U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549Form 10-Q  Mark One [ X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934  For the quarterly period ended March 31, 2009  [   ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934  For the transition period from ______ to _______  Commission File No. 333-149000  Onyx China, Inc.(Name of small business issuer in its charter)Nevada(State or other jurisdiction of incorporation
or organization)98-0557091(I.R.S. Employer Identification No.)Kvartal 60, dom 23 apt. 18
Angarsk, Russia 665830(Address of principal executive offices)7-904-125-4225(Issuers telephone number)Securities registered pursuant to Section
12(b) of the Act:Name of each exchange on which
registered:NoneSecurities registered pursuant to Section 12(g) of the Act:Common Stock, $0.001(Title of Class) Indicate by checkmark whether the issuer: (1) has 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 [X ]   No[    ]  1    Indicate by check mark whether the registrant is a large accelerated filed, an accelerated filer, a non-accelerated filer, or a smaller reporting company. Large accelerated filer [  ] Accelerated filer [   ] Non-accelerated filer [   ] Smaller reporting company [X] Indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [   ]  No [X] Applicable Only to Issuer Involved in Bankruptcy Proceedings During the Preceding Five Years. N/A Indicate by checkmark whether the issuer has filed all documents and reports required to be filed by Section 12, 13 and 15(d) of the Securities Exchange Act of 1934 after the distribution of securities under a plan confirmed by a court.  Yes[   ]  No[   ] Applicable Only to Corporate Registrants Indicate the number of shares outstanding of each of the issuers classes of common stock, as of the most practicable date: ClassOutstanding as of May 14, 2009Common Stock, $0.0015,050,000   2   ONYX CHINA, INC. Form 10-Q  Part 1FINANCIAL INFORMATIONItem 1Financial StatementsBalance Sheets4Statements of Operations5Statements of Cash Flows6Notes to Financial Statements7Item 2.Managements Discussion and Analysis of Financial Condition and Results of Operations12Item 3.Quantitative and Qualitative Disclosures About Market Risk15Item 4.Controls and Procedures16Part II.OTHER INFORMATIONItem 1Legal Proceedings16Item 2.Changes in Securities and use of proceeds16Item 3Defaults Upon Senior Securities16Item 4Submission of Matters to a Vote of Security Holders16Item 5Other Information16Item 6Exhibits17   3   PART I  ITEM 1. FINANCIAL STATEMENTS   ONYX CHINA INC
(A Development Stage Company)
Balance SheetAssetsMarch 31December 3120092008(Unaudited)(Audited)Current AssetsCash$7,276$4,827Total Assets$7,276$4,827Liabilities and Stockholders EquityCurrent LiabilitiesAccounts payable and accrued liabilities$-$-Loans from related party8,000-Total Current Liabilities$8,000$-Stockholders EquityCommon stock, $0.001par value, 75,000,000 shares authorized;5,050,000 shares issued and outstanding5,0505,050Additional paid-in-capital27,55027,550Deficit accumulated during the development stage(33,324)(27,773)Total stockholders equity (deficit)(724)4,827Total liabilities and stockholders equity (deficit)$7,276$4,827See Accompanying Notes to Financial Statements  4    ONYX CHINA INC
(A Development Stage Company)
Statements of Operations
(Unaudited)Three Months Ended March 31, 2009Three Months Ended March 31, 2008From Inception on
March 27,
2007 to
March 31, 2009ExpensesGeneral and Administrative Expenses$5,551$      11,745$33,324Net (loss)$(5,551)$    (11,745)$(33,324)(Loss) per share  Basic and diluted$(0.00)$        (0.00)$Weighted Average Number of
Common Shares Outstanding5,050,0005,050,000See Accompanying Notes to Financial Statements   5      ONYX CHINA INC
(A Development Stage Company)
Statements of Cash Flows
(Unaudited)Three Months Ended March 31, 2009Three Months Ended March 31, 2008From Inception on
March 27,
2007 to
March 31, 2009Cash flows from operating activitiesNet (loss)$(5,551)$    (11,745)$(33,324)Net cash used for operating activities(5,551)(11,745)(33,324)Cash flows from financing activitiesSale of common stock--32,600Loans from related party8,000-8,000Net cash provided by financing activities8,000-40,600Net increase (decrease) in cash and equivalents2,449(11,745)7,276Cash and equivalents at beginning of the period4,82730,667-Cash and equivalents at end of the period$7,27618,922$7,276Supplemental cash flow information:Cash paid for:Interest$-$-$-Taxes$-$-$-See Accompanying Notes to Financial Statements   6   ONYX CHINA INC (A Development Stage Company) Notes To The Financial Statements March 31, 2009 (Unaudited)   1. ORGANIZATION AND BUSINESS OPERATIONS  ONYX CHINA INC (the Company) was incorporated under the laws of the State of Nevada, U.S. on March 27, 2007.  The Company is in the development stage as defined under Statement on Financial Accounting Standards No. 7, Development Stage Enterprises (SFAS No.7) and its efforts are primarily devoted marketing and distributing chinaware to North American market. The Company has not generated any revenue to date and consequently its operations are subject to all risks inherent in the establishment of a new business enterprise.  For the period from inception, March 27, 2007 through March 31, 2009 the Company has accumulated losses of  $33,324.   