SECURITIES AND EXCHANGE COMMISSION
                               WASHINGTON, D.C. 20549
                                    FORM 10-KSB

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

                              For the year ended December 31, 2004

[ ]       TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 for the transition period from

                  __________________ to ____________________.


                     Commission File Number 000-27129

                          Asian Financial, Inc.
    (Exact Name of Small Business Issuer as specified in its charter)

               Wyoming                                          91-1922225
      (State or other Jurisdiction of                       (I.R.S. Employer
      Incorporation or Organization)                   Identification Number)

     51625 Desert Club Dr. Suite 207, La Quinta, CA                    92253
     (Address of principal executive office)                        (Zip
Code)

                                  (760) 219-2776
                            (Issuers Telephone Number)

Check whether the Issuer (1) filed all reports required to be filed by
Section 13 or 15(d)of the Securities Exchange Act of 1934 during the
preceding 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


Indicate the number of shares outstanding of each of the issuers classes of
Common equity, as of the latest practicable date.


Common Stock, $.001 par value                            1,500,000
       Title of Class                         Number of Shares Outstanding
                                                  at September 9, 2005
No exhibits included.
PART I

Item 1.  Description of Business.

Business Development.

Asian Financial, Inc. (the Company) was organized under the laws of the State
of
Nevada on August 10, 1998.  The Company was incorporated to engage in any
Lawful activity.

The Companys articles initially authorized the Company, to issue a total of
100,000,000 shares of common stock, and 1,000,000 preferred, all
with par value of $0.001.

Common Stock

On August 20, 1998, 473,250 shares of common stock were issued to individuals
For services rendered, at par for a total of $473.25.

On December 20, 1998, 1,026,750 shares of common stock were sold at par of
$0.001 per share, for a total value of $1,026.75.

As of December 31, 2004 and 2003, there were 1,500,000 common shares issued
And outstanding.

Preferred Stock

No preferred stock has been issued since inception (August 10, 1998) through
the years ended December 31, 2004 and 2003.

Item 2. Description of property

The Company currently has no assets or property.  The Companys headquarters
Are furnished by Mr. Dempsey Mork, President/CEO.

Item 3. Legal Proceedings

None

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

None




Part II

Item 5.  Market for Common Equity and Related Stockholders.

There is not currently a public trading market for the Companys securities,
and the Company will act as its own transfer agent until an active public
trading  market is established.  As of December 31, 2004, there were 1,500,000
common shares issued and outstanding.  No dividends have been declared or paid
on the Companys securities, and it is not anticipated that any dividends will
be declared or paid in the foreseeable future. There were 52 shareholders at
September 9, 2005.

Item 6.  Managements Discussion and Analysis or Plan of Operation

No significant business activity was conducted by the Company during the
fiscal year 2004.  As a result, no income was earned by the Company in 2004 and
there was  no cash in the bank at the end of the year.

The primary activity of the Company will involve seeking merger or
Acquisition candidates with whom it can either merge or acquire.  The Company
has not  selected any company for acquisition or merger and does not intend to
limit potential  acquisition candidates to any particular field or industry, but
does retain the right to  limit acquisition or merger candidates, if it so
chooses, to a particular field or industry. The Companys plans are in the
conceptual stage only.

We have a limited operating history on which to base an evaluation of our
business and prospects. Our prospects must be considered in light of the risks,
 expenses  and difficulties frequently encountered by companies in their early
stages of  development, particularly companies in new and rapidly evolving
markets.  We will encounter various
risks in implementing and executing our business strategy.  We can provide no
assurance that we will be successful in addressing such risks, and the failure
to do so could have a material adverse effect on our business.

The Company does not intend to make any loans to any prospective merger or
Acquisition candidate, or to any unaffiliated third parties.

The officers and directors of the Company are currently involved in other
activities and will devote only a portion of their time to the specific
business affairs of the Company until such time as a merger or acquisition
candidate has been determined.  At such a time, they expect to spend the
necessary time and effort to investigate and finalize any merger or
acquisition.

The Company intends to structure a merger or acquisition in such manner as to
Minimize federal and state tax consequences to the Company and the target
company.

