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| OMB APPROVAL                                         |
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| OMB Number: 3235-0416                                |
| Expires: March 31, 2007                              |
| Estimated average burden    hours per response: 1646 |

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549

FORM 10-KSB

| (Mark One)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        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| :ANNUAL REPORT UNDER   SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 **For the fiscal period ended December 31, 2005   
9
TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE   EXCHANGE ACT 
For the transition period from________to _______  
Commission File Number: **000-30516**
 
  **CHINA GRANITE CORPORATION    
(Name of small business issuer in its charter)           **Nevada  **880448920  
(State of other jurisdiction of incorporation or   organization)  
(I.R.S. Employer I.D. No.)          **2642 Collins Avenue, Suite 305, Miami, Florida  **33140  
(Address of principal executive offices) 
(Zip Code)         
Issuer's telephone number **Telephone: (305) 534-1684**
Securities Registered under Section 12(b) of the Exchange Act: **None**

Securities Registered pursuant to Section 12(g) of the Act:****
Title of each class
Name of each exchange on which registered**Common Stock**N/A****
Check whether the issuer is not required to file reports pursuant to Section13 or 15(d) of the Exchange Act 9
Check whether the Registrant (1) filed all reports required to be filed bySection 13 or 15(d) of the Exchange Act during the past 12 months (or for suchshorter period that the Registrant was required to file such reports) and (2)has been subject to such filing requirements for the past 90 days.

9    Yes    :    No
Check if there is no disclosure of delinquent filers pursuantto Item 405 of Regulation S-K (229.405 of this chapter) contained herein, and nodisclosure will be contained, to the best of the Registrant's knowledge, indefinitive proxy or information statements incorporated by reference in Part IIIof this Form 10-KSB or any amendment to this Form 10-KSB.9Yes:No
Indicate by check mark whether the registrant is a shellcompany (as defined in Rule 12b-2 of the Exchange Act)

9Yes :No
State Registrant's revenues for its most recent fiscal year:**$520,769**

1
****
State the aggregate market value of the voting and non-votingcommon equity held by non-affiliates computed by reference to the price at whichthe common equity was sold, or the average bid and asked prices of such commonequity, as of a specified date within the past 60 days: 
**15,461,663 shares held by non-affiliates had an aggregate  value of $4,174,649 as at March 31, 2006 ($0.27 per share).****(ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THEPRECEDING FIVE YEARS)**
Check whether the Registrant has filed all documents andreports required to be filed by Section 12, 13 or 15(d) of the Exchange Actafter the distribution of securities under a plan confirmed by a court. **N/A**
Yes9No 9**(APPLICABLE ONLY TO CORPORATE REGISTRANTS)**
State the number of shares outstanding of each of the Registrant's classes ofcommon stock, as of the latest practicable date.
**24,678,839 common shares issued and outstanding as of March  31, 2006****DOCUMENTS INCORPORATED BY REFERENCE****None.**
Transitional Small Business Disclosure Format (Check one):

Yes 9 No :

2
**TABLE OF CONTENTS**PART I  1Item 1.    Description of Business.  1     Overview  1     Introduction  1     The Brazil Project  1     The Laizhou China Project  1     The Chinese Granite Industry  2     Laizhou and Laizhou China  2     Mining Rights  5     Mining Equipment  5     Customers  5     Competition  5     Granite Production and Prices  6     Reserves  6     Employees  6     Cautionary Statements Regarding Future Results of Operations  7Risk Factors  7Item 2.    Description of Property  11     Principal Offices  11Item 3.    Legal Proceedings  11Item 4.    Submission of Matters to a Vote of Security Holders  11PART II  12Item 5.    Market for Common Equity and Related Stockholder Matters  12     General  12     Dividend Policy  12     Equity Compensation Plan  12     Recent Sales of Unregistered Securities  12     Item 6.    Management Discussion and Analysis or Plan of Operation  14     Announcements  15     Results of Operation for the years ended December 31, 2005 and 2004.  15     Liquidity and Capital Resources  17     Changes in cash from operations, investing and financing activities  19     Critical Accounting Policies  20     Other Material Information  20Item 7.    Financial Statements  20Item 8.    Changes in and Disagreements with Accountants on Accounting and Financial Disclosure  20Item 8A.   Controls and Procedures  20PART III  21Item 9.    Directors, Executive Officers, Promoters and Control Persons; Compliance with Section 16 (a) of the Exchange Act  21     Identification of Directors and Executive Officers  21     Background of Officers and Directors  21     Family Relationships  22     Involvement in Certain Legal Proceedings  22     Committees of the Board of Directors  22     Audit Committee Financial Expert  22     Compensation Committee   23     Compliance with Section 16(a) of the Securities Exchange Act of 1934  23     Code of Ethics  23Item 10.   Executive Compensation  23     Executive Compensation Summary  23     Stock Options/SAR Grants  25     Employment Contracts and Termination of Employment or Change of Control  25     Director Compensation   25Item 11.  Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters  25     Security Ownership of Certain Beneficial Owners and Management.  25Item 12.  Certain Relationships and Related Transactions  26  
i
       Conflicts Related to Other Business Activities  26Item 13. Exhibits and Reports on Form 8-K  26
     (a) Exhibits  26     (b) Reports of Form 8-K  27Item 14. Principal Accountant Fees and Services  27SIGNATURES  29AUDITED FINANCIAL STATEMENTS 30
 ii
**PART I

Item 1.    Descriptionof Business.*****Overview***
China Granite Corporation conducts granite mining and processing operationsin the People's Republic of China (the "PRC") through the wholly-ownedsubsidiary of its subsidiary, China Laizhou Bay Mining InternationalCorporation, a corporation organized under the laws of the British VirginIslands ("Laizhou"). This operating company, Laizhou Jia Sheng Stone Company ("LaizhouChina"), is a limited liability company organized under the laws of the People'sRepublic of China.

Unless otherwise specified or the context OTHERWISE requires, in this Form10-KSB (the "Form 10-KSB") the terms the "Company", "China Granite", "we", and"our" shall mean the operations or business of China Granite Corporation, aNevada corporation, and its subsidiaries. Unless otherwise specified or thecontext otherwise requires, in this Form 10-KSB the term "Arbor" shall refer toour operations prior to the reorganization with Laizhou.
***Introduction***
We were incorporated in the State of Nevada as E Investments, Inc., onFebruary 25, 1999, and subsequently changed our name to Arbor, Inc. on December16, 1999. We originally intended to engage in the business of manufacturing,selling and distributing fence posts to be used by government parks, highwaydepartments, ranchers and farmers throughout North America. Due to a lack ofcapital, we were forced to abandon our original business and examine otherbusiness options.

In October 2002, we appointed a new director, Mr. Costas Takkas, to assist uswith our strategic planning and in forming a new direction for our business. Mr.Takkas was responsible for the management of our new business direction in 2003and helped to focus our efforts on real estate development projects in Brazil.
***The Brazil Project***
In October and November 2003 (the "November Placement"), wereceived $500,000 ($250,000 of which came from Mr. Takkas) through a privateplacement of 600,000 shares of our restricted common stock to fund a real estatedevelopment project between CPL Construcoes e Comercio, Inc. ("CPL") and ChinaGranite in Brazil. To this end a Brazilian corporation was formed to carry onthe venture, namely CPL Arbor do Brasil Construtora Limitada ("CPL Arbor"),which is owned in equal parts by CPL and us. An aggregate of $425,000 of thefunds raised in the November Placement have been committed to CPL Arbor. Of thisaggregate amount, $325,000 is a loan to CPL Arbor and was repayable on October31, 2004, with an interest rate of 4% above LIBOR. The remaining $100,000 washeld in trust and was released to CPL Arbor upon the completion of theinfrastructure work for the project. As a result of the acquisition of Laizhou,we determined in February 2004 that we would no longer pursue the Brazil Projectand we sought to sell our interest in CPL Arbor. In the interest of continuingthe project until such time a buyer could be found, two of our directors,Messrs. Chen and Takkas, lent us further funds during the fourth quarter of2004, totaling $170,000, specifically for use on this real estate developmentproject. On December 31, 2004, we entered into an agreement with a consortium,that included the two directors, to sell our interest in CPL Arbor. Under theagreement the buyer has accepted the interest in CPL Arbor and theresponsibility to repay the notes totaling $595,000 set off against notespayable by us to our two directors, Messrs. Chen and Takkas, totaling $170,000requiring a net payment to us of $425,000. $25,000 was paid on execution of theagreement and $200,000 was paid on March 31st,2005, with the balance of $200,000 paid on June 30th,2005. The two directors had personally guaranteed these payments.***The Laizhou China Project***
On February 5, 2004, we completed a reorganization with Laizhou pursuant to aStock Exchange Agreement and Plan of Reorganization (the "Agreement"). We intendon continuing the business operations of Laizhou, which conducts granite miningand processing operations in the PRC through its wholly owned subsidiary,Laizhou China. Laizhou China's operations consist of extracting granite blocks,measured in cubic meters, from quarries and processing granite blocks intofinished pieces measured in square meters: granite slabs, used in (i)construction, (ii) cladding, (iii) tile, and (iv) carved, decorative featuressuch as statues, pedestals and ornaments.

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***The Chinese Granite Industry***
According to the China Stone Materials Industry Association (the "CSMIA"),the past 20 years have seen the Chinese stone market grow at an average annualrate of 20%. As data in the China Home Decoration Materials Market Report(published in June 2001) indicates, in the past decade the Chinese decorativestone market has expanded rapidly. In 1990, a total of 25.13 million squaremeters of stone was produced. By 2000, a total of 120 million square meters wasproduced, representing a 477% increase over the decade. Breakdown into variousgroups indicates that some stones have become more popular than others: whereasin 1990 only 7.05 million square meters of marble were produced, this numberwent up to 20.8 million square meters by 2000, an annual growth rate of 11%. Themost remarkable growth came from granite, 5.73 million square meters of whichwere produced in 1990 and 87 million square meters in 2000 - an annual growthrate exceeding 31%.

The Hong Kong-based online trade marketplace Alibaba.com estimates rawmaterial output of Chinese stone in 2000 at 15 million tons, which does notinclude numerous small rural production bases. The same report estimates totaloutput value of Chinese stone in 2001 at 100 billion RMB ($12 billion). TheItalian Institute gives the same figure for Foreign Trade. The Italian reportestimates block production at 6 million cubic meters, which equals roughly 16.8million tons. Slab production is gauged in the report at 140 million squaremeters, of which granite makes up 80 million square meters and marble makes up40 million square meters.

On the other hand, consumption of stone in China was reported to be 60million square meters of slabs in 2000, which rose to 100 million square metersin 2001, according to Alibaba.com. A 2002 report by the Shenzhen-based onlineB2B trade marketplace China Building Material Commercial Net put Chineseconsumption at 61.30 million square meters, making the country the largestconsumer of natural stone on the planet. Other large consumers and their levelsof consumption in 2002 of decorative stone include Italy (56 million squaremeters), Germany (44 million), the United States (42 million), and Spain (40million). The China Stone Materials Industry Association puts the total value ofconsumed stone products in 2001 at 45-50 billion RMB ($5.4-6 billion).

The growth in Chinese consumption of stone is expected to continue thisgrowth. Compared to many players on the global stage, per capita consumption ofstone in China is extremely low at 0.05 square meters. Greece leads the world inper capita stone consumption with 1.5 square meters, followed by Saudi Arabiaand Switzerland (1.32 square meters), Italy (1.01 square meters), and Germany(0.55 square meters). This indicates that there may be much more room forgrowth, provided that Chinese consumers' taste develops the same partiality tomarble and granite pillars and bathrooms and other decorative features that aretypical of European countries.

In addition, China is currently engaged in a significant expansion of newconstruction. The China Academy of Building Research, has forecast for the timespan of 2001-2010, construction of new houses in rural areas covering 5 billionsquare meters, public construction covering 1 billion square meters, and urbanhousing covering 3.35 billion square meters. Given the low per capitaconsumption and the ongoing construction boom in China, the China Stone MaterialIndustry Association expects decorative stone consumption to rise to 200 billionRMB ($24 billion) by 2010, translating into a compound annual growth rate ofnearly 17%. Per capita consumption will be raised from the current 0.05 squaremeters to 0.15 square meters in 2010.
***Laizhou and Laizhou China***
Laizhou was incorporated on January 6, 2004, in the territory of the BritishVirgin Islands. On January 20, 2004, Laizhou acquired 100% of Laizhou China.Laizhou has no other assets or operations other than its ownership of LaizhouChina. Laizhou China was organized on January 9, 2003 when it acquired abusiness license issued by the Laizhou Administration for Industry and Commerce.

Laizhou China is located in the Shandong Province on the East Coast of thePRC. Laizhou China owns and operates two granite quarries, Shangjiashan GraniteNo. 1 Quarry ("No. 1 Quarry") and Laizhou Zuocun Town West Jiangjia VillageGranite Quarry Group 14 ("Group 14 Quarry"). Laizhou China purchased all of theland-use rights, buildings and stone product processing equipment for the Group14 Quarry on February 15, 2003, and purchased mining equipment used at the No. 1Quarry on July 7, 2003.