2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  a)Basis of Presentation The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars.  b) Going Concern The financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future.  The Company has incurred losses since inception resulting in an accumulated deficit of $33,324 as of March 31, 2009 and further losses are anticipated in the development of its business raising substantial doubt about the Companys ability to continue as a going concern.  The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand and loans from directors and or private placement of common stock.  c) Cash and Cash Equivalents The Company considers all highly liquid instruments with a maturity  of  three months or less at the time of issuance to be cash equivalents.  d) Use of Estimates and Assumptions The  preparation  of  financial  statements  in conformity with accounting principles generally  accepted  in  the  United States requires  management  to  make   estimates and assumptions that  affect  the reported amounts of  assets and liabilities and disclosure of contingent assets and liabilities at  the  date  of  the  financial  statements  and the reported amounts of  revenues  and    expenses  during  the  reporting  period. Actual  results  could differ from those estimates.   7    ONYX CHINA INC (A Development Stage Company) Notes To The Financial Statements March 31, 2009 (Unaudited)  2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued)  e) Foreign Currency Translation The Company's functional currency and its reporting currency is the United  States dollar.  f) Financial Instruments The  carrying value of the Company's  financial  instruments  approximates their fair value because of the short maturity of these instruments.  g) Stock-based Compensation Stock-based compensation is accounted for at fair value in accordance with SFAS No.  123  and  123 (R).  To date, the Company has not adopted a stock option plan and has not granted any stock options.  h) Income Taxes Income taxes are accounted  for  under  the  assets  and liability method.  Deferred  tax  assets  and  liabilities are recognized for  the  estimated future tax consequences attributable  to differences between the financial statement carrying amounts of existing  assets  and  liabilities and their respective  tax  bases and operating loss and tax credit  carry  forwards. Deferred tax assets  and  liabilities are measured using enacted tax rates  in effect for the year in which  those  temporary differences are expected to be recovered or settled.  i) Basic and Diluted Net Loss per Share The Company computes net loss per share in  accordance  with SFAS No. 128,"Earnings per Share". SFAS No. 128 requires presentation of both basic and diluted  earnings  per  share  (EPS) on the face of the income  statement. Basic  EPS  is  computed   by  dividing  net  loss  available  to   common shareholders  (numerator)  by  the   weighted  average  number  of  shares outstanding (denominator) during the period.  Diluted EPS gives effect  to all potentially  dilutive  common  shares  outstanding during  the period. Diluted  EPS excludes all potentially dilutive shares if their   effect is anti-dilutive.  j) Fiscal Periods The Company's fiscal year end is December 31.   8   ONYX CHINA INC (A Development Stage Company) Notes To The Financial Statements March 31, 2009 (Unaudited)  2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued)   k)Recent Accounting Pronouncements In May 2008, the Financial Accounting Standards Board (FASB) issued SFAS No. 163, Accounting for Financial Guarantee Insurance Contracts-and interpretation of FASB Statement No. 60.  SFAS No. 163 clarifies how Statement 60 applies to financial guarantee insurance contracts, including the recognition and measurement of  premium revenue and claims liabilities. This statement also requires expanded disclosures about financial guarantee insurance contracts. SFAS No. 163 is effective for fiscal years beginning on or after December 15, 2008, and interim periods within those years. SFAS No. 163 has no effect on the Companys financial position, statements of operations, or cash flows at this time.  In May 2008, the Financial Accounting Standards Board (FASB) issued SFAS No. 162, The Hierarchy of Generally Accepted Accounting Principles.  SFAS No. 162 sets forth the level of authority to a given accounting pronouncement or document by category. Where there might be conflicting guidance between two categories, the more authoritative category will prevail. SFAS No. 162 will become effective 60 days after the SEC approves the PCAOBs amendments to AU Section 411 of the AICPA Professional Standards. SFAS No. 162 has no effect on the Companys financial position, statements of operations, or cash flows at this time.  In March 2008, the Financial Accounting Standards Board, or FASB, issued SFAS No. 161, Disclosures about Derivative Instruments and Hedging Activitiesan amendment of FASB Statement No. 133.  This standard requires companies to provide enhanced disclosures about (a) how and why an entity uses derivative instruments, (b) how derivative instruments and related hedged items are accounted for under Statement 133 and its related interpretations, and (c) how derivative instruments and related hedged items affect an entitys financial position, financial performance, and cash flows. This Statement is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008, with early application encouraged. The Company has not yet adopted the provisions of SFAS No. 161, but does not expect it to have a material impact on its consolidated financial position, results of operations or cash flows.  