Plan of Operation

The Company has not engaged in any material operations or had any revenues
from operations during the past two fiscal years.  The Company incurred
management and operating expenses totaling $10,000 each of the years ended
December 31, 2004 and 2003.

We do not expect to purchase any significant equipment for the foreseeable
future.

We do not expect any significant changes in the number of employees in the
next twelve months.

We do not currently provide any services and have not generated any revenues,
and we do not expect to generate revenues for the foreseeable future, nor do
we anticipate incurring any significant expenses. Therefore, we will continue
to operate on a minimal operating budget. We intend to limit our operations
to seeking merger and acquisition candidates.

Item 7.  Financial Statements.

See financial statements.

Item 8.  Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure.

On September 8, 2005, the Company filed a Form 8-K indicating the replacement
of its previous auditor, Mr. David Winings, CPA, Palm Desert, CA, with Child,
Sullivan & Co., Certified Public Accountants, Kaysville, UT.  This change was
made in order to comply with SEC Regulations, which require that all public
companies have a PCAOB registered accountant audit and certify year-end
financial statements.  Mr. Winings was not registered with the PCAOB.  There
were no disagreements between the Company and Mr. Winings.

Item 8a.  Controls and Procedures

The Chief Executive Officer and the Chief Financial Officer of the Company
have made an evaluation of the disclosure controls and procedures relating to
the annual report on Form 10-KSB for the year ended December 31, 2004 as
filed with the Securities and Exchange Commission and have judged such
controls and procedures to be effective as of December 31, 2004, the
evaluation date.

There have not been any significant changes in the internal controls of the
Company or other factors that could significantly affect internal controls
relating to the Company since the evaluation date.


Item 8b.  Other Information

None

PART III
Item 9.  Directors, Executive Officers, Promoters and Control Persons;
Compliance with Section 16(A) of the Exchange Act

The following table sets forth the names of all current directors and
executive officers of the Company. These are the only persons whose
activities are expected to be material to the Company. They will serve until
the next annual meeting of the stockholders (held in November of each year)
or until their successors are elected or appointed and qualified, or their
prior resignation or termination:
                                             Date of              Date of
                                           Election or      Termination or
Name                  Positions Held       Designation       Resignation
------------------   ------------------   -------------       ------------

Dempsey K. Mork   President/CEO/Director    8/10/1998               N/A

Norbert L. LeBoeuf       CFO/Director      12/15/2001               N/A


Business Experience of Directors/Executive Officers:

Mr. Mork has been the majority shareholder, President, Chief Executive
Officer/Director of Asian Financial, Inc. since 1998.  For the past eight
years, he has been an officer/director of Magellan Capital Corporation;
Animal Cloning Sciences, Silver Bow Antique Aviation, Apex Capital Group,
Inc., Knickerbocker Capital Corporation and North Star Ventures.  Mr. Mork
has experience in start-up companies, business reorganizations and cross
border business transactions.  He will spend approximately 20 hours per month
on Asian Financial, Inc. business.

Mr. Norbert LeBoeuf is a shareholder, officer/director of Asian Financial,
Inc.  He has been responsible for all accounting and tax functions for all
companies with which Mr. Mork has been affiliated. Mr. LeBoeufs professional
career includes three years in the U.S. Marine Corps Legal/Administrative
functions (1952-55) and forty years in all areas of accounting for small,
medium and large (Fortune 500 Companies) in Electronics, Manufacturing and
Aerospace.  He is also an officer/director of Knickerbocker Capital
Corporation, Silver Bow Antique Aviation, Northstar Ventures, Animal Cloning
Sciences, and Apex Capital Group, Inc., and will spend approximately 20 hours
per month on Asian Financial, Inc. business.

Significant Employees.
The Company has no employees who are not executive officers.

Code of Ethics

The Company has adopted a code of ethics that applies to the chief executive
officer and chief financial officer and is included in this Form 10-KSB as
Exhibit 14.1.