No. 1 Quarry is an open-pit quarry located in Zuocon Town Laizhou City in theShandong Province of the PRC. No. 1 Quarry is located on the northern side of avalley that runs East-West.

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It is accessed via 25 kilometers of road runningeast of Laizhou. No. 1 Quarry currently has three main operative fronts fromwhich granite is extracted. Power for the property is obtained from the nearbyvillage and generators. The following is a list of equipment currently locatedand used at No. 1 Quarry: 
**Category****QuantitiesBeijing Forton  truck
1Excavator
1Loader
1Fork lift
1Press modifier  assembly
1Vertical linear  driller
2Special  horizontal linear driller
2Portable stone  driller
24Pneumatic driven  miller
2Hydraulic  lifting device
2Fork lift
1
Group 14 Quarry is an open-pit quarry located several hundred meters from No. 1Quarry on the opposite side of the valley. The rock mineralization found atGroup 14 Quarry is a medium grained granite. The rock appears to be mainlycomposed by whitish feldspar (approximately 60% of the total) and a light greyquartz (approximately 25-30%), with limited amount of smaller dark minerals(Fe/Mg silicates, 5% or even less of the total). The average hue of granite islight grey. The morphology is favorable for quarrying operations, because of theslope gradient which, is not too steep for access, but inclined enough togradually open, in a prospective program of development. The rock mineralizationfound at No. 1 Quarry is a medium to coarse grained granite. The rock appearsmainly composed by whitish to pale grey feldspars (approximately 55-65 %) andgrey quartz (approximately 30%), with a limited amount of dark minerals (Fe/Mgsilicates, 5% or slightly more) scattered in the groundmass. The morphology ofthe deposit is favorable for quarrying operations because of the dome shapedoutcrops, both at the present quarry site and behind the site.

We are conducting no geologic exploration at any of our mines. Both Group 14Quarry and No. 1 Quarry had previous production before we acquired the property,and our decision to acquire the property was on an evaluation of the openedmining fronts from previous mining.

Power for the property is obtained from the nearby village and generators. Weuse diesel generators at each mining site. We have a total of three large andtwelve small generators for all of our operations.

The following is a list of equipment currently located and used at Group 14Quarry:
**Category****QuantitiesSubmerged  driller
1Air compressor
3Truck
1Excavator
1Vertical linear  driller
2Special  horizontal linear driller
3Portable stone  driller
36Pneumatic driven  miler
2Hydraulic  lifting device
2Wind pipes
1000Excavator
150 loader
1Crane
1Air reservoir
1
 3

The mines are located on two parcels of land that are leased by LaizhouChina from the local PRC government body. The mines consist of approximately0.27 square kilometers containing granite reserves in two marketable varietiesor distinct colors. The approximate locations of our mines are set forth below:

 

 

Laizhou China has two stone processing factories: the yet-to-be completed20,000 square meter facility (the "New Yard") and the old 18,000 square meterfactory (the "Old Yard"). The New Yard is located in the Laizhou City EconomicDevelopment Zone and its products developed for export are exempt from thedomestic value added tax ("VAT"). The majority of our blocks that are processedat the stone processing factory are first cut into slabs and checked forquality. These slabs are then polished and cut into tiles or cladding.

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For the year ended December 31, 2005, Laizhou China processed approximately21,749 square meters of granite slab and cladding. 4,561 square meters of thesegranite slabs, cladding and processed granite was produced in house and 17,188square meters was produced for us.
***Mining Rights***
Pursuant to the Mineral Resources Law of the People's Republic of China(1996), mineral resources are owned by the national government. ShandongProvince, where Laizhou China's operations are located, has autonomy in miningconcessions from the national government. The mining concessions are negotiatedand signed with the city government in Laizhou and filed with the ShandongProvince governmental authority.

Pursuant to the Shandong Province Contract for Selling Mining Rights betweenLaizhou China and the Laizhou Administration of State Land and Resources (the "ASLR")and the PRC Mining Rights License issued by the ASLR, Laizhou China owns themining rights of the No. 1 Quarry from November 2003 to November 2008 withoptions to extend its mining rights through 2033. On November 8, 2002, one ofthe stockholders of Laizhou China purchased the mining rights to No. 1 Quarryfor approximately $725,000 (6,000,000 Yuan). On March 10, 2003 that stockholderassigned the No. 1 Quarry mining rights to Laizhou China for a payment ofapproximately $725,000 (6,000,000 Yuan), the same amount that the stockholderoriginally paid for those rights.

Laizhou China also operates the Group 14 Quarry. Laizhou China is currentlyin the application process with the ASLR for the mining rights to the Group 14Quarry. The ASLR issued the PRC Mining Rights License for the Group 14 Quarry(the "Group 14 Mining Rights") on August 29, 1998 to West Jiangjia Village (alegal collective organization). On January 10, 2003, one of the stockholders ofLaizhou China signed a mining rights lease contract with the Villager Committeeof West Jiangjia Village and purchased the Group 14 Mining Rights for $845,000(7,000,000 Yuan). On March 3, 2003, that stockholder assigned the Group 14Mining Rights to Laizhou China for a payment of $845,000 (7,000,000 Yuan), thesame amount that the stockholder originally paid for the rights. The Group 14Quarry was in full operation on April 1, 2004.
***Mining Equipment***
Laizhou China has two thirty three ton excavators, one twenty ton excavator,one front end loader, 60 mining drills, three large generators and six aircompressors, vehicles, tools and 11 buildings for processing, selling andmanaging the operations. During 2003 and 2004, Laizhou China contracted withoutside vendors for all other trucking services.

During the first quarter of 2004, Laizhou China completed both a geologicalsite survey and a development plan to determine what modern extraction equipmentis needed at Laizhou China's two mines. The survey and development plan isintended to increase the rate of extraction of blocks for the manufacture ofslabs, tiles and sheets for cladding and to improve both the regularity of thestone and the sizes of stone Laizhou China is able to produce and distribute.Laizhou China's facilities are not equipped to process cladding in large sheets.
***Customers***
In 2005, approximately 36% of Laizhou China's revenue came from Chinesegovernment projects, approximately 10% came from commercial pavers,approximately 12% came from commercial cladding, and the remainder came fromother projects. In 2005, the granite products of Laizhou China were sold in thefollowing markets: (i) the local Chinese region (Harerbin) 35.64%; (ii) exportsto Korea 26.66%; (iii) exports to USA 21.4%; and (iv) 11.54% to other regions inChina.
***Competition***
Competition in the Chinese granite market is extremely fragmented. TheLaizhou area contains approximately 300 quarries and 2,000 stone processingfactories. In the Fujian Province of southern China, there are several largerscale granite mining and processing operations.

Major stone quarrying and production bases are numerous throughout China.According to the China Home Decoration Materials Market Report, Fujian Provinceis the largest geographic producer of granite, with a 46% share of the Chinesemarket. Other granite producing provinces include Guangdong (19% share of theChinese market) and Shandong (12%).

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The four most notable quality stone processing (as opposed to quarrying)bases in China are: Nan'an in Fujian province, Yunfu in Guangdong province,Ya'an in Sichuan province, and Laizhou in Shandong province.

According to the Italian Institute for Foreign Trade (as reported in"Building Sector Series 05: Chinese Decorative Stone Market," March 2003), thereare approximately 30,000 companies in China engaged in the stone business,employing a total workforce of about 6 million workers. Quarries employ roughly1.5 million workers, processing facilities 4 million, and machinerymanufacturing about 500,000.

With economic reforms rippling through the Chinese market, a large number ofprivate companies have formed, and are competing for, market share. Due to earlyeconomic reforms in Guangdong province, a number of well known processingcompanies were formed and are currently operating, including Yongguang Xiongdi,Ronghuafu, and Jinshan Stone Material Company.

There are two major foreign-funded stone block and slab companies in theChinese market, both of which are larger than Laizhou China. One is the HongKong-funded Universal Marble & Granite Group Ltd., which produces approximately50,000 square meters of marble and granite slabs. The other is Spanish-fundedJinan Blue Star. According to the Chinese Markets Yearbook 2003, Jinan Blue Starhad revenue of more than 86 million RMB (approximately US$10.4m) in 2001, with aprofit of 6.7 million RMB (approximately US$900,000). The company produces onlyrough granite material, whereas Universal Marble & Granite produces high-qualityfinished products. There are approximately 400 foreign funded firms active onthe Chinese decorative stone market.
***Granite Production and Prices***
In 2005, Group 14 Quarry yielded approximately 3,007 cubic meters of graniteblocks. The average size of the granite blocks was approximately one and a halfto two cubic meters. The average price for mined blocks is $66 per cubic meterbased on a price range of $51 to $81, depending on the quality and demand for aparticular stone color.

In 2005, No. 1 Quarry yielded approximately 447 cubic meters of graniteblocks. The average size of the granite blocks was approximately two and a halfto three cubic meters. The average price for mined blocks is $105 per cubicmeter based on a price range of $60 to $150, depending on the quality and demandfor a particular stone color.
***Reserves***
According to Industry Guide 7 ("Industry Guide 7") promulgated by the SECpursuant to the Securities Act of 1933, as amended, a "reserve" is defined as "[t]hatpart of a mineral deposit which could be economically and legally extracted orproduced at the time of the reserve determination." Further, Industry Guide 7defines two types of reserves, "proven (measured) reserves" and "probable(indicated) reserves." Our determination of our reserves, proven and probable,is based solely upon a report from an Italian consulting geologist hired by usto evaluate our quarrying operations. This geologist based his report solelyupon visual inspection and rough measurements. We have not engaged in anytopographic mapping, site surveys or sample analysis in order to determine ourreserves. Based solely upon this geologist's visual determinations that Group 14Quarry is approximately 12 hectares and that the upper outcrops of graniteextend at least 150 meters above the base of the valley, we believe that Group14 Quarry's probable reserves are in excess of 1,000,000 cubic meters ofrecoverable granite. Based solely upon this geologist's visual determinationsthat No. 1 Quarry is approximately 15 hectares and that the upper outcrops ofgranite extend at least 130 meters above the base of the valley, we believe thatGroup 1 Quarry's probable reserves are in excess of 1,000,000 cubic meters ofrecoverable granite. The recoverable granite of 1,000,000 cubic meters at Group14 Quarry and No.1 Group Quarry respectively are used as a basis foramortization. The annual production at Group 14 Quarry is estimated to be about7,000 cubic meters, whereas the annual production at No.1 Group Quarry isestimated to be about 10,000 cubic meters. The stripping ratio used as a basisfor amortization is about 3-4%. Currently, we are assessing whether we willrefine the estimate of our reserves with any surveys, geologic mapping,professional consultants, sampling, geologic mapping or topographicreconciliations.
***Employees***
As of December 31, 2005, our parent company, China Granite, had no employeesother than officers. As of December 31, 2005, Laizhou China had 74 employees. Ofthose, 32 are in mining, 25 are in the processing yard, and 17 are in sales andadministration. Laizhou China does not expect to hire any additional employeesin 2006. We also retain consultants on a contract basis to meet internalcorporate needs and develop business. We believe that relations with employeesare good. None of our employees belong to any unions or organized labor groups.

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***Cautionary Statements Regarding Future Results ofOperations***
You should read the following cautionary statements in conjunction with thefactors discussed elsewhere in this Annual Report and other of our filings withthe Securities and Exchange Commission. These cautionary statements are intendedto highlight certain factors that may affect our financial condition and resultsof operations and are not meant to be an exhaustive discussion of risks thatapply to companies such as us. Like other businesses, we are susceptible tomacroeconomic downturns in the PRC and other economies that may affect thegeneral economic climate and performance of our customers or us. Similarly, theprice of our securities is subject to volatility due to fluctuations in generalmarket conditions, differences in results of operations from estimates andprojections generated by the investment community and other factors beyond ourcontrol.
***Risk Factors****Risks Related to Our Operations:

We May Need Further Capital.

Based on current reserves and anticipated cash flow from operations, wecurrently anticipate that the available funds will be sufficient to meet ouranticipated needs for working capital, capital expenditures and businessexpansion for six months. Thereafter, we will need to raise additional funds. Ifany of our assumptions are incorrect, we may need to raise capital before theend of six months. If additional funds are raised through the issuance of equityor convertible debt securities, the percentage ownership of our stockholderswill be reduced, stockholders may experience additional dilution and suchsecurities may have rights, preferences and privileges senior to those of ourcommon stock. There can be no assurance that additional financing will beavailable on terms favorable to us or at all. If adequate funds are notavailable or are not available on acceptable terms, we may not be able to fundexpansion, take advantage of unanticipated acquisition opportunities, develop orenhance services or products or respond to competitive pressures. Such inabilitycould have a material adverse effect on our business, results of operations andfinancial condition.

We are the Product of a Recent Merger, and Have a Limited Operating Historyon Which to Evaluate Our Potential For Future Success.