In December 2007, the SEC issued Staff Accounting Bulletin (SAB) No. 110 regarding the use of a "simplified" method, as discussed in SAB No. 107 (SAB 107), in developing an estimate of expected term of "plain vanilla" share options in accordance with SFAS No. 123 (R), Share-Based Payment.  In particular, the staff indicated in SAB 107 that it will accept a company's election to use the simplified method, regardless of whether the company has sufficient information to make more refined estimates of expected term. At the time SAB 107 was issued, the staff believed that more detailed external information about employee exercise behavior (e.g., employee exercise patterns by industry and/or other categories of companies) would, over time, become readily available to companies. Therefore, the staff stated in SAB 107 that it would not expect a company to use the simplified method for share option grants after December 31, 2007. The staff understands that such detailed information about employee exercise behavior may not be widely available by December 31, 2007. Accordingly, the staff will continue to accept, under certain circumstances, the use of the simplified method beyond December 31, 2007. The Company currently uses the simplified method for plain vanilla share options and warrants, and will assess the impact of SAB 110 for fiscal year 2009. It is not believed that this will have an impact on the Companys consolidated financial position, results of operations or cash flows.  9    ONYX CHINA INC (A Development Stage Company) Notes To The Financial Statements March 31, 2009 (Unaudited)  2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued)  In December 2007, the FASB issued SFAS No. 160, Noncontrolling Interests in Consolidated Financial Statementsan amendment of ARB No. 51.  This statement amends ARB 51 to establish accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary. It clarifies that a noncontrolling interest in a subsidiary is an ownership interest in the consolidated entity that should be reported as equity in the consolidated financial statements. Before this statement was issued, limited guidance existed for reporting noncontrolling interests. As a result, considerable diversity in practice existed. So-called minority interests were reported in the consolidated statement of financial position as liabilities or in the mezzanine section between liabilities and equity. This statement improves comparability by eliminating that diversity. This statement is effective for fiscal years, and interim periods within those fiscal years, beginning on or after December 15, 2008 (that is, January 1, 2009, for entities with calendar year-ends). Earlier adoption is prohibited. The effective date of this statement is the same as that of the related Statement 141 (revised 2007). The Company will adopt this Statement beginning March 1, 2009. It is not believed that this will have an impact on the Companys consolidated financial position, results of operations or cash flows.  In December 2007, the FASB, issued FAS No. 141 (revised 2007), Business Combinations.This Statement replaces FASB Statement No. 141, Business Combinations, but retains the fundamental requirements in Statement 141.  This Statement establishes principles and requirements for how the acquirer: (a) recognizes and measures in its financial statements the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquiree; (b) recognizes and measures the goodwill acquired in the business combination or a gain from a bargain purchase; and (c) determines what information to disclose to enable users of the financial statements to evaluate the nature and financial effects of the business combination. This statement applies prospectively to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, 2008. An entity may not apply it before that date. The effective date of this statement is the same as that of the related FASB Statement No. 160, Noncontrolling Interests inConsolidated Financial Statements.  The Company will adopt this statement beginning March 1, 2009. It is not believed that this will have an impact on the Companys consolidated financial position, results of operations or cash flows.  In February 2007, the FASB, issued SFAS No. 159, The Fair Value Option for Financial Assets and LiabilitiesIncluding an Amendment of FASB Statement No. 115.  This standard permits an entity to choose to measure many financial instruments and certain other items at fair value. This option is available to all entities. Most of the provisions in FAS 159 are elective; however, an amendment to FAS 115 Accounting for Certain Investments in Debt and Equity Securities applies to all entities with available for sale or trading securities. Some requirements apply differently to entities that do not report net income. SFAS No. 159 is effective as of the beginning of an entities first fiscal year that begins after November 15, 2007. Early adoption is permitted as of the beginning of the previous fiscal year provided that the entity makes that choice in the first 120 days of that fiscal year and also elects to apply the provisions of SFAS No. 157 Fair Value Measurements.  