Item 10.  Executive Compensation

On August 20, 1998, 473,250 shares of unregistered and restricted shares of
the
Companys common stock, were issued for services rendered, as follows:

             # SHARES        ISSUED TO
                ---------   -------------------------

                225,000   Magellan Capital Corp.
                 76,500    Magellan Litigation Corp.
                 75,000    Dempsey K. Mork
                 30,750    Randall A. Baker
                 37,500    Robert J. Filiatreaux
                 28,500    Norbert L. Le Boeuf
                ---------
                473,250     TOTAL SHARES ISSUED
                ======

There are no standard arrangements pursuant to which the Companys directors
are compensated for any services provided as director.  No additional amounts
are payable to the Companys directors for committee participation or special
assignments.

Item 11.  Security Ownership of Certain Beneficial Owners and Management.

The following table sets forth the shareholdings of those persons or entities
who own more than 5% of the 1,500,000 Companys common stock outstanding as of
the date of these filings, and/or belong to management hereof, to wit:

                                  Number of Shares              Percentage
Name and Address                  Beneficially Owned              of Class
------------------------------   ---------------------             -------
LISTING 473,250 SHS ISSUED 8/20/98:

Dempsey K.  Mork                            75,000*              5.00%*
851625 Desert Club Dr. Suite 207
La Quinta, CA 92253 (1)

Norbert L. LeBoeuf                          28,500               1.90%
851625 Desert Club Dr. Suite 207
La Quinta, CA 92253 (1)                    ---------             ------
  Sub-total Officers/Directors              103,500               6.90%
(1)Addresses are in c/o the Company

Other Shareholders/Former Associates:

Randall A. Baker                             30,750               2.05%
P.O. Box 1025
Morongo Valle, CA 92256

Robert Filiatreaux                           37,500               2.50%
77545 Chillon
La Quinta, CA 92253

Magellan Capital Corp.                      225,000              15.00%
51625 Desert Club Dr. Suite 207
La Quinta, CA 92253

Magellan Litigation Services                 76,500               5.10
51625 Desert Club Dr. Suite 207
La Quinta, CA 92253
                                          ---------             ------

Total shares issued 8/20/98                473,250              31.55%
    for services rendered                 ---------             ------

LISTING OF 1,026,750 SHS SOLD 12/20/98:

Magellan Capital Corp.
Dempsey K. Mork
Pension Plan and Trust                     450,000*             30.00%*
851625 Desert Club Dr. Suite 207
La Quinta, CA 92253

Magellan Capital Corp.
Dempsey K. Mork
Profit Sharing Plan and Trust              450,000*             30.00%*
851625 Desert Club Dr. Suite 207
La Quinta, CA 92253

Shares sold to other individuals           126,750               8.45%
                                           ---------             ------
Total shares sold 12/20/98                1,026,750              68.45%
                                           ---------             ------
 TOTAL SHS ISSUED FROM INCEPTION
   (8/10/98) THROUGH 12/31/03             1,500,000             100.00%
                                           =========             ======

*Beneficial ownership/Dempsey K. Mork      975,000*              65.00%
                                            =======               =====

The following table sets forth the shareholdings of the Companys directors
and executive officers as of the date hereof, to wit:


                              Number of Shares       Percent
                   Beneficially Owned              1,500,000 SHS.
Name and Address                 as of 08/31/05        Outstanding
--------------------           ------------------      -------------
Dempsey K. Mork                     975,000*          65.00%
851625 Desert Club Dr. Suite 207
La Quinta, CA 92253

Norbert L. Le Boeuf                  28,500           1.90%
851625 Desert Club Dr. Suite 207
La Quinta, CA 92253
                                 ---------            -----
     Totals:                     1,003,500           66.90%
                                   =========          =====

 Item 12.  Certain Relationships and Related Transactions

The Company has accrued $10,000 per year for management services rendered by
the
Companys majority shareholder/President pursuant to a five-year convertible
promissory
note covering years 1998 through 2002 for a total balance of $50,000 at
December 31, 2004.  This note is non-interest bearing and convertible at a
rate of $0.05 per share for 1,000,000 common shares at the option of the
holder. If not sooner converted into common stock, the principal amount is
due December 31, 2008.

The Company has accrued $20,000 during 2003 and 2004 for management services
rendered by an affiliate of the Companys majority shareholder/President
pursuant to the terms of a convertible promissory note.  This note is non-
interest bearing and convertible at a rate of $0.02 per share for 1,000,000
common shares at the option of the holder. If not sooner converted into
common stock, the principal amount is due December 31, 2008.