On February 5, 2004, we completed a reorganization with Laizhou pursuant tothe Agreement. We intend on continuing the business operations of Laizhou, whichconducts granite mining and processing operations in the PRC through itswholly-owned subsidiary, Laizhou China. We have only a limited operating historyas a combined company upon which you can evaluate our business and prospects,and we have yet to develop sufficient experience regarding actual revenues to bereceived from our combined operations.

You must consider the risks and uncertainties frequently encountered bycompanies in situations such as ours, including but not limited to the abilityto grow and prosper and finance such growth. If we are unsuccessful inaddressing these risks and uncertainties, our business, results of operationsand financial condition will be materially and adversely affected.

Our Reserve Estimates are Based On Visual Observations Only and May beIncorrect.

In March 2004 we hired an Italian consulting geologist, Giacomo Porro, tosurvey our quarries. The purpose of Mr. Porro's work was to assist us with ouroperations and provide advice on increasing productivity and efficiency. Mr.Porro did not perform any topographic mapping, sample analysis or test work onour quarries in order to make his recommendations and his estimations of ourreserves. The imprecise nature of Mr. Porro's work and the lack of detailedstudies performed on our quarries may diminish the quality of any volumetricestimates.

We May Face Strong Competition From Other Mining companies For theAcquisition of New Properties. 

Mines have limited lives and as a result, we may seek to replace and expandour reserves through the acquisition of new properties. In addition, there is alimited supply of desirable mineral lands available in the PRC and other areaswhere we would consider conducting exploration and/or production activities.Because we may face strong competition for new properties from other miningcompanies, some of whom may have greater financial resources than we do, we maybe unable to acquire attractive new mining properties on terms that we consideracceptable.

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*Risks Related to Doing Business in the PRC:

Laizhou operates from facilities that are located in the People's Republic ofChina. Accordingly, its operations must conform to the governmental regulationsand rules of China.

The PRC Legal System has Inherent Uncertainties that Could Limit the LegalProtections Available to You.

The practical effect of the PRC's legal system on our business operations inChina can be viewed from two separate but intertwined considerations. First, asa matter of substantive law, the Foreign Invested Enterprise laws providesignificant protection from government interference. In addition, these lawsguarantee the full enjoyment of the benefits of corporate Articles and contractsto Foreign Invested Enterprise participants. These laws, however, do imposestandards concerning corporate formation and governance, which are notqualitatively different from the corporation laws found in the United States.Similarly, PRC accounting laws mandate accounting practices, which may not beconsistent with US Generally Accepted Accounting Principles. The Chinaaccounting laws require that an annual "statutory audit" be performed inaccordance with People's Republic of China accounting standards and that thebooks of account of Foreign Invested Enterprises are maintained in accordancewith Chinese accounting laws. Article 14 of the PRC Wholly Foreign-OwnedEnterprise Law requires a Wholly Foreign-Owned Enterprise to submit certainperiodic fiscal reports and statements to designate financial and taxauthorities, at the risk of business license revocation.

Second, while the enforcement of substantive rights may appear less clearthan United States procedures, Foreign Invested Enterprises and Wholly Foreign-Owned Enterprises are Chinese registered companies that enjoy the same status asother Chinese registered companies in business-to-business dispute resolution.The Chinese legal infrastructure is significantly different in operation fromits United States counterpart, and may present a significant impediment to theoperation of Foreign Invested Enterprises.

Laizhou China is organized under the laws of the PRC and is governed by itsarticles of association. The Chinese legal system is based on written statutes.Prior court decisions may be cited for reference but are not binding onsubsequent cases and have limited precedential value. Since 1979, the Chineselegislative bodies have promulgated laws and regulations dealing with sucheconomic matters as foreign investment, corporate organization and governance,commerce, taxation and trade. However, because these laws and regulations arerelatively new, and because of the limited volume of published decisions andtheir non-binding nature, the interpretation and enforcement of these laws andregulations involve uncertainties.

Negative Impact Upon Economic Reform Policies or Nationalization Could Resultin a Total Investment Loss in Our Common Stock.

Since 1979, the Chinese government has reformed its economic systems. Becausemany reforms are unprecedented or experimental, they are expected to be refinedand improved. Other political, economic and social factors, such as politicalchanges, changes in the rates of economic growth, unemployment or inflation, orin the disparities in per capita wealth between regions within China, could leadto further readjustment of the reform measures. This refining and readjustmentprocess may negatively affect our operations.

Although the Chinese government owns the majority of productive assets inChina, including mines and quarrying sites, in the past several years thegovernment has implemented economic reform measures that emphasizedecentralization and encourage private economic activity. Because these economicreform measures may be inconsistent or ineffectual, there are no assurancesthat:
- We will be able to capitalize on economic reforms;
- The Chinese government will continue its pursuit of economic reform policies;
- The economic policies, even if pursued, will be successful; 
- Economic policies will not be significantly altered from time to time; and 
- Business operations in China will not become subject to the risk of nationalization.

Over the last few years, China's economy has registered a high growth rate.Recently, there have been indications that rates of inflation have increased. 

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In response, the Chinese government recently has taken measures to curb thisexcessively expansive economy. These measures have included restrictions on theavailability of domestic credit, reducing the purchasing capability of certainof its customers, and limited re-centralization of the approval process forpurchases of some foreign products. These austerity measures alone may notsucceed in slowing down the economy's excessive expansion or control inflation,and may result in severe dislocations in the Chinese economy. The Chinesegovernment may adopt additional measures to further combat inflation, includingthe establishment of freezes or restraints on certain projects or markets. Thesemeasures may adversely affect our operations.

To date reforms to China's economic system have not adversely impacted ouroperations and are not expected to adversely impact operations in theforeseeable future; however, there can be no assurance that the reforms toChina's economic system will continue or that we will not be adversely affectedby changes in China's political, economic, and social conditions and by changesin policies of the Chinese government, such as changes in laws and regulations,measures which may be introduced to control inflation, changes in the rate ormethod of taxation, imposition of additional restrictions on currency conversionand remittance abroad, and reduction in tariff protection and other importrestrictions.

Our Mining Rights are Subject to Governmental Control and Renewal.

Our mining rights are subject to renewals by the relevant governmentalauthority. We are awaiting final approval of its mining rights to the Group 14Quarry. Despite our having received written confirmation from the governmentalauthority, there is no guarantee that we will be granted the renewals.

You May Experience Difficulties in Effecting Service of Legal Process,Enforcing Foreign Judgments or Bringing Original Actions in the PRC Based onU.S. or Other Foreign Law Against Our Management or Us.

Laizhou China, our operating company, is incorporated under the laws of thePRC, and substantially all of our assets are located in the PRC. In addition,many of our directors, managers, and executive officers reside within the PRC,and substantially all of the assets of these persons are located within the PRC.As a result, it may not be possible to effect service of process within theUnited States or elsewhere outside the PRC upon certain directors, supervisorsor executive officers, including with respect to matters arising under U.S.federal securities laws or applicable state securities laws. Moreover, the PRCdoes not have treaties providing for the reciprocal recognition and enforcementof judgments of courts with the United States, the United Kingdom, Japan or manyother countries. As a result, recognition and enforcement in the PRC ofjudgments of a court in the United States and any of the other jurisdictionsmentioned above in relation to any matter may be difficult or impossible.Furthermore, an original action may be brought in the PRC against us, ourdirectors, managers, or executive officers only if the actions are not requiredto be arbitrated by PRC law and Laizhou China's articles of association, andonly if the facts alleged in the complaint give rise to a cause of action underPRC law. In connection with any such original action, a PRC court may awardcivil liability, including monetary damages.

Government Control of Currency Conversion and the Fluctuation of the RenminbiMay Materially and Adversely Affect Our Operation and Financial Results. 

We receive substantially all of our revenues in Renminbi, which currently isnot a freely convertible currency. The Chinese government may, at itsdiscretion, restrict access in the future to foreign currencies for currentaccount transactions. If this were to occur, we may not be able to pay dividendsin foreign currencies to our shareholders.

The value of the Renminbi against the U.S. dollar and other currenciesfluctuates and is affected by, among other things, changes in the PRC'spolitical and economic conditions. Since 1994, the conversion of Renminbi intoforeign currencies, including Hong Kong and U.S. dollars, has been based onrates set by the People's Bank of China, which are set daily based on theprevious day's interbank foreign exchange market rates and current exchangerates on the world financial markets. Since 1994, the official exchange rate forthe conversion of Renminbi to U.S. dollars generally has been stable. Anydevaluation of the Renminbi, however, may materially and adversely affect thevalue of, and any dividends payable on, our shares in foreign currency terms,since we will receive substantially all of our revenues, and express ourprofits, in Renminbi. Our financial condition and results of operations also maybe affected by changes in the value of certain currencies other than theRenminbi. Our results may be adversely affected by changes in the political andsocial conditions in the PRC, and changes in governmental policies with respectto laws and regulations, anti-inflationary measures, currency conversion andremittance abroad, and rates and methods of taxation, among other things.

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*Risks Related to the Granite Mining Industry:

We Operate in a Specialized Industry that Requires Modern Facilities andEquipment.

We operate in business segments that require the use of specializedfacilities and technology. We currently rely on older equipment, such as drills,excavators and loaders, and facilities to process the raw granite blocks tomaintain our production level. There is no guarantee that we will be able toupgrade our equipment, facilities and technology to increase production and makeoperations more efficient.

Our Cash Flow Depends Heavily On the Market Price for Granite.

The cash flow and profitability of our current operations are significantlyaffected by the market price of granite that is affected by numerous factorsbeyond our control. Specifically, the prices for granite slabs and claddingdepend heavily on the type and amount of commercial and residential constructionin the PRC.

Factors that could cause such volatility may include, among other things:
- actual or anticipated fluctuations in our quarterly operating results;
- conditions or trends in the mining industries and governmental regulations that affect such industries;
- changes in the market valuations of other mining companies, especially our partners and competitors;
- general market conditions; and political events, including actions by the PRC government.

Our Common Stock Price is Likely to be Highly Volatile.

Our common stock price is likely to be highly volatile. The market price ofour common stock has been, and is likely to continue to be, highly volatile asthe stock market in general, and the market for mining companies in particular,has been highly volatile. Investors may not be able to resell their shares ofour common stock following periods of volatility because of the market's adversereaction to volatility. The trading prices of many mining companies' stocks havebeen highly volatile, and we cannot assure you that our stock will trade at thesame levels of other mining stocks or that mining stocks in general will sustaintheir current market prices.

Environmental and Governmental Regulations.

Our operations are subject to and affected by national, provincial and locallaws and regulations relating to the environment, health and safety, and otherregulatory matters. Certain of our operations may from time to time involve theuse of substances that are classified as toxic or hazardous substances withinthe meaning of these laws and regulations. Environmental operating permits are,or may be, required for certain of our operations and such permits are subjectto modification, renewal, and revocation. We regularly monitor and review ouroperations, procedures, and policies for compliance with these laws andregulations. Despite these compliance efforts, risk of environmental liabilityis inherent in the operation of our businesses, as it is with other companiesengaged in similar businesses, and there can be no assurance that environmentalliabilities will not have a material adverse effect on us in the future.

We believe that our operations and facilities are in substantial compliancewith applicable laws and regulations and that any noncompliance is not likely tohave a material adverse effect on our operations or financial condition. See"Legal Proceedings" on page 14 of this Form 10-KSB. However, future events, suchas changes in or modified interpretations of existing laws and regulations orenforcement policies, or further investigation or evaluation of the potentialhealth hazards of certain products or business activities, may give rise toadditional compliance and other costs that could have a material adverse effecton our operations and business. We, through safety information sheets and othermeans, communicate what we believe to be appropriate warnings and cautions toemployees about the risks associated with granite mining and processing.

Environmental Liability Could have a Material Adverse Effect on ourOperations; Potential Litigation Arising From Our Operations Could have aMaterial Adverse Effect on Our Financial Condition. 

From time to time claims of various types may be asserted against us arisingout of our operations in the normal course of business, including claimsrelating to land use and permits, safety, health and environmental matters. Suchmatters are subject to many uncertainties and it is not possible to determinethe probable outcome of, or the amount of liability, if any, from these matters.In the opinion of our management (which opinion is based in part uponconsideration of the opinion of counsel), it is unlikely that the outcome ofthese claims will have a material adverse effect on our operations or financialcondition. However, there can be no assurance that an adverse outcome in any ofsuch litigation would not have a material adverse effect on us or our operatingsegments.

10

Some of the Information in this Annual Report on Form 10-KSB ContainsForward-Looking Statements.

Some of the information in this Annual Report on Form 10-KSB containsforward-looking statements that involve risks and uncertainties. You canidentify these statements by forward-looking words such as "may," "will,""expect," "anticipate," "believe," "estimate" and "continue" or similar words.You should read statements that contain these words carefully because they:
 discuss our expectations about our future performance;
contain projections of our future operating results or of our future financial condition; or
state other "forward-looking" information.