The Company will adopt SFAS No. 159 beginning March 1, 2008 and is currently evaluating the potential impact the adoption of this pronouncement will have on its consolidated financial statements.  In September 2006, the FASB issued SFAS No. 157, Fair Value Measurements  This statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles (GAAP), and expands disclosures about fair value measurements. This statement applies under other accounting pronouncements that require or permit fair value measurements, the Board having previously concluded in those accounting pronouncements that fair value is the relevant measurement attribute. Accordingly, this statement does not require any new fair value measurements. However, for some entities, the application of this statement will change current practice. This statement is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. Earlier application is encouraged, provided that the reporting entity has not yet issued financial statements for that fiscal year, including financial statements for an interim period within that fiscal year. The Company will adopt this statement March 1, 2008, and it is not believed that this will have an impact on the Companys consolidated financial position, results of operations or cash flows.  10     3. COMMON STOCK  The authorized capital  of  the Company is 75,000,000 common shares with a  par value of $ 0.001 per share. In April 2007, the Company issued  3,000,000  shares  of  common stock at a price of $0.002 per share for total cash proceeds of $6,000. In May 2007, the Company issued 800,000 shares of common  stock  at a price of $0.002 per share for total cash proceeds of $1,600. In May 2007, the Company also issued 1,250,000 shares of common stock  at a price of $0.02 per share for total cash proceeds of $25,000. During the period March 27, 2007  (inception)  to December 31, 2007, the Company  sold  a  total of 5,050,000 shares of common stock  for  total  cash proceeds  of  $32,600.  4. INCOME TAXES  As of March 31, 2009, the Company had net operating loss carry forwards of approximately $33,324that maybe available to reduce future years taxable income through 2029. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards.  5. RELATED PARTY TRANSACTONS  On March 3, 2009 related party had loaned the Company $8,000. The loan is non-interest bearing and due upon demand.   FORWARD LOOKING STATEMENTS  Statements made in this Form 10-Q that are not historical or current facts are "forward-looking statements" made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 (the "Act") and Section 21E of the Securities Exchange Act of 1934. These statements often can be identified by the use of terms such as "may," "will," "expect," "believe," "anticipate," "estimate," "approximate" or "continue," or the negative thereof. We intend that such forward-looking statements be subject to the safe harbors for such statements. We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management's best judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties and important factors beyond our control that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events.  11      ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION  GENERAL  Onyx China, Inc. is a corporation organized under the laws of the State of Nevada.  We are engaged in the business of marketing and distributing chinaware to North American market.  Our shares of common stock trade on the Over-the-Counter Bulletin Board under the symbol OYXC:OB.  Please note that throughout this Quarterly Report, and unless otherwise noted, the words "we," "our," "us," the "Company," or "Onyx China," refers to Onyx China, Inc.  CURRENT BUSINESS OPERATIONS  As of the date of this Quarterly Report, we have not started operations. We intend to market and distribute in the North American market a comprehensive assortment of Russian porcelain produced by Dulevsky Farfor Company. We are in the process of developing a website that will offer the Russian porcelain to distributors who will be responsible for marketing and selling the Russian porcelain to chinaware and giftware stores and retail outlets. Our website will also offer our product directly to retail stores and to the general public. The operations we have engaged in to date are the creation of our website, the development of a business plan and the execution of an agreement with our supplier.  Our sole supplier, PC Dulevo Porcelain (Dulevo) is a manufacturer and distributor of certain high-quality porcelain in Russia and other countries. On November 15, 2007 we entered into a distribution agreement with Dulevo (the Distribution Agreement). In accordance with the terms and provisions of the Distribution Agreement, Dulevo has agreed to manufacture and supply many types of porcelain products to us according to its current prices. The Distribution Agreement was authenticated by the East-Siberian Chamber of Commerce and Industry on December 27, 2007.   RESULTS OF OPERATION  Our financial statements have been prepared assuming that we will continue as a going concern and, accordingly, do not include adjustments relating to the recoverability and realization of assets and classification of liabilities that might be necessary should we be unable to continue in operation.  