The Companys officers and directors have resolved to provide for various
minimal expenses incurred by the Company without repayment until such time
that a merger candidate is found.  These expenses consist of, but are not
limited to, office space, accounting, filing requirements, and management
services.

Item 13.  Exhibits and Reports on Form 8-K

(a)       The Exhibits listed below are filed as part of this Annual Report.

Exhibit No.
--------------

3.1       Articles of Incorporation (Incorporated by reference from
Registration Statement on Form 10-SB filed with the Securities and Exchange
Commission on August 24, 1999).

3.2       Bylaws (Incorporated by reference from Registration Statement on
Form 10-SB filed with the Securities and Exchange Commission on August 24,
1999).

14.1       Code of Ethics

31.1     Certification Under Section 302 of the Sarbanes-Oxley Act of 2002

31.2     Certification Under Section 302 of the Sarbanes-Oxley Act of 2002

32.1     Certification Under Section 906 of the Sarbanes-Oxley Act of 2002

32.2      Certification Under Section 906 of the Sarbanes-Oxley Act of 2002

(b)       The Corporation did not file any reports on Form 8-K during the
quarter ended December 31, 2004.

ITEM 14. Principal Accountant Fees and Services

Audit Fees

The aggregate fees incurred during the years ended December 31, 2004 and 2003
for
professional services rendered by our principal accountant, Child, Sullivan &
Company, for the audits of our annual financial statements and review of our
quarterly financial statements is $0.  During 2005, the Company incurred fees
for the annual audits and quarterly reviews of approximately $2,200 for each
of the years ended December 31, 2004 and 2003.

The aggregate fees incurred for the years ended December 31, 2004 and 2003
for professional services rendered by our former principal accountant, David
Winings, CPA, for the audits of our annual financial statements and review of
our quarterly financial statements was $0 and $500, for 2004 and 2003,
respectively.

Audit-Related Fees

The Company did not incur any fees for the years ended December 31, 2004 or
2003 for professional services that are reasonably related to the audit or
review of our financial statements that are not covered in the Audit Fees
disclosure above.

Tax Fees

The Company did not incur any fees for the years ended December 31, 2004 and
2003 for professional services rendered for tax compliance, tax advice, and
tax planning.

All Other Fees

There were no fees billed for the years ended December 31, 2004 or 2003 for
professional services rendered by our auditors for all other services not
disclosed above.


SIGNATURES

In accordance with the Exchange Act, this report has been signed below by the
following
persons on behalf of the registrant and in the capacities and on the dates
indicated.

Dated:  September 9, 2005

Asian Financial, Inc.

By:  /s/  Dempsey Mork
-------------------------------------
Dempsey Mork
President and CEO


By:  /s/  Norbert L. LeBoeuf
-------------------------------------
Norbert L. LeBoeuf
CFO



ASIAN FINANCIAL, INC.
(A Development Stage Company)

Financial Statements

December 31, 2004 and 2003




Report of Independent Registered Public Accounting Firm..............1

Financial Statements:

Balance Sheet as of December 31, 2004............................... 2

Statements of Operations for the years ended
December 31, 2004 and 2003, and cumulative from
inception (August 10, 1998) to December 31, 2004.....................3

Statements of Changes in Stockholders Deficit
cumulative from inception (August 10, 1998) to
December 31, 2004 ...................................................4

Statements of Cash Flows for the years ended
December 31, 2004 and 2003, and cumulative from
inception (August 10, 1998) to December 31, 2004 ....................5

Notes to the Financial Statements ................................ 6-8























Report of Independent Registered Public Accounting Firm


To the Board of Directors
Asian Financial, Inc.

We have audited the balance sheet of Asian Financial, Inc. (a development
stage company) (the Company) as of December 31, 2004, and the related
statements of operations, changes in stockholders deficit and cash flows for
the years ended December 31, 2004 and 2003.  These financial statements are
the responsibility of the Companys management.  Our responsibility is to
express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with the standards of the Public Company
Accounting Oversight Board (United States).  Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement.  An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements.  An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial
statement presentation.  We believe that our audit provides a reasonable
basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of the Company as of December
31, 2004, and the results of its operations and its cash flows for the years
ended December 31, 2004 and 2003, in conformity with accounting principles
generally accepted in the United States of America.