We believe it is important to communicate our expectations to ourstockholders. There may be events in the future, however, that we are not ableto predict accurately or over which we have no control. The risk factors listedin this section, as well as any cautionary language in this Annual Report,provide examples of risks, uncertainties and events that may cause our actualresults to differ materially from the expectations we describe in ourforward-looking statements. You should be aware that the occurrence of any ofthe events described in these risk factors and elsewhere in this Annual Reportcould have a material and adverse effect on our business, results of operationsand financial condition.
**Item 2.    Description of Property**
***Principal Offices***
Laizhou China is located in the Shandong Province of China, and our miningproperties are described above. Our principal executive offices are located at2642 Collins Avenue, Suite 305, Miami, Florida 33140. We currently utilize thisspace from one of our directors for no charge. This space is suitable for ourcurrent uses and it is easily replaceable in the event that we decide torelocate.
**Item 3.    Legal Proceedings**
We have no pending legal proceedings. From time to time, we may be involvedin various claims, lawsuits, disputes with third parties, actions involvingallegations of discrimination or breach of contract actions incidental to thenormal operations of the business. We are currently not involved in any suchlitigation.

Granite mining and processing entails an inherent risk of workers'compensation and environmental liability. We may be named as a defendant in suchlawsuits and thus become subject to the attendant risk of substantial damageawards. We believe that we have adequate insurance coverage. There can be noassurance, however, we will not be sued, that any such lawsuit will not exceedour insurance coverage, or that we will be able to maintain such coverage atacceptable costs and on favorable terms.
**Item 4.    Submission ofMatters to a Vote of Security Holders**
An information statement on Schedule 14C was filed with the SEC and mailed toshareholders on March 11, 2004. The information statement informed shareholdersthat, pursuant to majority written consent of our shareholders, we (i) amendedand restated our articles of incorporation to, among other things, change ourname to China Granite Corporation, (ii) amended and restated our bylaws, (iii)adopted a stock option plan, and (iv) appointed three new members to our Boardof Directors.

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**PART II**Item 5.    Market for CommonEquity and Related Stockholder Matters*****General***
We trade on the Over the Counter Bulletin Board ("OTCBB") under the symbol "CGNT".The following quotations reflect the high and low bids for our common stockbased on inter-dealer prices, without retail mark-up, mark-down or commissionand may not represent actual transactions. The high and low bid prices for ourcommon shares for each full financial quarter for the two most recent fullfiscal years were as follows:
**Quarter Ended****High**Low2005
 
 4th Quarter
$0.51
$0.183rd Quarter
$0.90
$0.372nd Quarter
$1.30
$0.651st Quarter
$1.49
$0.722004
 
 4th Quarter
$2.40
$1.253rd Quarter
$3.85
$1.502nd Quarter
$6.25
$3.501st Quarter
$5.35
$3.30
As of December 31, 2005, the shareholders' list for our common stock showed43 registered shareholders of record and 14,498,000 common shares issued andoutstanding. We believe that there are approximately 400 beneficial holders ofour common stock. On December 31, 2005, the closing price of our common stock onthe OTCBB was $0.20.
***Dividend Policy***
We have never declared a dividend on our common stock. We have not paid, nordeclared, any dividends since our inception and we do not intend to declare anysuch dividends in the foreseeable future. Our ability to pay dividends issubject to limitations imposed by Nevada law. Under Nevada law, dividends may bepaid to the extent that a corporation's assets exceed its liabilities and it isable to pay its debts as they become due in the usual course of business.
***Equity Compensation Plan***
We do not have any securities authorized for issuance under any equitycompensation plans.

On February 4, 2004, we adopted the 2004 Stock Option Plan (the "Plan").Under the Plan, One Million Four Hundred Thousand (1,400,000) shares of ourcommon stock are reserved for issuance to selected officers and key employees.The purpose of the Plan is to encourage selected officers and key employees toaccept or continue employment with us or our Affiliates; and increase theinterest of selected officers, directors, key employees and consultants in ourwelfare through participation in the growth in value of our common stock. As ofDecember 31, 2005, there are no outstanding options.
***Recent Sales of Unregistered Securities***
In October and November 2003, we completed the November Placement. We sold600,000 shares of our restricted common stock for $500,000. A Director and thethen President, Costas Takkas, purchased 300,000 of these shares. The NovemberPlacement was made only to accredited investors without general solicitation incompliance with Regulation D of the Securities Act of 1933, as amended. Therewere no finders' fees or brokerage commissions paid for the November Placement.

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In December 2003, we completed the December Placement, selling an aggregateof 550,000 shares of our restricted common stock for $1.00 per share. Mr. Takkaspurchased 50,000 of these shares and Stephen Spoonamore, at the time ourdirector and Secretary, purchased 30,000 of these shares. The December Placementwas made only to accredited investors without general solicitation in compliancewith Regulation D of the Securities Act of 1933, as amended. There were nofinders' fees or brokerage commissions paid for the December Placement.

In April 2004, we completed an additional private placement of 500,000 sharesof restricted common stock priced at $3.00 per share (the "April Placement").Mr. Takkas purchased 2,000 of these shares and Mr. Spoonamore purchased 10,000of theses shares. The April Placement was made only to accredited investorswithout general solicitation in compliance with Regulation D of the SecuritiesAct of 1933, as amended. There were no finders' fees or brokerage commissionspaid for the April Placement.

On October 6, 2004, we completed the sale of a $650,000 8% Senior SecuredPromissory Note to institutional and accredited investors pursuant to a SecuredPromissory Note Purchase Agreement (the "Senior Purchase Agreement") (the"October Placement"). Under the Senior Purchase Agreement, we issued a SecuredConvertible Promissory Note (the "Senior Convertible Note") in the aggregateprincipal amount of $650,000, convertible into our Common Stock at the option ofthe investors at $1.60 per share. The Senior Convertible Note accrued interestat 8% per year and all outstanding principal and unpaid interest was due onSeptember 30, 2007. We were required to make quarterly interest-only payments of$13,000 to the investors until the Senior Convertible Note was either paid infull or was converted into our common stock. Under the Senior PurchaseAgreement, we also issued warrants (the "Warrants") to purchase an aggregate of406,250 shares of our Common Stock at a per share exercise price of $2.00. TheWarrants are exercisable, in whole or in part, until September 30, 2009. Ourobligations under the Senior Purchase Agreement, the Senior Convertible Note andthe Warrants, were originally secured by a security interest in all of ourassets pursuant to a general security agreement between us and the investors. Inaddition, pursuant to a registration rights agreement between us and theinvestors, we had agreed to file a registration statement with the Securitiesand Exchange Commission ("SEC") covering the resale of the subject shares of ourcommon stock underlying the Senior Convertible Note and the Warrant.  In2005, we became in default of the Senior Purchase Agreement, Secured ConvertibleNote and Warrant, for among other things, not making payments on the note andnot having registered the underlying securities.  The Senior ConvertibleNotes were converted into shares in January 2006 (see paragraph below). TheSenior Convertible Notes and the Warrants were issued to accredited investors ina private placement transaction exempt from registration under the SecuritiesAct of 1933, as amended, pursuant to Rule 506 of Regulation D promulgatedthereunder. Duncan Capital LLC served as placement agent for the transaction.The purchasers had access to all relevant information necessary to evaluate theinvestment, and represented to us that the securities were being acquired forinvestment purposes.

On January 30, 2006, we sold 9,180,839 shares of our common stock for anaggregate purchase price of $918,083.90. The Purchase Price was paid by thesubscribers by the settlement of $918,083.90 of indebtedness owed by us to theseindividual subscribers. No underwriting discounts or commission were paid inconnection with this offering. The issuance of shares in the offering wascompleted pursuant to Rule 903 of Regulation S of the Act on the basis that thesale of the shares was completed in an offshore transaction, as defined in Rule902(h) of Regulation S. We did not engage in any directed selling efforts, asdefined in Regulation S, in the United States in connection with the sale of theshares. The investors each individually represented to us that they were not aU.S. person, as defined in Regulation S, and were not acquiring the shares forthe account or benefit of a U.S. person. The subscription agreement executedbetween us and each investor included statements that the securities had notbeen registered pursuant to the *Securities Act of 1933* and that thesecurities may not be offered or sold in the United States unless the securitiesare registered under the *Securities Act of 1933* or pursuant to anexemption from the *Securities Act of 1933*. The investors each agreed byexecution of the subscription agreement for the shares: (i) to resell thesecurities purchased only in accordance with the provisions of Regulation S,pursuant to registration under the *Securities Act of 1933* or pursuant toan exemption from registration under the *Securities Act of 1933*; (ii)that we are required to refuse to register any sale of the securities purchasedunless the transfer is in accordance with the provisions of Regulation S,pursuant to registration under the *Securities Act of 1933* or pursuant toan exemption from registration under the *Securities Act of 1933*; and(iii) not to engage in hedging transactions with regards to the securitiespurchased unless in compliance with the *Securities Act of 1933*. Allsecurities issued were endorsed with a restrictive legend confirming that thesecurities had been issued pursuant to Regulation S of the *Securities Act of1933* and could not be resold without registration under the *SecuritiesAct of 1933* or an applicable exemption from the registration requirements ofthe *Securities Act of 1933*.

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On January 30, 2006, we sold 10,180,839 shares of our common stock for anaggregate purchase price of $1,018,083.90 in cash consideration. No underwritingdiscounts or commission were paid in connection with this offering. The issuanceof shares was completed pursuant to Rule 506 of Regulation D of the *Securities Act of 1933* on the basis that the sole investor is an accreditedinvestor, as defined under Rule 501 of Regulation D of the *Securities Act of1933*. All securities issued were issued as restricted securities and wereendorsed with a restrictive legend confirming that the securities could not beresold without registration under the *Securities Act of 1933* or anapplicable exemption from the registration requirements of the *Securities Actof 1933*. No general solicitation or general advertising was conducted inconnection with the sales of the shares.
**Item 6.    ManagementDiscussion and Analysis or Plan of Operation**
THIS ANNUAL REPORT ON FORM 10-KSB CONTAINS FORWARD-LOOKINGSTATEMENTS WITHIN THE MEANING OF SECTION 27A OF THE SECURITIES ACT OF 1933 ANDSECTION 21E OF THE SECURITIES EXCHANGE ACT OF 1934, INCLUDING, WITHOUTLIMITATION, STATEMENTS REGARDING OUR EXPECTATIONS, BELIEFS, INTENTIONS OR FUTURESTRATEGIES THAT ARE SIGNIFIED BY THE WORDS "EXPECTS", "ANTICIPATES", "INTENDS","BELIEVES", OR SIMILAR LANGUAGE. THESE FORWARD-LOOKING STATEMENTS INVOLVE RISKS,UNCERTAINTIES AND OTHER FACTORS. ALL FORWARD-LOOKING STATEMENTS INCLUDED IN THISPROSPECTUS ARE BASED ON INFORMATION AVAILABLE TO US ON THE DATE HEREOF AND SPEAKONLY AS OF THE DATE HEREOF. THE FACTORS DISCUSSED ABOVE UNDER "RISK FACTORS" ANDELSEWHERE IN THIS ANNUAL REPORT ARE AMONG THOSE FACTORS THAT IN SOME CASES HAVEAFFECTED OUR RESULTS AND COULD CAUSE THE ACTUAL RESULTS TO DIFFER MATERIALLYFROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS.

We were incorporated in the State of Nevada as E Investments, Inc., onFebruary 25, 1999, and subsequently changed our name to Arbor, Inc. on December16, 1999. We originally intended to engage in the business of manufacturing,selling and distributing fence posts to be used by government parks, highwaydepartments, ranchers and farmers throughout North America. Due to a lack ofcapital, we were forced to abandon our original business and examine otherbusiness options.

On February 5, 2004, we completed a reorganization with Laizhou pursuant tothe Agreement. We intend on continuing the business operations of Laizhou, whichconducts granite mining and processing operations in the PRC through its whollyowned subsidiary, Laizhou China.

In 2004, we focused on the business operations of LaizhouChina and making inquiries regarding the acquisition of other granite miningproperties in the PRC. As a result of the acquisition of Laizhou, we no longerpursued the Brazil Project and sold our interest in CPL Arbor on December 31,2004. In the interest of continuing the project until such time a buyer could befound, two of our directors, Messrs. Chen and Takkas, lent us further fundsduring the fourth quarter of 2004, totaling $170,000, specifically for use onthis real estate development project. On December 31, 2004, we entered into anagreement with a consortium, that included the two directors, to sell ourinterest in CPL Arbor. Under the agreement the buyer has accepted the interestin CPL Arbor and the responsibility to repay the notes totaling $595,000 set offagainst notes payable by us to our two directors, Messrs. Chen and Takkas,totaling $170,000 requiring a net payment to us of $425,000. $25,000 was paid onexecution of the agreement and $200,000 was paid on March 31st,2005, with the balance of $200,000 paid on June 30th,2005. The two directors had personally guaranteed these payments.
In 2004, we completed the site surveys needed to install modern extractionequipment at our two quarries, No. 1 Quarry and Group 14 Quarry. While the newerequipment (i) increased the rate of extraction of granite blocks for slabs andtiles, (ii) improved both the regularity of the stone and the sizes of stonethat we are able to process and sell, it did not improve productivity to theextent we believed that it would.