We expect we will require additional capital to meet our long term operating requirements. We expect to raise additional capital through, among other things, the sale of equity or debt securities.  12     Three-Month Period Ended March 31, 2009 Compared Three-Month Period Ended March 31, 2008.  Our net loss for the three-month period ended March 31, 2009 was approximately ($5,551) compared to a net loss of ($11,745) during the three-month period ended March 31, 2008. During the three-month periods ended March 31, 2009 and 2008, we did not generate any revenue.  During the three-month period ended March 31, 2009, we incurred general and administrative expenses of approximately $5,551 compared to $11,745 incurred during the three-month period ended March 31, 2008. General and administrative expenses incurred during the three-month period ended March 31, 2009 were generally related to corporate overhead, financial and administrative contracted services, such as legal and accounting, developmental costs, and marketing expenses.  Our net loss during the three-month period ended March 31, 2009 was ($5,551) or ($0.00) per share compared to a net loss of ($11,745) or ($0.00) per share during the three-month period ended March 31, 2008. The weighted average number of shares outstanding was 5,050,000 for the three-month periods ended March 31, 2009 and 2008, respectively.  LIQUIDITY AND CAPITAL RESOURCES Three-Month Period Ended March 31, 2009  As at the three-month period ended March 31, 2009, our current assets were $7,276 and our current liabilities were $8,000, which resulted in a working capital deficiency of $724. As at the three-month period ended March 31, 2009, current assets were comprised of $7,276 in cash. As at the three-month period ended March 31, 2009 current liabilities were comprised of $8,000 in loan from related party.  As at the three-month period ended March 31, 2009, our total assets were $7,276 comprised entirely of current assets compared to $4,827 at fiscal year ended December 31, 2008. The increase in total assets during the three-month period ended March 31, 2009 from fiscal year ended December 31, 2008 was due to an increase in cash resulting from loans from related party.  As at the three-month period ended March 31, 2009, our total liabilities were $8,000 comprised entirely of current liabilities compared to $-0- at fiscal year ended December 31, 2008. The increase in liabilities during the three-month period ended March 31, 2009 from fiscal year ended December 31, 2008 was primarily due to the increase in loans from related party.  As at the three-month period ended March 31, 2009 stockholders deficit was ($724) compared to stockholder's equity of $4, 827  at the fiscal year ended December 31, 2008.  13    Cash Flows from Operating Activities  We have not generated positive cash flows from operating activities. For the three-month period ended March 31, 2009,  net cash flows used in operating activities was ($5,551) consisting primarily of a net loss of ($5,551). For the three-month period ended March 31, 2008, net cash flows used in operating activities was ($11,745),  consisting primarily of a net loss of ($11,745).  Cash Flows from Financing Activities  We have financed our operations primarily from either advancements or the issuance of equity and debt instruments. For the three-month period ended March 31, 2009, net cash flows provided from financing activities was $8,000, consisting of $8,000 loan from related party. For the three-month period ended March 31, 2008, net cash flows provided from financing activities was $0.  We expect that working capital requirements will continue to be funded through a combination of our existing funds and further issuances of securities. Our working capital requirements are expected to increase in line with the growth of our business.  PLAN OF OPERATION AND FUNDING  Existing working capital, further advances and debt instruments, and anticipated cash flow are expected to be adequate to fund our operations over the next six months. We have no lines of credit or other bank financing arrangements. Generally, we have financed operations to date through the proceeds of the private placement of equity and debt instruments. In connection with our business plan, management anticipates additional increases in operating expenses and capital expenditures relating to: (i) acquisition of inventory; (ii) developmental expenses associated with a start-up business; and (iii) marketing expenses. We intend to finance these expenses with further issuances of securities, and debt issuances. Thereafter, we expect we will need to raise additional capital and generate revenues to meet long-term operating requirements. Additional issuances of equity or convertible debt securities will result in dilution to our current shareholders. Further, such securities might have rights, preferences or privileges senior to our common stock. Additional financing may not be available upon acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, we may not be able to take advantage of prospective new business endeavors or opportunities, which could significantly and materially restrict our business operations. On February 1, 2008, we filed a registration statement on Form SB-2 with the Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended (the 1933 Securities Act), relating to the public offering of 2,050,000 shares of our common stock by certain selling shareholders (the Selling Shareholders) named in the Registration Statement. The Selling Shareholders will sell our shares of common stock at $0.02 per share until our shares are quoted on the OTC Bulletin Board and thereafter at prevailing market prices or privately negotiated prices. We will not receive any proceeds from the sale of these shares of common stock.  