The accompanying financial statements have been prepared assuming that the
Company will continue as a going concern.  As discussed in Note 5 to the
financial statements, the Company has suffered net losses since inception and
is still considered a development stage company, as it has not yet obtained
revenues from its planned principle operations.  These factors raise
substantial doubt about the Companys ability to meet its obligations and to
continue as a going concern. Managements plans in regard to these matters are
also described in Note 5.  The financial statements do not include any
adjustments that might result from the outcome of this uncertainty.





Child, Sullivan & Company
Kaysville, Utah
August 31, 2005




                                     ASIAN FINANCIAL, INC.
                                  (A Development Stage Company)
                                        BALANCE SHEET
                                      December 31, 2004


ASSETS

Total assets                                                             $ -


LIABILITIES AND STOCKHOLDERS DEFICIT

LIABILITIES

Current liabilities                                                      $ -

Long-term liabilities:
Notes payable - related parties (note 4)                              70,000

Total liabilities                                                     70,000


STOCKHOLDERS DEFICIT (note 3)

Preferred stock; $0.001 par value; 1,000,000 shares
   authorized; no shares issued and outstanding              -

Common stock; $0.001 par value; 100,000,000 shares
   authorized; 1,500,000 shares issued and outstanding                1,500

Additional paid-in capital              -
Deficit accumulated during development stage                       (71,500)

Total stockholders deficit                                         (70,000)

Total liabilities and stockholders deficit                              $ -










<table>
See accompanying notes to the financial statements.
                                   ASIAN FINANCIAL, INC.
                                (A Development Stage Company)
                                   STATEMENTS OF OPERATIONS



                                                                    Cumulative from
                                      For the Year Ended               Inception
                                          December 31,                (August 10,
                                                                       1998) to
                                   2004              2003              December 31,
                                                                          2004
                                                                       (UNAUDITED)

                               <c>              <c>                 <c>
Revenues                            $$ -                $-

Operating expenses               10,000            10,000               71,500

Net loss from operations        (10,000)          (10,000)             (71,500)

Other income (expense)       -              -              -
Net loss                       $(10,000)         $(10,000)            $(71,500)

Net income (loss) per share     $(0.01)          $(0.01)

Weighted average number
   common shares outstanding  1,500,000         1,500,000


</table>










See accompanying notes to the financial statements.
<table>
                                       ASIAN FINANCIAL, INC.
                                    (A Development Stage Company)
                          STATEMENTS OF CHANGES IN STOCKHOLDERS DEFICIT
                                            (UNAUDITED)

                                                                                                  Deficit
                                                                                                Accumulated
                                                                   Additional                     During
                                               Common               Paid-In                     Development
                                Shares         Stock                Capital                        Stage         Total

                             <c>            <c>                   <c>                          <c>            <c>
Balance, August 10, 1998
   (date of inception)          -               $-                  $ -                              -           $ -
Shares issued for services    473,250           473                      -                         -              473
Shares issued for cash       1,026,750         1,027                             -                     -        1,027
Net loss       -              -                     -                                             (10,473)   (10,473)

Balance, December 31, 1998   1,500,000         1,500                        -                     (10,473)    (8,973)

Net loss                         -              -                     -                           (10,000)   (10,000)

Balance, December 31, 1999   1,500,000         1,500                        -                     (20,473)   (18,973)

Net loss       -              -                     -                                             (10,130)   (10,130)

Balance, December 31, 2000   1,500,000         1,500                                     -        (30,603)   (29,103)

Net loss                                                                                          (10,000)   (10,000)

Balance, December 31, 2001   1,500,000         1,500                                             -(40,603)   (39,103)

Net loss                          -              -                     -                          (10,897)   (10,897)

Balance, December 31, 2002   1,500,000         1,500                     -                        (51,500)   (50,000)

Net loss                          -              -                     -                          (10,000)   (10,000)

Balance, December 31, 2003   1,500,000         1,500                   -                          (61,500)   (60,000)