During 2004, we added equipment to each mine in addition to reconfiguring howthe property is mined. Examples of equipment we purchased at the Group 14 Quarryinclude: a 30-ton loader, a 33-ton excavator, a 30-ton off road dump truck, 16manual rock drills and a horizontal rock drill. Examples of the type ofequipment planned for purchase at No. 1 Quarry includes: a 30-ton loader, a33-ton excavator, 16 manual rock drills, a horizontal rock drill, and a diamondwire cutting system.

14

Our operations prior to February 5, 2004, were the operations of Arbor, Inc.which had no active business. Since Laizhou China has been treated as theaccounting acquirer, the following financial information for the year endedDecember 31, 2003 is the historical financial information of Laizhou China sinceit was formed in January 9, 2003. Financial information for the year endedDecember 31, 2004 is the historical financial information of Arbor and LaizhouChina combined.

On May 10, 2005 an agreement was entered into where asubsidiary of China Granite Corporation, Southern Rare Earth Metal Material Co.,Ltd. ("SOREM") is to participate in a Manufacturing and Licensing Agreement withHuizhou Southern Rare Earth Metal Material Co., Ltd. ("Huizhou") as disclosed inour 8K filing of May 20th, 2005. In pursuance of this, the subsidiarySOREM was incorporated in the Cayman Islands on July 19, 2005. Furthermore, aChinese company, Rither Rare Earth Metal Material (Huizhou) Co., Ltd. ("REMCO")was formed and owned by our British Virgin Islands subsidiary with a view tocarrying on the business agreed. It is planned that SOREM take over REMCO fromits sister subsidiary (in an effort to restructure and separate operations) andthat REMCO change its name to that of SOREM thereafter. Under the terms of theagreement Huizhou grants a worldwide, exclusive license to SOREM to use certainplants and facilities of Huizhou and certain intellectual property used in theoperation of the extraction and processing of rare earth metals and alloys. Oncethis has been completely set-up, consideration for such license will requireChina Granite to issue 7,000,000 shares of its common stock to certainprincipals and officers of Huizhou. We are still undertaking our due diligenceunder this agreement. The parties are also currently considering changing theagreement from a manufacturing and licensing agreement to an acquisitionagreement. We expect our due diligence to becompleted shortly. If we enter into an acquisition agreement to acquire Huizhou, the Manufacturing and LicensingAgreement between the parties will be terminated.
***Announcements***
On March 20, 2005, the Mining Management office of ShangdongProvince, PRC, instructed its branch of Laizhou to close all the mines under itsjurisdiction. This was due to a landslide caused by unauthorized mining in theLaizhou area which resulted in the deaths of 16 miners. Our mines are located ina different area to that of the event but were closed nonetheless. On June 15ththe mines holding valid licenses (our licenses are in the name of our generalmanager Ms. Juan Chen who in turn has assign all rights to the company),including ourselves were informed that they could reopen only to be closed again20 days later. It was announced that the Mining Management office, the Security& Inspection office and the Environment Protection office would be coming toLaizhou to inspect the area for safety before operations could resume. 

On August 31, 2005 we announced that the Mining Managementoffice, the Security & Inspection office, and the Environment Protection officehad inspected both of China Granite's mines and had cleared the Company toresume its operations. In conjunction with these safety inspections, theProvincial authorities are attempting to close all illegal mines operating inthe area. China Granite is fully permitted and maintains corporate citizenshipin the People's Republic of China. China Granite also maintains a safety policyand is conscientious of its responsibility to its employees. Safety inspectionsare carried out daily by the quarry masters before work begins, and strict rulesare in place to halt work during inclement weather. To date, the Company isproud to confirm that it has an accident free record at both mines.
***Results of Operation for the years ended December 31,2005 and 2004.****Revenues:*
Total revenues for the year ended December 31, 2005, were$520,769 compared to $2,387,582 for the year ended December 31, 2004.

Revenues from granite mining operations for the year endedDecember 31, 2005, were approximately $278,000 from the sale of approximately3,700 cubic meters compared to approximately $1,700,000 from the sale ofapproximately 14,800 cubic meters for the year ended December 31, 2004. Thedecrease of approximately $1,422,000 and reduced sales of approximately 10,100cubic meters was due almost entirely to the mines being closed (as announcedabove) during our high peak sales period, the three months to September 30,2005. The mines were open for only 30 of those days, 5 days at the beginning ofJuly and 25 days at the end of September (see announcement). Other factorsinclude reduced prices in an attempt to win back customers lost to otherregions. All these naturally led to a lack and delay of orders during the mostimportant time of the year. 

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Revenues from processing operations decreased toapproximately $242,000 for the year ended December 31, 2005, from approximately$688,000 for the year ended December 31, 2004. The decrease is due to lessorders being processed due to the lack of availability of granite through themine closures. Approximately 21,800 square meters of slabs were sold during theyear ended December 31, 2005 compared to approximately 63,200 square meters forthe year to December 31,2004.

While the large majority of orders processed to date havebeen for the domestic (Chinese) market we currently are reviewing a plan ofconstructing a new processing plant to target the processing of granite forexport.

There was also interest income of $28,531 for the year toDecember 31, 2005, arising entirely from a loan made to Huizhou Southern RareEarth metal Material Co. Ltd.. This compares to no other income for the yearended December 31, 2004. 
*Stripping costs:*
The table below shows the stripping costs incurred during theyear split into the major components and attributable to the respective reservesthat benefited from the stripping activities:
  
Stripping Costs Total
Road Maintenance
Removal of overburden    
$
$
$2005No. 1 Quarry
35,859
0
35,859 Group 14  Quarry
12,151
439
11,712    
48,010
439
47,571  2004No. 1 Quarry
157,005
48,309
108,696 Group 14 Quarry
118,357
13,285
105,072    
275,362
61,594
213,768  
Costs of sales includes attributable stripping costs of $11,770 (2004 -$39,031) allocated to the years production.
*Mining Plan:*
The table below outlines our present mining plans for year 2006 therespective quarries:
Mine Plans for the  reserves
Group 14 Quarry
No. 1 Quarryplanned annual mine  production rate
7,000 cubic meters
5,000 cubic metersplanned mine life
20 years
30 yearsplanned mine operating  costs
$69.393 per cu.m.
$68.154 per cu.m.Total costs
$485,750
$340,768planned processing &  finishing costs
-
-planned administrative  & sales costs
$74,349
$74,349planned sales volume  and price
$92.937 per cu.m.
$111.524 per cu.m.Total sales
$650,558
$557,621future planned capital  expenditures
$160,000
$160,000
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*General and Administrative Expenses:*
General and administrative expenses for the year endedDecember 31, 2005 were $1,217,494 compared to $1,135,188 for the year endedDecember 31, 2004. The majority of these expenses are due to professional feesin connection with the license agreement with Huizhou, audit, reporting,administration, the introduction of international professional staff andconsulting and advisory services . . For the year ended December 31, 2005 and2004 we spent $0 on obtaining permits for our mines.
*Other expenditure:*
During the year to December 31, 2005 the company incurredinterest costs and liquidated damages on its Debentures and notes payable of$249,786 compared to $16,270 for the year to December 31, 2004. The increase isdue to firstly a full year of interest on the debentures compared to only 3months in the previous year, the interest attributable to the 12% secured notesand liquidated damages under the debenture agreement as we have not been able tofile an SB2 registration as required therein.

During the year ended December 31, 2005, we loaned Huizhou$110,000 directly and $260,223 through our subsidiary Laizhou. These amounts areunsecured and accrue interest at approximately 6.3% per year with alloutstanding principal and unpaid interest due six months from the date ofadvance. These loans are renewable between the parties.
*Net Profit:

As a result of the foregoing factors, and $76,332 (2004 -$19,083) allocated to our statement of operations for the conversion premium onconvertible debt and warrants issued by us during the year, our net loss for theyear ended December 31, 2005, totaled $1,530,203 compared to a profit of$343,476 for the year ended December 31, 2004. Our loss per share for the yearended December 31, 2005 is $0.11 compared to earnings of $0.03 for the yearended December 31, 2004. Such loss was primarily due to the mining closuresduring the year.
***Liquidity and Capital Resources***
In October and November 2003, we completed the November Placement. We sold600,000 shares of our restricted common stock for $500,000. A director and thethen President, Costas Takkas, purchased 300,000 of these shares. The NovemberPlacement was made only to accredited investors without general solicitation incompliance with Regulation D of the Securities Act of 1933, as amended. Therewere no finders' fees or brokerage commissions paid for the November Placement.

In December 2003, we completed the December Placement, selling an aggregateof 550,000 shares of our restricted common stock for $1.00 per share. TheDecember Placement was made only to accredited investors without generalsolicitation in compliance with Regulation D of the Securities Act of 1933, asamended. There were no finders' fees or brokerage commissions paid for theDecember Placement.

In April 2004, we completed an additional private placement of 500,000 sharesof restricted common stock priced at $3.00 per share (the "April Placement").The April Placement was made only to accredited investors without generalsolicitation in compliance with Regulation D of the Securities Act of 1933, asamended. There were no finders' fees or brokerage commissions paid for the AprilPlacement.

On October 6, 2004, we completed the sale of a $650,000 8% Senior SecuredPromissory Note to institutional and accredited investors pursuant to a SecuredPromissory Note Purchase Agreement (the "Senior Purchase Agreement") (the"October Placement"). Under the Senior Purchase Agreement, we issued a SecuredConvertible Promissory Note (the "Senior Convertible Note") in the aggregateprincipal amount of $650,000, convertible into our Common Stock at the option ofthe investors at $1.60 per share. The Senior Convertible Note accrues interestat 8% per year and all outstanding principal and unpaid interest is due onSeptember 30, 2007. We must make quarterly interest-only payments of $13,000 tothe investors until the Senior Convertible Note is either paid in full or isconverted into our common stock. Under the Senior Purchase Agreement, we alsoissued warrants (the "Warrants") to purchase an aggregate of 406,250 shares ofour Common Stock at a per share exercise price of $2.00. The Warrants areexercisable, in whole or in part, until September 30, 2009. Our obligationsunder the Senior Purchase Agreement,  

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**
the Senior Convertible Note and theWarrants are secured by a security interest in all of our assets pursuant to ageneral security agreement between us and the investors. In addition, pursuantto a registration rights agreement between us and the investors, we have agreedto file a registration statement with the Securities and Exchange Commission("SEC") covering the resale of the subject shares of our common stock underlyingthe Senior Convertible Note and the Warrant. In 2005, we became in default ofthe Senior Purchase Agreement, Secured Convertible Note and Warrant, for amongother things, not making payments on the note and not having registered theunderlying securities. The Senior Convertible Note and the Warrant were issuedto accredited investors in a private placement transaction exempt fromregistration under the Securities Act of 1933, as amended, pursuant to Rule 506of Regulation D promulgated thereunder. Duncan Capital LLC served as placementagent for the transaction. The purchasers had access to all relevant informationnecessary to evaluate the investment, and represented to us that the securitieswere being acquired for investment purposes.

On September 30, 2005, we filed a Form 8-K with the SECdisclosing an Item 2.04 event. We disclosed two of the three investors holdingSenior Convertible Notes we issued in October of 2004, had sent us notice thatthey want to be paid back their principal, plus interest at 8% per annum and anyunpaid liquidated damages by September 30, 2005. On October 5, 2005, we repaid$296,860.82 to one of the three investors holding Senior Convertible Notes. 

On October 5, 2005, we became obligated for repayment of$886,885 pursuant to a general security agreement and a series of securedpromissory notes, dated October 5, 2005, in the principal amount of up to$886,885 entered into with five purchasers. 

The material terms of the general security agreement and promissory noteswere as follows: 
- The interest rate is twelve percent (12%) per annum, unless we are in default of the note, in which event the interest rate is 16% per annum until the default is cured; 
- Interest payments on the principal amount outstanding is to be paid quarterly (January 4, April 4, July 4 and October4);
- All principal and unpaid interest is due on the earlier of (a) notice in writing from the holder to the company of default of the note, or (b) October 4, 2006; and 
- The loan is secured by all of the assets of the company and is to rank senior in right of payment and priority to all existing and future obligations of the company except for two previously issued 8% convertible promissory notes with an aggregate principal amount of $400,000. 

