  policy  as  expressed  in  the Securities Act of 1933 and is, therefore,
unenforceable.


FUTURE DILUTION

Our corporate documents authorize the issuance of 75,000,000 common shares, each
with  a  par  value  of  $0.001.  In the event that we are required to issue any
additional  shares  or  enter  into  private  placements  agreements  to  raise
financing  through  the  sale  of equity securities, investors' interests in our
Company  will  be  diluted  and  investors may suffer dilution in their net book
value per share depending on the  price  at  which  such securities are sold. If
we  issue  any  such  Additional  shares,


<PAGE>
such  issuances  also  will cause a reduction in the proportionate ownership and
voting power of all other shareholders. Further, any such issuance may result in
a  change  in  our  control.

ANTI-TAKEOVER PROVISIONS

We  do  not  currently  have  a  shareholder  rights  plan  or any anti-takeover
provisions  in  our  By-laws.  Without any anti-takeover provisions, there is no
deterrent  for  a  take-over of our Company, which may result in a change in our
management  and  directors.


REPORTS TO SECURITY HOLDERS

Under  the  securities  laws of Nevada, we are not required to deliver an annual
report  to  our  shareholders  but  we  intend  to  send an annual report to our
shareholders.

ITEM 4. CONTROLS AND PROCEDURES

As  of the end of the period covered by this Quarterly Report on form 10-QSB, an
evaluation was performed under the supervision and with the participation of our
management,  including  the Chief Executive Officer and Chief Financial Officer,
of  the effectiveness of the design and operation of our disclosure controls and
procedures  (as  defined in Rules 13a-15(e). Based on that evaluation, our Chief
Executive  Officer  and  Chief  Financial  Officer concluded that our disclosure
controls and procedures are effective to ensure that information we are required
to  disclose in reports that we file or submit under the Securities and Exchange
Act  of  1934  (a)  is  recorded,  processed, summarized and reported within the
periods specified in Securities and Exchange Commission rules and forms, and (b)
is accumulated and communicated to our management, including our Chief Executive
Officer  and  Chief Financial Officer, as appropriate, to allow timely decisions
regarding  required  disclosure.  Our  disclosure  controls  and  procedures are
designed  to  provide  reasonable assurance that such information is accumulated
and  communicated  to  our  management.  Our  disclosure controls and procedures
include  components  of  our  internal  control  over  financial  reporting. Our
disclosure  controls and procedures are designed to provide reasonable assurance
that  such  information  is  accumulated and communicated to our management. Our
disclosure  controls  and  procedures include components of our internal control
over  financial  reporting.  Management's assessment of the effectiveness of our
internal  control  over  financial  reporting  is  expressed  at  the  level  of
reasonable  assurance  that  the  financial  statements  and  other  information
presented  herewith  are  materially  correct.

The  registrants'  principal  executive officers and principal financial officer
have  concluded  that  there  were  no  significant  changes in the registrants'
internal  controls  or  in  other  factors that could significantly affect these
controls  as  of  the  end  of  the  period covered by this report based on such
evaluation,  and  that  there  was  no  significant  deficiencies  or  material
weaknesses  in  the  registrant's  internal  controls.


<PAGE>
PART II.

ITEM 1.  LEGAL PROCEEDINGS

We  know of no material, active or pending legal proceedings against us, nor are
we involved as a plaintiff in any material proceedings or pending litigation. To
the  best  of  our  knowledge,  there  are  no  proceedings  in which any of our
directors,  officers or affiliates, or any registered or beneficial shareholders
are  an  adverse  party  or  have  a  material  interest  adverse  to  us.

ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

None

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

None

ITEM 5.  OTHER INFORMATION

None

ITEM  6.  EXHIBITS  FINANCIAL  STATEMENT  SCHEDULES  AND  REPORTS  ON  FORM  8-K

REPORTS  ON  FORM  8-K
None

The  following  Consolidated  Financial  Statements  pertaining  to  Victoria
Industries  are  filed  as  part  of  this  quarterly  report:

Consolidated  Balance  Sheets  as  of  March  31  2007  and  December  31,  2006

Consolidated Statements of Changes in Stockholders' Equity (Capital Deficit) for
the  periods  ended  March  31,  2007  and  December  31,  2006.

Consolidated  Statements  of  Operations  and  Comprehensive  Loss for the three
months  ended  March  31,  2007  and  2005

Consolidated  Statements of Cash Flows for the three months ended March 31, 2007
and  2006.

Notes  to the Consolidated Financial Statements for the three months ended March
31,  2007  and  the  year  ended  December  31,  2006.


<PAGE>
EXIBITS REQUIRED BY ITEM 601 OF REGULATION S-B

Articles of Incorporation and Corporate Charter of the Registrant* (incorporated
by  reference  from our Registration Statement on Form 10-SB filed on October 4,
2000)

By-laws  of  the  Registrant*  (incorporated  by reference from our Registration
Statement  on  Form  10-SB  filed  on  October  4,  2000)

Exhibit  31.1  -  Section  302  Certification
Exhibit  31.2  -  Section  302  Certification
Exhibit  32.1  -  Section  906  Certification
Exhibit  32.2  -  Section  906  Certification

* Previously filed as an exhibit to the Company's Form 10-SB filed on October 4,
2000
*  CERTAIN  PARTS  OF  THIS DOCUMENT HAVE NOT BEEN DISCLOSED AND HAVE BEEN FILED
SEPARATELY  WITH  THE  SECRETARY,  SECURITIES  AND  EXCHANGE  COMMISSION, AND IS
SUBJECT  TO  A  CONFIDENTIAL  TREATMENT  REQUEST  PURSUANT  TO RULE 24B-2 OF THE
SECURITIES  ACT  OF  1934.

SUBSIDIARIES:

As  at  March  31,  2007  and  December  31,  2006

Victoria  Resources  Inc.
Victoria  Lumber  LLC
Coptent  Trading  Ltd


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.

Date: May 15, 2007                      Victoria Industries, Inc.


                                             /s/  Albert  Abdoulline
                                             -----------------------------------
                                             Albert  Abdoulline
                                             President