Net loss                         -              -                      -                          (10,000)   (10,000)

Balance, December 31, 2004   1,500,000        $1,500                  $-                        $ (71,500)   $(70,000)


</table>
<table>
                                            ASIAN FINANCIAL, INC.
                                        (A Development Stage Company)
                                          STATEMENTS OF CASH FLOWS


                                                                                        Cumulative
                                                           For the Year Ended              from
                                                                                         Inception
                                                              December 31,            (August 10, 1998)
                                                        2004              2003                to
                                                                                      December 31, 2004
       (UNAUDITED)

                                                <c>                    <c>              <c>
Operating Activities
   Net income (loss)                             $(10,000)              $(10,000)         $(71,500)

Adjustments to reconcile net loss to
       net cash used in operations:
   Issuance of shares for services rendered       -              -                             473
   Issuance of notes payable to related parties
      for services rendered                        10,000              10,000               70,000

Changes in operating assets and liabilities          -              -                            -
Cash used in operating activities                    -              -                      (1,027)

Investing Activities                                 -              -                            -

Financing Activities
   Issuance of shares for cash                       -              -                        1,027
Cash provided by financing activities                -              -       1,027

Net change in cash                                   -              -                            -
Cash at beginning of the period                      -              -                            -

Cash at end of the period                           $-              $-                          $-

Supplemental information
Non-cash investing and financing activities:
Issuance of notes payable to related parties
    for services rendered                      $10,000              $10,000                $70,000


See accompanying notes to the financial statements.
</table>

                                     ASIAN FINANCIAL, INC.
                                 (A Development Stage Company)
                               NOTES TO THE FINANCIAL STATEMENTS
                         Years Ended December 31, 2004 and 2003, and for the
                       Period of August 10, 1998 (Inception) through December
31, 2004


NOTE 1 - ORGANIZATION AND BUSINESS PLAN

Asian Financial, Inc. (the Company) was incorporated under the laws of the
State of Nevada on August 10, 1998 to engage in any lawful activity.

The Articles of Incorporation authorized the Company to issue 100,000,000
shares of common stock and 1,000,000 shares of preferred stock, both with a
par value $0.001.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Development Stage Company
The Company is considered a Development Stage Company as defined in SFAS 7,
Accounting and Reporting by Development Stage Companies.  Therefore,
cumulative amounts are reported on the statements of operations, stockholders
deficit, and cash flows.

Cash and Equivalents
The Company considers all highly liquid debt instruments purchased with a
maturity of three months or less to be cash equivalents. No cash was paid for
interest for the years ended December 31, 2004 and 2003. During the years
ended December 31, 2004 and 2003, the Company paid $0 in interest and income
taxes.

Loss Per Common Share
Loss per common share is computed by dividing the net loss for the period by
the weighted average number of shares outstanding for the years ended
December 31, 2004 and 2003.

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




ASIAN FINANCIAL, INC.
(A Development Stage Company)
NOTES TO THE FINANCIAL STATEMENTS
Years Ended December 31, 2004 and 2003, and for the
Period of August 10, 1998 (Inception) through December 31, 2004
(UNAUDITED)


NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Income Taxes
Deferred tax assets and liabilities are recognized for the future tax
consequences attributable to differences between the financial statement
carrying amounts of existing assets and liabilities and their respective tax
bases. Deferred tax assets and liabilities are measured using enacted tax
rates expected to apply to taxable income in the years in which those
temporary differences are expected to reverse. The effect on deferred tax
assets and liabilities from a change in tax rates is recognized in the
statement of operations in the period that includes the enactment date. The
Company has not yet commenced an active trade or business, therefore, the
Company did not provide any current or deferred federal or state income tax
provision or benefit for any of the periods presented because to date, it has
experienced operating losses. The Company has a federal net operating loss
carryforward of $71,500 expiring in the years 2018 through 2023. The tax
benefit of this net operating loss, based on an effective tax rate of 40%, is
approximately $28,600 and has been offset by a full valuation allowance,
which increased by $0 and $4,000 during the years ended December 31, 2004 and
2003, respectively.