On January 30, 2006, we sold 9,180,839 shares of our commonstock for an aggregate purchase price of $918,083.90. The Purchase Price waspaid by the subscribers by the settlement of $9,180,839 of indebtedness of theCompany to these individual subscribers who previously held Senior ConvertibleNotes. No underwriting discounts or commission were paid in connection with thisoffering. The issuance of shares in the offering was completed pursuant to Rule903 of Regulation S of the Act on the basis that the sale of the shares wascompleted in an offshore transaction, as defined in Rule 902(h) of Regulation S.The Company did not engage in any directed selling efforts, as defined inRegulation S, in the United States in connection with the sale of the shares.The investors each individually represented to us that they were not a U.S.person, as defined in Regulation S, and were not acquiring the shares for theaccount or benefit of a U.S. person. The subscription agreement executed betweenus and each investor included statements that the securities had not beenregistered pursuant to the Securities Act of 1933 and that the securities maynot be offered or sold in the United States unless the securities are registeredunder the Securities Act of 1933 or pursuant to an exemption from the SecuritiesAct of 1933. The investors each agreed by execution of the subscriptionagreement for the shares: (i) to resell the securities purchased only inaccordance with the provisions of Regulation S, pursuant to registration underthe Securities Act of 1933 or pursuant to an exemption from registration underthe Securities Act of 1933; (ii) that we are required to refuse to register anysale of the securities purchased unless the transfer is in accordance with theprovisions of Regulation S, pursuant to registration under the Securities Act of1933 or pursuant to an exemption from registration under the Securities Act of1933; and (iii) not to engage in hedging transactions with regards to thesecurities purchased unless in compliance with the Securities Act of 1933. Allsecurities issued were endorsed with a restrictive legend confirming that thesecurities had been issued pursuant to Regulation S of the Securities Act of1933 and could not be resold without registration under the Securities Act of1933 or an applicable exemption from the registration requirements of theSecurities Act of 1933. 

On January 30, 2006, we sold 1,000,000 shares of common stockof the Company for an aggregate purchase price of $100,000 in cashconsideration. No underwriting discounts or commission were paid in connectionwith this offering. The issuance of shares was completed pursuant to Rule 506 ofRegulation D of the Securities Act of 1933 on the basis that the 

18
**
sole investor is an accredited investor, as defined underRule 501 of Regulation D of the Securities Act of 1933. All securities issuedwere issued as restricted securities and were endorsed with a restrictive legendconfirming that the securities could not be resold without registration underthe Securities Act of 1933 or an applicable exemption from the registrationrequirements of the Securities Act of 1933. No general solicitation or generaladvertising was conducted in connection with the sales of the shares. 
***Changes in cash from operations, investing andfinancing activities:
*Operations:

The net cash provided from operations for the year ended December 31, 2005,is a negative of $462,225 compared to a negative of $307,043 for the year toDecember 31, 2004, a negative effect from one period to the other ofapproximately $155,000. The primary cause of the decrease has been been causedby the loss incurred from operations of $1,530,203 for the year ended December31, 2005 compared to a profit of $343,476 for the year to December 31, 2004.Other  significant activities include an increase in the provision fordepreciation of plant and equipment of $50,149 (to $290,756) due to newpurchases during the year to December 31, 2005; an increased provision fordoubtful debts of $170,005 for the year to December 31, 2004 compared to $12,992for the year to December 31, 2004 due to older debts; an increase in accountsreceivable of $185,359 for the year to December 31, 2005 compared to a reductionof $259,726 for the year to December 31, 2004; a reduction in Deposits,prepayments and other receivables of $199,438 for the year to December 31, 2005compared to a larger reduction of $571,696 for the year to December 31, 2004; anincrease in inventory of $86,564 for the year to December 31, 2005 compared to areduction of $59,008 for the year to December 31, 2004; an increase in Accrualsand other payables of $496,077 for the year to December 31, 2005 compared to asmaller increase of $125,833 for the year to December 31, 2004; a reduction inBusiness and resource tax and government surcharge payable of $24,876 for theyear to December 31, 2005 compared to an increase of $26,569 for the year toDecember 31, 2004; and a reduced amount of stripping costs capitalized duringthe year ended December 31, 2005 of $46,793 compared to $275,362 for the year toDecember 31, 2004.
*Investing:

For the year ended December 31, 2005, $510,611 was used in investingactivities compared to $1,326,715 for the year to December 31, 2004. FixedAssets of $510,611 was purchased in 2005 compared to $1,973,368 for 2004 andassets were effectively acquired on recapitalization of $646,653 upon the mergerof the Company with the Chinese operations during the year to December 31, 2004.
*Financing:

During the year to December 31, 2005, $886,885 was raised through a 12%debenture and $400,000 was collected from the Brazil Project. $250,000 was usedto reduce Notes payable under the secured promissory note and $163,884 and$3,623 were repaid to a shareholder and a director respectively. It should benoted that the amount repaid to the shareholder is almost entirely due to therepayment of the loan on the excavators. In the year to December 31, 2004, theeffect of the merger in February 2004 provided $1,495,000 to cash flow and afurther $250,000 was provided through notes payable over receivable. $650,000was received by the Company through a Senior Secured Promissory note discussedpreviously and $400,000 is due from the sale of the Brazilian project as atDecember 31, 2004. These factors were set off by repayment of $120,773 of anadvance from a director and an apparent advance from a shareholder of $87,562(this was caused by the loan for an equipment purchase having to be in a name ofa individual rather than the company in China).
*Overall:

Given the above together with a currency translation adjustment of $2,181 in2005 ($1,853 in 2004) caused a decrease in actual cash of $105,639 (compared toan increase of $76,178 in 2004). This taken with the effect of the exchange rateon the opening balance of $320 ($0 in 2004) leaves us with cash and cashequivalents of $12,574 ($117,893 in 2004).

19
**
We estimate that after giving effect to the October debenture and JanuaryPlacement, the current capital reserves that result will allow us to operate forat least six months without relying on additional financing. If additional fundsare raised through the issuance of equity or convertible debt securities, thepercentage ownership of our stockholders will be reduced, stockholders mayexperience additional dilution and such securities may have rights, preferencesand privileges senior to those of our common stock. There can be no assurancethat additional financing will be available on terms favorable to us or at all.If adequate funds are not available or are not available on acceptable terms, wemay not be able to fund expansion, take advantage of unanticipated acquisitionopportunities, develop or enhance services or products or respond to competitivepressures. Such inability could harm our business, results of operations andfinancial condition.

For the next six months we expect the primary sources of liquidity to befunds generated by operations, cash on hand and possible private placements.
***Critical Accounting Policies***
The preparation of financial statements and related disclosures in conformitywith accounting principles generally accepted in the United States requires usto make judgments, assumptions and estimates that affect the amounts reported.Note 2 of Notes to our Financial Statements describes the significant accountingpolicies used in the preparation of our financial statements.
***Other Material Information***
The Securities and Exchange Commission is still in the process of reviewingour Form 10-KSB for years ended December 31, 2003, December 31, 2004 and thefinancial statements we filed on Form 8-K on April 19, 2004. We may be requiredto file further amendments to these financial statements should the Securitiesand Exchange Commission have further comments.
**Item 7.    FinancialStatements**
Our Financial Statements can be found immediately following Item 14 below.
**Item 8.    Changes in andDisagreements with Accountants on Accounting and Financial Disclosure**
Effective on October 4, 2004, Moores Rowland Mazars ("Moores") resigned asthe principal accountant engaged to audit the financial statements of theCompany. Moores reviewed the Company's financial statements for the fiscalquarter ended June 30, 2004. During this period, and the subsequent interimperiod prior to their resignation, there were no disagreements with Moores onany matter of accounting principles or practices, financial statementdisclosureor auditing scope or procedure, which disagreements if not resolved to thesatisfaction of Moores would have caused them to make reference to this subjectmatter of the disagreements in connection with their report, nor were there any"reportable events" as such term is defined in Item 304(a)(1)(iv) of RegulationS-B, promulgated under the Securities Exchange Act of 1934, as amended("Regulation S-B").

Moores was engaged by the Company from July 15, 2004 until October 4, 2004.In addition, Moores was also the auditor of the financial statements of Laizhouwhich are the historical financial statements of the Company, since theCompany's February 5, 2004 reorganization with Laizhou. Neither Moores orBraverman, the Company's previous independent public accountant, audit reportsfor the Company's fiscal year ended December 31, 2003 contained any adverseopinion, or a disclaimer of opinion, or qualification or modification as touncertainty, audit scope, or accounting principles. Further during our mostrecent fiscal year and any subsequent interim period before Moores resigned, wedid not have any disagreements with Moores on any matter of accounting principleor practice, financial statement disclosure, or auditing scope or procedure.

Effective on October 5, 2004, we engaged Rotenberg and Co. toaudit our financial statements. During our most recent fiscal year, and thesubsequent period prior to such appointment, we have not consulted the newlyengaged accountant regarding the application of accounting principals to aspecified transaction or the type of audit opinion that might be rendered on ourfinancial statements, nor on any matter that was either the subject of adisagreement or a reportable event.

Our Board of Directors approved the aforementioned changes inaccountants described herein.

20
****Item 8A.   Controlsand Procedures**
On December 31, 2005, our management concluded our evaluation of theeffectiveness of our disclosure controls and procedures. As of that date, ourPresident and Chief Financial Officer concluded that we maintain effectivedisclosure controls and procedures that ensure information required to bedisclosed in reports under the Securities Exchange Act of 1934 is recorded,processed, summarized and reported within the time periods specified in theSEC's rules and forms. Specifically, the disclosure controls and proceduresassure that information is accumulated and communicated to management, includingthe President and Chief Financial Officer, as appropriate, to allow timelydecisions regarding required disclosure. There have been no significant changesin our internal controls or in other factors that could significantly affectthese controls subsequent to the date of management's evaluation.
**PART III****Item 9.    Directors,Executive Officers, Promoters and Control Persons; Compliance with Section 16(a) of the Exchange Act*****Identification of Directors and Executive Officers***
The following table sets forth the names of all of our current directors andexecutive officers as of December 31, 2005. These persons will serve until thenext annual meeting of the stockholders or until their successors are elected orappointed and qualified, or their prior resignation or termination.
**Name**Age**PositionDong Chen
44
President and DirectorPiguo Man
45
Manager and DirectorMaria Camilla  Maz
36
TreasurerMichael Miller
50
Vice-President of Investor RelationsCostas Takkas
48
Chief Financial Officer and Director***Background of Officers and Directors*
Dong Chen: Mr. Chen has served as our President since the reorganizationon February 5, 2004. Prior to the reorganization, from June 2001 until joiningus, Mr. Chen served as the Chief Executive Officer of Yantai Maple Leaf BeverageCompany Ltd., a company that bottles and distributes bottled water in thePeople's Republic of China. From 1997 until May 2001, Mr. Chen was the VicePresident of Marketing for China New Hope Electronic Development Co., whichmanufactured and sold digital videodisc players. Mr. Chen received a degree inBusiness Administration from Jilin Normal University in the People's Republic ofChina. Mr. Chen is the brother of Juan Chen, our Chief Financial Officer,Secretary and a Director.
**Piguo Man: Mr. Man has been our Manager since the reorganization onFebruary 5, 2004. Mr. Man is also one of our Directors. Prior to thereorganization, from March 2003 until joining us, Mr. Man was Vice GeneralManager of Laizhou Jia Sheng Stone Company. From November 2002 until February2003, Mr. Man served as the General Manager of the Laizhou Science andTechnology Bureau, which consulted with agriculture and stone processingcompanies. From August 1998 until October 2002, Mr. Man served as the GeneralManager of the Laizhou Science and Technology Development Company.
**Maria Camilla Maz: Ms. Maz was appointed as Treasurer in October 2003.Prior to this position, Ms. Maz worked for the past five years in the financialservices industry as an assistant and advisor for multiple small and medium sizecompanies in the United States and Canada through her consulting company ProsperFinancial Inc. In 1993, Ms. Maz played an important role in the financing, bidpreparation to the Colombian government and subsequent implementation ofcellular communications, in the northern region of Columbia; Ms. Maz has alsobeen founder, owner and operator of several companies in South America. Ms. Mazholds a Bachelors Degree in Business Administration (BBA) with emphasis inFinance from Universidad de Los Andes, Bogota, Colombia. Ms. Maz is thesister-in-law of Michael Miller, our Vice-President of Investor Relations.

21
****Michael Miller: Mr. Miller has served as our Vice President of InvestorRelations since October 2003. Since January 2000, Mr. Miller has been thePresident and 50% shareholder of Candide Investments Ltd. which has offeredconsulting services to a number of public companies, assisting them withcorporate restructuring, mergers and acquisitions, raising capital and investorrelations. From 1997 to 1999, Mr. Miller was an account executive with CanaccordCapital Corp. Mr. Miller is the brother-in-law of Camilla Maz, our Treasurer.
**Costas Takkas: Mr. Takkas has served as a member of our Board ofDirectors since October 2002. Since October 2, 2004 he has also served as ourChief Financial Officer. He served as a director of the following Toronto StockExchange Venture Exchange (formerly the "VSE") companies: Serena Resources Ltd.(now named Capstone Gold Ltd.) (1998-2001) and Emerald Mining Corp. (1998-1999).He was also a director of Ourominas Minerals Inc. (1996-1997, now named ThistleMining Ltd.) which is listed on the Toronto Stock Exchange. Mr. Takkas has beena member of the Institute of Chartered Accountants in England & Wales since1982. He graduated with a B.Sc. (Honors) and Associate to the Royal College ofScience in Physics from the Imperial College of Science and Technology,University of London in 1978.  
***Family Relationships***
Other than as set forth above, there are no familial relationships betweenmembers of our Board of Directors or our executive officers.
***Involvement in Certain Legal Proceedings***
Other than as disclosed below, during the past five years, none of ourdirectors, officers, promoters or control persons have been:
- a general partner or executive officer of any business against which any bankruptcy petition was filed, either at the time of the bankruptcy or two years prior to that time; 
- convicted in a criminal proceeding or named subject to a pending criminal proceeding (excluding traffic violations and other minor offenses); 
- subject to any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement in any type of business, securities or banking activities; or 
- found by a court of competent jurisdiction (in a civil action), the Securities and Exchange Commission or the Commodity Futures Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended or vacated. 