14    MATERIAL COMMITMENTS  As of the date of this Quarterly Report, we do not have any material commitments.  PURCHASE OF SIGNIFICANT EQUIPMENT  We do not intend to purchase any significant equipment during the next twelve months.  OFF-BALANCE SHEET ARRANGEMENTS  As of the date of this Quarterly Report, we do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.  GOING CONCERN  The independent auditors' report accompanying our December 31, 2008 financial statements contained an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. The financial statements have been prepared "assuming that we will continue as a going concern," which contemplates that we will realize our assets and satisfy our liabilities and commitments in the ordinary course of business.    ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.  Market risk represents the risk of loss that may impact our financial position, results of operations or cash flows due to adverse change in foreign currency and interest rates.  Exchange Rate Our reporting currency is United States Dollars (USD).  The Russian Ruble has been informally pegged to the USD.  However, Russia is under international pressure to adopt a more flexible exchange rate system. If the Russian Ruble was no longer pegged to the USD, rate fluctuations may have a material impact on our financial reporting and make realistic revenue projections difficult. The fluctuation of exchange rates of the Ruble may have positive or negative impacts on our results of operations. However, since all sales revenue and expenses of our company will primarily denominated in U.S. Dollar, the net income effect of appreciation and devaluation of the currency against the US Dollar will be limited to our costs of acquisition of inventory. Interest Rate Interest rates in Russia are not generally controlled. Any future loans will relate mainly to trade payables and will be mainly short-term. However our debt may be likely to rise in connection with expansion and if interest rates were to rise at the same time, this could become a significant impact on our operating and financing activities. We have not entered into derivative contracts either to hedge existing risks of for speculative purposes.  15       ITEM IV. CONTROLS AND PROCEDURES  Our management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) that is designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commissions rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuers management, including its principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. An evaluation was conducted under the supervision and with the participation of our management of the effectiveness of the design and operation of our disclosure controls and procedures as of March 31, 2009. Based on that evaluation, our management concluded that our disclosure controls and procedures were effective as of such date to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms. Such officer also confirmed that there was no change in our internal control over financial reporting during the three-month period ended March 31, 2009 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.   PART II. OTHER INFORMATION     ITEM 1. LEGAL PROCEEDINGS  Management is not aware of any legal proceedings contemplated by any governmental authority or any other party involving us or our properties. As of the date of this Quarterly Report, no director, officer or affiliate is (i) a party adverse to us in any legal proceeding, or (ii) has an adverse interest to us in any legal proceedings. Management is not aware of any other legal proceedings pending or that have been threatened against us or our properties.  ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS  No report required.  ITEM 3. DEFAULTS UPON SENIOR SECURITIES  No report required.  ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS  No report required.  ITEM 5. OTHER INFORMATION  There was no information required to be disclosed on form 8-K during the period covered by this report.  16      ITEM 6. EXHIBITS  Exhibits:  31.1 Certification of Chief Executive Officer pursuant to Securities Exchange Act of 1934 Rule 13a- 14(a) or 15d-14(a). 31.2 Certification of Chief Financial Officer pursuant to Securities Exchange Act of 1934 Rule 13a- 14(a) or 15d-14(a). 32.1 Certifications pursuant to Securities Exchange Act of 1934 Rule 13a-14(b) or 15d- 14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.   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.    ONYX CHINA, INC.  Dated: May 14, 2009  By: /s/ Dmitry Lyakutin   -----------------------------------------------   Dmitry Lyakutin, President and  Chief Executive Officer   Dated: May 14, 2009  By: /s/ Dmitry Lyakutin -----------------------------------------------  Dmitry Lyakutin, Chief Financial  Officer             17