NOTE 3 - STOCKHOLDERS DEFICIT

On August 20, 1998, the Company issued 473,250 shares of common stock at par
value $0.001, to individuals (including Officers/Directors) for consulting
services provided to the Company for a total value of $473.

On December 20, 1998, the Company issued 1,026,750 shares of common stock at
par value $0.001 for $1,027 in cash.

Total shares of common stock issued and outstanding were 1,500,000 at March
31, 2004 and 2003.

No preferred stock has been issued and none are outstanding as of March 31,
2004 or 2003.






ASIAN FINANCIAL, INC.
(A Development Stage Company)
NOTES TO THE FINANCIAL STATEMENTS
Years Ended December 31, 2004 and 2003, and for the
Period of August 10, 1998 (Inception) through December 31, 2004


NOTE 4 - RELATED PARTY TRANSACTIONS

The Company has accrued $10,000 per year for management services rendered by
the Companys majority shareholder/President pursuant to a five-year
convertible promissory note covering years 1998 through 2002 for a total
balance of $50,000 at March 31, 2005. This note is non-interest bearing and
convertible at a rate of $0.05 per share for 1,000,000 common shares at the
option of the holder. If not sooner converted into common stock,
the principal amount is due December 31, 2008.

The Company has accrued $20,000 during 2003 and 2004 for management services
rendered by an affiliate of the Companys majority shareholder/President
pursuant to the terms of a convertible promissory note.  This note is non-
interest bearing and convertible at a rate of $0.02 per share for 1,000,000
common shares at the option of the holder. If not sooner converted into
common stock, the principal amount is due December 31, 2008.

The Companys officers and directors have resolved to provide for various
minimal expenses incurred by the Company without repayment until such time
that a merger candidate is found.  These expenses consist of, but are not
limited to, office space, accounting, filing requirements, and management
services.

NOTE 5 - GOING CONCERN AND INCIDENTAL COSTS

The accompanying financial statements have been prepared in conformity with
accounting principles generally accepted in the United States of America,
which contemplate continuation of the Company as a going concern.  However,
the Company has incurred losses since its inception and has not yet been
successful in establishing profitable operations. These factors raise
substantial doubt about the ability of the Company to continue as a going
concern.  Unanticipated costs and expenses or the inability to generate
revenues could require additional financing, which would be sought through
bank borrowings, or equity or debt financing.  To the extent financing is not
available, the Company may not be able to, or may be delayed in, developing
its business purpose.  The accompanying financial statements do not reflect
any adjustments that might result from the outcome of these uncertainties.





ASIAN FINANCIAL, INC.
(A Development Stage Company)
NOTES TO THE FINANCIAL STATEMENTS
Years Ended December 31, 2004 and 2003, and for the
Period of August 10, 1998 (Inception) through December 31, 2004


NOTE 5 - GOING CONCERN AND INCIDENTAL COSTS (Continued)

Incidental costs to maintain legal registrations of the Company in its state
of incorporation and with the Securities and Exchange Commission have been
paid or assumed by the current shareholders of the Company.  This will
continue for the foreseeable future.

The Company intends to actively pursue a business relationship with a
qualified merger or acquisition candidate.  Costs incurred on these efforts
will continue to be borne/paid by the Officers/Directors of the Company in
the form of loans/advances or the issuance of stock.

NOTE 6 - SUBSEQUENT EVENTS

On July 27, 2005, the Company merged with Asian Financial, Inc. (a Wyoming
entity) for the purpose of changing its domicile from Nevada to Wyoming.




EXHIBIT 14.1

CODE OF ETHICS FOR SENIOR FINANCIAL OFFICERS

This code of ethics for Senior Financial Officers has been adopted by the
Board of Directors of Asian Financial Corp (the Company) to promote honest
and ethical conduct, proper disclosure of financial information in the
Companys reports, and compliance with applicable laws, rules and regulations
by the Companys senior officers who have financial responsibilities.

Applicability
As used in this code, the term Senior Financial Officer means the
Corporations Chief Executive Officer, Chief Financial Officer and Controller.

Principles and Practices
In performing his or her duties, each of the Senior Financial Officers must:

Maintain high standards of honest and ethical conduct and avoid any actual or
apparent conflict of interest.