Mr. Robert Miller, our former Treasurer and Vice President of InvestorRelations, the husband of Maria Camilla Maz, our Treasurer and the brother ofMichael Miller, our Vice President of Investor Relations, was a director ofNanovation Technologies Inc. ("Nanovation") from 1996 to 1999. Nanovation madeswitches and circuits for fiber optics networks and it filed for Chapter 11bankruptcy protection in July 2001.
***Committees of the Board of Directors***
Our Audit Committee is chaired by Costas Takkas. Dong Chen serves as theother members of the Audit Committee. The Audit Committee oversees our financialreporting processes and is responsible for reviewing our financial condition.The Audit Committee met on three occasions during the fiscal year ended December31, 2005. Each of the members of the Audit Committee attended each of themeetings held by the Audit Committee in person.
***Audit Committee Financial Expert***
Our Board of Directors has determined that we have at least one auditcommittee financial expert serving on our audit committee, namely Costas Takkas.Mr. Takkas would not be considered independent, as that term is defined by theNASD because he was one of our officers within the past three years. Under theapplicable Securities and Exchange Commission standard, an audit committeefinancial expert means a person who has the following attributes:
An understanding of generally accepted accounting principles and financial statements;
The ability to assess the general application of such principles in connection with the accounting for estimates, accruals and reserves;

22
**
Experience preparing, auditing, analyzing or evaluating financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the registrant's financial statements, or experience actively supervising one or more persons engaged in such activities;
An understanding of internal controls and procedures for financial reporting; and
An understanding of audit committee functions.

Mr. Takkas received his designation as a chartered accountant from theInstitute of Chartered Accountants in England and Wales in 1982. Early in hiscareer he worked as a chartered accountant and auditor. He is now self-employed,investing his time and money in speculative projects.
***Compensation Committee***
Our Compensation Committee is chaired by Mr. Costas Takkas. Costas Takkas andPiguo Man serve as the other members of the Compensation Committee. TheCompensation Committee oversees the compensation of our executive officers anddirectors. Our Compensation Committee did not meet in 2005 since we wereprimarily focused on searching for new business opportunities and did not haveoperations.
***Compliance with Section 16(a) of the SecuritiesExchange Act of 1934***
Section 16(a) of the Exchange Act requires our officers and directors, andpersons who own more than 10% of the our common stock, to file reports ofownership and changes of ownership of such securities with the United StatesSecurities and Exchange Commission. Based on a review of the our records,management believes that all filing requirements applicable to the our officers,directors and holders of more than 10% of our common stock were complied withduring the 2005 fiscal year, except that: with respect to Mr. with respect toMr. Costas Takkas two Form 4's were filed late concerning the disposition ofshares.
***Code of Ethics***
We do not yet have a Code of Ethics. Due to the recent completion of thereorganization with Laizhou, the Board of Directors had decided to postpone theadoption of a code of ethics until we are able to focus our business plan anddevelop a greater infrastructure. Once we have adopted a Code of Ethics, a copymay be obtained by sending a written request to the Secretary of Company.
**Item 10. Executive Compensation*****Executive Compensation Summary***
The following table provides compensation information for the periodindicated with respect to the persons who served as our President for the yearsended December 31, 2005, 2004 and 2003, and all other of our executive officers

Continued on next page ...

23
**
receiving total salary and bonus in excess of $100,000 during the years endedDecember 31, 2005, 2004 and 2003 (collectively, the "Named Executive Officers"):
**SUMMARY COMPENSATION TABLE**** **** **** **Long Term Compensation** ** ** **Annual Compensation**Awards**Payouts** **(a)**(b)**(c)**(d)**(e)**(f)**(g)**(h)**(i)**Name and Principal Position**Year**Salary ($)**Bonus($)**Other Annual Compensation**Restricted Stock Awards ($)**Securities Under-lying Options/ SarS(#)**LTIP Payouts ($)**All Other Compensation

($)Dong Chen(1)
2005
0
0
$ 24,000
0
0
0
0President
2004
0
0
$ 24,000
0
0
0
0 
2003
0
0
0
0
0
0
0         Juan Chen(2)
2005
0
0
0
0
0
0
0CFO
2004
0
0
$ 4,000
0
0
0
0 
2003
0
0
0
0
0
0
0         Costas Takkas(3)
2005
0
0
$100,000
0
0
0
0CEO & President
2004
0
0
0
0
0
0
0 
2003
0
0
$ 18,000
0
0
0
0         Stephen  Spoonamore(4)
2005
0
0
0
0
0
0
0CFO & Secretary
2004
0
0
0
0
0
0
0 
2003
0
0
$ 27,000
0
0
0
0         Robert Miller(5)
2005
0
0
0
0
0
0
0Treasurer & VP  Investor Relations
2004
0
0
0
0
0
0
0 
2003
0
0
0
0
0
0
0         Camilla Maz(6)
2005
0
0
$ 36,000
0
0
0
0Treasurer
2004
0
0
$ 36,000
0
0
0
0 
2003
0
0
$ 36,000
0
0
0
0         Michael Miller(7)
2005
0
0
0
0
0
0
0VP Investor  Relations
2004
0
0
0
0
0
0
0 
2003
0
0
0
0
0
0
0         Joginder Brar(8)
2003
0
0
0
0
0
0
0CEO & President           **Notes**:(1)Effective February 4, 2004  pursuant to the reorganization with Laizhou, Mr. Chen's salary is $2,000 per  month. (2)Effective February 4, 2004  pursuant to the reorganization with Laizhou, Ms. Chen's salary was $500 per  month until she resigned effective October 2, 2004. (3)Mr. Takkas was our President,  Chief Executive Officer and Director from October 2002 until February 5, 2004  when he resigned as an officer but remained as a Director. Effective October  2, 2004 Mr. Takkas was hired as our Chief Financial Officer. Prior to the  reorganization with Laizhou, Mr. Takkas was paid $3,000 per month pursuant to  a consulting agreement under which he provided management services to us. (4)Mr. Spoonamore was our Chief  Financial Officer, Secretary and director from March 2003 until February 5,  2004 when he resigned as an officer but remained as a director until January  19, 2005. Prior to the reorganization with Laizhou, Mr. Spoonamore was paid  $3,000 per month pursuant to a consulting agreement under which he providedmanagement services to us. (5)Mr. Robert Miller was our  Treasurer and Vice President of Investor Relations from March 2003 until  October 2003. (6)Ms. Maz was appointed Treasurer in  October 2003.
24
*** (7)Mr. Michael Miller was appointed  Vice President of Investor Relations in October 2003. (8)Mr. Brar resigned as our President  and a Director in March 2003. (9)The total value of the services  rendered by Mr. Brar was $60,000. The services rendered included  administrative duties, board duties, contract negotiations, financing  services, production and distribution research, shareholder communication and  organizational duties.
Stock Options/SAR Grants***
During 2005, no grants of stock options or stock appreciation rights havebeen made to our named executive officers or any other parties. During 2004, weissued options to purchase 960,000 shares of our common stock to certaindirectors, officers and employees. The parties later terminated such options.
***Employment Contracts and Termination of Employment orChange of Control***
We have no plans or arrangements in respect of remuneration received or thatmay be received by our executive officers to compensate such officers in theevent of termination of employment (as a result of resignation, retirement,change of control) or a change of responsibilities following a change ofcontrol, where the value of such compensation exceeds $60,000 per executiveofficer.
***Director Compensation***
No cash compensation was paid to any of our directors for services as adirector during the fiscal year ended December 31, 2005. We have no standardarrangement pursuant to which our Board of Directors are compensated for theirservices in their capacity as directors except for the granting from time totime of incentive stock options. The Board of Directors may award specialremuneration to any director undertaking any special services on behalf of ourcompany other than services ordinarily required of a director. All authorizedout-of-pocket expenses incurred by a director on our behalf will be subject toreimbursement upon our receipt of required supporting document of such expenses.No director received and/or accrued any compensation for his services as adirector, including committee participation and/or special assignments.
**Item 11.  SecurityOwnership of Certain Beneficial Owners and Management and Related StockholderMatters*****Security Ownership of Certain Beneficial Owners andManagement.***
The following table sets forth certain information known to us with respectto the beneficial ownership of our common stock as of March 31, 2006 and (i) allpersons who are known to us to be beneficial owners of five percent or more ofthe common shares, (ii) each of our directors, (iii) the Named ExecutiveOfficers named in the "Executive Compensation" section of this Annual Report and(iv) all current directors and executive officers as a group.
**NAME AND ADDRESS OF BENEFICIAL OWNER(1)** ****SHARES BENEFICIALLY OWNED** ****% OF CLASS OWNED(2) Dong Chen, Chief  Executive Officer, President and Director  
2,941,976(3)  
11.92%Piguo Man,  Manager and Director  
403,074  
1.63%Maria C. Maz,  Treasurer   
43,450  
0.18%Michael Miller,  Vice-President of Investor Relations  
105,000  
0.43%Costas Takkas,  Director  
525,000  
2.12%Ricardo Requeno,  Stockholder25 De Mayo 444, Piso 2, 1100, Montevideo, Uruguay   
2,999,976  
12.16%Lucky Ocean  Group Ltd.  
2,198,700  
8.91%Officers and  directors as a group (five persons)  
4,018,500  
16.28%   **Notes**:(1)Unless otherwise stated, the  address of all persons in the table is c/o China Granite Corporation, 2642  Collins Avenue, Suite 305, Miami Beach, Florida 33140. (2)Based on 24,678,839 shares of  common stock issued and outstanding as of March 31, 2006. Except as otherwise  indicated, we believe that the beneficial owners of the common stock listed  above, based on information furnished by such owners, have sole investment and  voting power with respect to such shares, subject to community property laws  where applicable. Beneficial ownership is determined in accordance with the  rules of the SEC and generally includes voting or investment power with  respect to securities. Shares of common stock subject to options or warrants  currently exercisable, or exercisable within 60 days, are deemed outstanding  for purposes of computing the percentage ownership of the person holding such  option or warrants, but are not deemed outstanding for purposes of computing  the percentage ownership of any other person.
25
****
Item 12.  CertainRelationships and Related Transactions**
In 2002, we retained a consultant, Auron 2000, to assist our management. Theservices to be rendered include administrative duties, contract negotiations,financing services and shareholder communication. Auron 2000 receivedcompensation of $3,000 per month plus expenses. Auron 2000 was wholly owned byRobert H. Miller, who was our Treasurer and Vice-President of InvestorRelations, up until January 2003, when he sold his interest in Auron 2000. Weentered into an agreement with Prosper Financial Inc. to provide the servicesAuron 2000 formerly provided to us under the same terms as our engagement withAuron 2000. Maria C. Maz, our Treasurer and the wife of Robert H. Miller, ownsProsper Financial Inc.

Mr. Costas Takkas, one or our directors, has a pre-existing relationship withCPL Construcoes e Comercio Inc. Mr. Takkas is owed $2,000,000 from CPL for loansmade by Mr. Takkas to CPL for registration and taxes on the land owned by CPL inTocantins, Brazil, working capital, legal opinions from various attorneys andother costs relating to financing sought for the project. Mr. Takkas has agreedto assign $1,000,000 of his interest in this debt to Arbor would occur if Arborfunded $3,000,000 to the Brazil Project. This did not occur and there is noobligation.

On December 31, 2004, Mr. Takkas and Mr. Chen were part of the consortiumwhich purchased our interests of CPL Arbor in the Brazil Project.

During the year ended December 31, 2005, the Company entered into anagreement to purchase two excavators for US$321,256 partly funded through a loanarrangement. Under the Laws of the PRC such a loan cannot be extended to acompany and it was therefore adopted on behalf of the Company by one of itsshareholders. The loan was repaid by the Company in October, 2005.
***Conflicts Related to Other Business Activities***
The persons serving as our officers and directors have existingresponsibilities and, in the future, may have additional responsibilities, toprovide management and services to other entities in addition to us. As aresult, conflicts of interest between us and the other activities of thosepersons may occur from time to time.

We will attempt to resolve any such conflicts of interest in our favor. Ourofficers and directors are accountable to us and our shareholders asfiduciaries, which requires that such officers and directors exercise good faithand integrity in handling our affairs. A shareholder may be able to institutelegal action on our behalf or on behalf of that shareholder and all othersimilarly situated shareholders to recover damages or for other relief in casesof the resolution of conflicts in any manner prejudicial to us.
**Item 13. Exhibits andReports on Form 8-K*****(a) Exhibits***3.1* Amended and  Restated Articles of Incorporation (incorporated by reference to exhibit 3.1  to our current report on Form 8-K filed on February 20, 2004).3.2* Amended and  Restated Bylaws (incorporated by reference to exhibit 3.1 to our current  report on Form 8-K filed on February 20, 2004). 10.1* 12% Secured Note  Purchase Agreement dated October 5, 2005 (incorporated by reference to exhibit  10.1 to our current report on Form 8-K filed on October 5, 2005).10.2* Form of 12%  Senior Secured Note dated October 5, 2005 (incorporated by reference to  exhibit 10.2 to our current report on Form 8-K filed on October 5, 2005).10.3* Form of General  Security Agreement dated October 5, 2005 (incorporated by reference to exhibit  10.3 to our current report on Form 8-K filed on October 5, 2005).
  26
******31.1Certification of  Chairman and Chief Executive Officer Pursuant to Section 302of the  Sarbanes-Oxley Act of 2002 (18 U.S.C. Sec. 1350) (transmitted herewith).31.2Certification of  Vice Chairman and Chief Financial Officer Pursuant to Section 302 of the  Sarbanes-Oxley Act of 2002 (18 U.S.C. Sec. 1350) (transmitted herewith).32Written  Statement of Chairman and Chief Executive Officer Pursuant to Section 906 of  the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350) (transmitted  herewith).
* previously filed
***(b) Reports of Form 8-K*****Date of Report****Date of Event****Item Reported**Oct. 19, 2005Oct. 5, 2005Items 1.01, 2.03, 8.01and 9.01 -  Entered into a general security agreement and a series of secured promissory  notes, dated October 5, 2005, in the principal amount of up to $886,885 with  five purchasers.Oct. 7, 2005Sept. 22, 2005Items 2.04, 4.02, and 9.01 - Form  8-K/A - Holders of Senior Convertible notified company they want to be paid  back by September 30, 2005; and notice of non-reliance of previously issued  financial statements.Sept. 30, 2005Sept. 22, 2005Items 2.04, 4.02, and 9.01 -  Holders of Senior Convertible notified company they want to be paid back by  September 30, 2005; and notice of non-reliance of previously issued financial  statements.Sept. 6, 2005Aug. 31, 2005Items 8.01 and 9.01 - China  Granite's mines cleared by Mining Management office of Shangdong Province, PRC,  to resume operations.Aug. 15, 2005Aug. 15, 2005Item 8.01 - Disclose Mining  Management office of Shangdong Province, PRC, instructed its branch of Laizhou  to close all the mines under its jurisdiction.Aug. 3 2005Aug. 3, 2005Items 4.02 and 9.01 - Form 8-K/A -  Non reliance of previously issued financial statements. May 20, 2005May 10, 2005Item 1.01 - A Manufacturing and  Licensing Agreement entered into by a subsidiary of Company with Huizhou  Southern Rare Metal Material Co., LtdApril 7, 2005Jan. 19, 2005Items 5.02 and 9.01 - Resignation  of Stephen Spoonamore as director.**Item 14. PrincipalAccountant Fees and Services**
The following table shows the aggregate fees billed us for professionalservices by Braverman and Company (January 1, 2004 to July 14, 2004), MooresRowland Mazars (from July 15, 2004 until October 4, 2004) and Rotenberg and Co.our independent auditor, for fiscal years 2005 and 2004:
  **FISCAL 2005** ****FISCAL 2004 Audit Fees $
127,500 $
119,985 Audit-Related  Fees $
8,700 $
0 Tax Fees $
0 $
750 All Other  Fees $
0 $
0 Total** ****$****136,200** ****$****120,735** **
Audit Fees. This category includes the aggregate fees billed for professionalservices rendered for the audits of our consolidated financial statements forfiscal years 2005 and 2004, for the reviews of the financial statements includedin our quarterly reports on Form 10-QSB during fiscal 2005 and 2004, and forservices that are normally provided by the independent auditors in connectionwith statutory and regulatory filings or engagements for the relevant fiscalyears.

27
******
Audit-Related Fees. This category includes the aggregate fees billed in eachof the last two fiscal years for assurance and related services by theindependent auditors that are reasonably related to the performance of theaudits or reviews of the financial statements and are not reported above under"Audit Fees," and generally consist of fees for other attest engagements underprofessional auditing standards, accounting and reporting consultations,internal control-related matters, and audits of employee benefit plans.

Tax Fees. This category includes the aggregate fees billed in each of thelast two fiscal years for professional services rendered by the independentauditors for tax compliance, tax planning and tax advice.

All Other Fees. This category includes the aggregate fees billed in each ofthe last two fiscal years for products and services provided by the independentauditors that are not reported above under "Audit Fees," "Audit-Related Fees,"or "Tax Fees."

The Audit Committee considered the compatibility of the non-audit-relatedservices performed by and fees paid to (i) Braverman and Company, (ii) MooresRowland Mazars, and (iii) Rotenberg and Co. in the proposed non-audit-relatedservices and proposed fees for 2005 and 2004 and determined that such servicesand fees are compatible with the independence of such auditors. During 2005,Rotenberg and us did not utilize any leased personnel in connection with theaudits.

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******
 **SIGNATURES**
In accordance with section 13 and 15 (d) of the Securities Exchange Act of1934, the registrant has duly caused this report to be signed on its behalf bythe undersigned, thereunto duly authorized.
**CHINA GRANITE CORPORATION**
/s/ Dong Chen

_________________________________ 

Dong Chen, President and CEO/Director

April 14, 2006

 

In accordance with the Securities Exchange Act of 1934, this Annual Report onForm 10-KSB has been signed below by the following persons on behalf of theregistrant and in the capacities and on the dates indicated.
**SIGNATURE**** ****TITLE**** ****DATE**  &   /s/ Dong Chen   President and Director April 14, 2006Dong Chen          /s/ Costas Takkas   Chief Financial Officer April 14, 2006Costas Takkas and Director        /s/ Piguo Man   Director April 14, 2006Piguo Man         
29
****
 

AUDITED FINANCIAL STATEMENTS******* 

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS***CHINA GRANITE CORPORATION***DECEMBER 31, 2005*
30
******
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
****
To the Board of Directors and Stockholders ofChina Granite Corporation and Subsidiary(A Nevada Corporation)

Miami Beach, FL 

 

We have audited the accompanying consolidated balance sheetsof China Granite Corporation and Subsidiary as of December 31, 2005 and 2004,and the related consolidated statements of operations, changes in stockholders'equity and cash flows for the years then ended. These consolidated financialstatements are the responsibility of the Company's management. Ourresponsibility is to express an opinion on these consolidated financialstatements based on our audit. 

We conducted our audit in accordance with The Public CompanyAccounting Oversight Board Standards. Those standards require that we plan andperform the audit to obtain reasonable assurance about whether the consolidatedfinancial statements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe consolidated financial statements. An audit also includes assessing theaccounting principles used and significant estimates made by management, as wellas evaluating the overall consolidated financial statement presentation. Webelieve that our audit provides a reasonable basis for our opinion.

In our opinion, the consolidated financial statementsreferred to above present fairly, in all material respects, the financialposition of China Granite Corporation and Subsidiary, as of December 31, 2005and 2004, and the results of its operations and its cash flows for the yearsthen ended, in conformity with generally accounting principles accepted in theUnited States of America. 

/s/ **Rotenberg & Co., LLP****Rotenberg & Co., LLPRochester, New YorkMarch 28, 2006

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********CHINA GRANITE CORPORATIONCONSOLIDATED BALANCE SHEETSDECEMBER 31 2005 & 2004
 ***2005
2004 ***US$
US$**ASSETS**  **Current assets**  Cash and cash equivalents**12,574 117,893Accounts receivable, net of  $187,759 and $12,992respectively**156,947 489,547Note receivable (Note 13)**0 400,000Inventories (Note 3)**89,112 173,416Deposits, prepayments and other  receivables**                                   792,428  572,892**Total current assets****1,051,061 1,753,748   Plant and equipment, net (Note 4)**4,613,135 4,391,014Mineral interests, net (Note 5)**1,590,280 1,452,464Deferred stripping costs, net  (Note 6)**1,221,566 1,163,525Deferred conversion premium on  convertible note - common stocks**133,585 209,917Deferred conversion premium on  convertible note - warrants**                                  277,000277,000**Total assets****                              8,886,627                                      9,247,668   **LIABILITIES AND SHAREHOLDERS'  EQUITY**     **Current liabilities**  Accruals and other payables (Note  7)**723,753 245,310Business and resource tax and  government surcharges payable**206,530 226,168Due to shareholder (Note 13)**8,743 172,405Due to directors (Note 13)**2,169 5,737Income tax payable**                                   741,048                                     715,333**Total current liabilities****                                1,682,243                                  1,364,953**Long Term Liabilities**  Secured senior promissory note**400,000 650,000Conversion premium payable on  warrants**277,000 277,00012% Secured debentures**                                   886,885                                                 0**Total long term liabilities****                                1,563,885                                      927,000 
                                                                                                           Total liabilities**3,246,128 2,291,953**Stockholders' equity**  Common stock: par value $0.001,  25,000,000 shares authorized, 14,498,000 issued and outstanding**14,498 14,498Additional paid-in capital**5,148,019 5,148,019Dedicated reserves**493,587 348,084Accumulated other comprehensive  income (loss)**182,374(2,620)Retained earnings (loss)**                                (197,979)                                    1,447,734**Total stockholders' equity****                                   640,499                                    6,955,715   **Total liabilities and  stockholders' equity****                               8,886,627                                    9,247,668*The accompanying notes are an integral part of these condensedconsolidated financial statements.*
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********CHINA GRANITE CORPORATION**
CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVEINCOME
 
Three months ended  December 31,
  **2005** 
2004 ***US$*** 
US$    Net sales**152,790         ** 931,048              Cost of sales**(172,175)        ** (530,196)             Gross (loss)/profit**(19,385)        ** 400,852              Selling, general and  administrative expenses**(410,053)        ** (396,446)             **Operating (loss) income****(429,438)        ** 4,406              Other income or expense:        Interest income**541         ** -               Interest expense**(74,823)        ** (27,081)              Conversion premium on convertible  note - warrants**(19,083)        ** (19,083)             **Income (loss) before income  taxes****(522,803)        ** (41,758)             Provision for taxes**-         ** -              **Net (loss) income****(522,803)        ** (41,758)             **Other comprehensive income  (loss)**       **Foreign currency translation****18,283         ** -              **Comprehensive income (loss)****(504,520)        ** -              **Basic and diluted earnings per  share****(0.035)** (0.003)        **Weighted average number of  shares outstanding****14,498,000         ** 14,498,000              *The accompanying notes are an integral part of these condensedconsolidated financial statements*
33
********CHINA GRANITE CORPORATION**
CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVEINCOME
 
Twelve months ended  December 31,
  **2005** 
2004 ***US$*** 
US$    Net sales**520,769         ** 2,387,582              Cost of sales**(535,897)        ** (873,565)             Gross (loss) profit**(15,128)        ** 1,514,017              Selling, general and  administrative expenses**(1,217,494)        ** (1,135,188)             **Operating (loss) income****(1,232,622)        ** 378,829              Other income or expense:        Interest income**28,531         ** -               Interest expense**(249,780)        ** (16,270)              Conversion premium on convertible  note - warrants**(76,332)        ** (19,083)             **(Loss) income before income  taxes****(1,530,203)        ** 343,476              Provision for income taxes**-         ** -              **Net (loss) income****(1,530,203)        ** 343,476              **Other comprehensive income  (loss)**       **Foreign currency translation****184,994         ** -              **Comprehensive income (loss)****(1,345,209)        ** -              **Basic and diluted earnings per  share****(0.09)** 0.03        **Weighted average number of  shares outstanding - basic****14,498,000         ** 13,481,366              Weighted average number of shares  outstanding - diluted**14,498,000         ** 13,672,880              *The accompanying notes are an integral part of these condensedconsolidated financial statements*
34
********CHINA GRANITE CORPORATION**
CONSOLIDATED STATEMENTS OF CASH FLOWS
 
Twelve months ended  December 31,
 **2005** 
2004***US$***
US$ **Cash flows from operating  activities**   Net (loss) income**(1,530,203)** 343,476    Adjustments to reconcile net  income to net cash provided        by operating activities:
Affect of change in exchange rates** 
5,739 -Depreciation of plant and  equipment**290,756** 240,607Amortization of mineral interests  
Amortization of deferred stripping costs **12,212
16,041 *************************************************************************************************************************************************************************************************** |