Report to the Audit Committee of the Board of Directors (or persons
performing the equivalent functions) any conflict of interest that may arise
and any material transaction or relationship that reasonably could be
expected to give rise to a conflict. Provide, or cause to be provided, full,
fair, accurate, timely and understandable disclosure in reports and documents
that the Company files with the SEC and other regulatory organizations, State
and Federal, and in other public communications.

Comply and take all reasonable actions to cause others to comply with
applicable government laws, rules, and Promptly report violations to the
appropriate committee of the Board of Directors.

Senior Financial Officers must also comply with the Code of Ethics and
Standards of Conduct applicable to the Companys Directors, officers, and
employees generally.

Waiver
Any request for a waiver of any provision of this code must be in writing and
addressed to the Audit Committee. Waivers of the Senior Financial Officers
code of conduct in registered public companies must be reported on Form 8-K
to the Securities and Exchange Commission.

Compliance and Accountability
The Audit Committee will assess compliance with this code, report material
violations to the Board of Directors and recommend to the Board appropriate
action.

Approved:


/s/  Dempsey Mork            Date:  September 9, 2005
-----------------------            ---------------------
Dempsey Mork
President
Chief Executive Officer
Director


/s/  Norbert LeBoeuf          Date: September 9, 2005
------------------------          --------------------
Chief Financial Officer
Director


CERTIFICATIONS
Exhibit 31.1

I, Dempsey K. Mork, certify that:

1.          I have reviewed this annual report on Form 10-KSB of Asian
Financial, Inc.

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

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

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

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

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

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

(d)       disclosed in this report any change in the registrants internal
control over financial reporting that occurred during the registrants most
recent fiscal quarter (the registrants fourth fiscal quarter in the case of
an annual report) that has materially affected, or is reasonably likely to
materially affect, the registrants internal control over financial reporting;
and

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

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

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

6.       The registrants other certifying officers and I have indicated in
this annual report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal
controls subsequent to the date of our most recent evaluation, including any
corrective actions with respect to significant deficiencies and material
weaknesses.

Date:  September 9, 2005

/s/ Dempsey K. Mork
   ------------------------
Dempsey K. Mork
President/Chief Executive Officer


Exhibit 31.2

I, Norbert L. LeBoeuf, certify that:

1.          I have reviewed this annual report on Form 10-KSB of Asian
Financial, Inc.

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

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

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

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

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

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

(d)       disclosed in this report any change in the registrants internal
control over financial reporting that occurred during the registrants most
recent fiscal quarter (the registrants fourth fiscal quarter in the case of
an annual report) that has materially affected, or is reasonably likely to
materially affect, the registrants internal control over financial reporting;
and

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

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

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

6.       The registrants other certifying officers and I have indicated in
this annual report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal
controls subsequent to the date of our most recent evaluation, including any
corrective actions with respect to significant deficiencies and material
weaknesses.

Date: September 9, 2005

/s/Norbert L. LeBoeuf
----------------------------------------
Norbert L. LeBoeuf, Chief Financial Officer




Exhibit 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER
PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002


I, Dempsey K. Mork, certify, pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Annual
Report of Asian Financial, Inc. on Form 10-KSB for the year ended December
31, 2004 fully complies with the requirements of Section 13(a) or 15(d) of
the Securities Exchange Act of 1934 and that information contained in such
Form 10-KSB fairly presents in all material respects the financial condition
and results of operations of Asian Financial, Inc.

Date: September 9, 2005

/s/ Dempsey K. Mork
   ------------------------------
Dempsey K.  Mork
President/Chief Executive Officer



Exhibit 32.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER
PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002


I, Norbert L. LeBoeuf, certify, pursuant to 18 U.S.C. Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the
Annual Report of Asian Financial, Inc. on Form 10-KSB for the year ended
December 31, 2004 fully complies with the requirements of Section 13(a) or
15(d) of the Securities Exchange Act of 1934 and that information contained
in such Form 10-KSB fairly presents in all material respects the financial
condition and results of operations of Asian Financial, Inc.

Date: September 9, 2005

/s/ Norbert L. LeBoeuf
   ------------------------------
Norbert L. LeBoeuf
Chief Financial Officer