U.S. SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                   FORM 10-QSB

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

                For the quarterly period ended December 31, 1996

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

                        For the transition period from      to

Commission File Number: 0-21178

                     MISTER JAY FASHIONS INTERNATIONAL, INC.
        (Exact name of small business issuer as specified in its charter)

Delaware                                    13-3626613
(State or other jurisdiction of             (I.R.S. Employer Identification No.)
incorporation or organization)

                    448 West 16th Street, New York, NY 10011
                    (Address of principal executive offices)

                                 (212) 391-2272
                           (Issuer's telephone number)

              (Former name, former address and former fiscal year,
                         if changed since last report)

Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports),  and (2) has been
subject to such filing requirements for the past 90 days. Yes X No

                      APPLICABLE ONLY TO CORPORATE ISSUERS

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date:

     Common Stock, $.01 par value.  9,788,050 shares  outstanding as of December
31, 1996
<PAGE>
                   MISTER JAY FASHIONS INTERNATIONAL INC. AND
                                   SUBSIDIARY

                                      INDEX
<TABLE>
<CAPTION>

                                                                                Page(s)


PART 1.           Financial Information

   ITEM 1. Financial Statements
<S>                                                                             <C>
Consolidated Condensed Balance Sheets - December 31, 1996 (Unaudited) and
March 31, 1996                                                                  3.

Consolidated Condensed Statements of Operations (Unaudited) -
Nine and Three Months Ended December 31, 1996 and 1995                          4.

Consolidated Condensed State ents of Cash Flows (Unaudited) -
Nine and Months Ended December 31, 1996 and 1995                                5.

Notes to Interim Consolidated Condensed Financial Statements (Unaudited)        6.


ITEM 2. Management's Discussion and Analysis of Financial
        Condition and Results of Operations                                     8.

PART 2. Other Information                                                       11.


SIGNATURES                                                                      12.


EXHIBITS: Exhibit 27 - Financial Data Schedule

</TABLE>
<PAGE>

PART I. FINANCIAL INFORMATION

ITEM I. Financial Statements

             MISTER JAY FASHIONS INTERNATIONAL, INC. AND SUBSIDIARY
                      CONSOLIDATED CONDENSED BALANCE SHEETS

                                   - ASSETS -
<TABLE>
<CAPTION>

                                                                      December 31,   March 31,
                                                                      1996           1996
                                                                      (Unaudited)
CURRENT ASSETS:
<S>                                                                   <C>            <C>
    Cash and cash equivalents                                         $166,843       $75,573
    Accounts receivable - net of allowances for doubtful
    accounts of $32,013                                               348,592        313,068
    Inventories                                                       7,245,136      8,273,225
    Prepaid expenses and other current assets                         398,039        338,844
    Not  receivable - officer (Note 3)                                917,396        -
    Loans and advances - officer                                      -              88,105

TOTAL CURRENT ASSETS                                                  9,076,006      9,088,815

PROPERTY AND EQUIPMENT - NET                                          2,012,896      1,866,169
                                                                      -------------  -------------
OTHER ASSETS:
    Investment in affiliate (Note 4a)                                 323,270        -
    Deferred interest and other                                       412,669        464,746

                                                                      735,939        464,746

                                                                      $11,824,841    $11,419,730

                    - LIABILITIES AND SHAREHOLDERS' EQUITY -
CURRENT LIABILITIES:
    Borrowings under financing agreement                              $3,482,476     $3,403,025
    Accounts payable                                                  3,464,376      2,926,827
    Accrued expenses and other current liabilities                    763,357        548,360
    Due to affiliates                                                 464,000        418,561

<PAGE>

TOTAL CURRENT LIABILITIES                                             8,174,209      7,296,773

LONG-TERM LIABILITIES:
    Deferred rent liability                                           184,969        197,935

COMMITMENTS AND CONTINGENCIES

MINORITY INTERESTS IN SUBSIDIARY  (Note 2)                            2,852,114      2,501,653
                                                                      -------------  ------------

SHAREHOLDERS' EQUITY (Note 4):
    Common stock,  $.01 par alue,  10,000,000 shares  authorized;  9,788,050 and
     2,188,050 shares issued and outstanding at
     December 31, 1996 and March 31, 1996, respectively               97,881         21,881
    Additional paid-in capital                                        7,048,956      5,709,930
    Common stock subscribed                                           150,000        150,000
    Retained earnings (deficit)                                       (6,683,288)    (4,458,442)
                                                                      ----------     ----------
                                                                      613,549        1,423,369

                                                                      $11,824,841    $11,419,730
</TABLE>

                 Theaccompanying   notes   are  an   integral   part  of   these
                    consolidated financial statements.

<PAGE>
             MISTER JAY FASHIONS INTERNATIONAL, INC. AND SUBSIDIARY
                CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
                                  (Unaudited)
<TABLE>
<CAPTION>




                                                                 For the Nine Months Ended     For the Three Months Ended
                                                                 December 31,                  December 31,
                                                                 -----------------------       ------------------------------
                                                                 1996           1995           1996           1995
                                                                 --------       ----------     ---------      ---------

<S>                                                              <C>            <C>            <C>            <C>        
NET SALES                                                        $17,014,944    $19,268,559    $9,616,043     $10,446,798
                                                                 -----------    -----------    ------------   -----------

COSTS AND EXPENSES:
Cost of sales                                                    12,405,236     12,939,567     7,001,499      7,004,425
Operating expenses                                               7,169,456      8,323,644      3,113,530      3,399,356
Interest and other income                                        (35,502)       (42,597)       -              (5,998)
Interest expense                                                 599,897        370,560        229,215        151,759
                                                                 -------------- -------------- -----------
                                                                 20,139,087     21,591,174     10,344,244     10,549,542
                                                                 ------------   ------------   ------------   ------------

LOSS BEFORE MINORITY INTERESTS                                   (3,124,143)    (2,322,615)    (728,201)      (102,744)

  Minority interests in net loss of consolidated
subsidiary (Note 2)                                              899,297        1,256,912      157,430        668,719
                                                                 -------------- ------------- -------------   ---------------

LOSS BEFORE PROVISION FOR
INCOME TAXES                                                     (2,224,846)    (1,065,70 )    (570,771)      565,975

Provision (credit) for income taxes                              -              -              -              -
                                                                 ----------     --------       -----------    ---------

NET LOSS                                                         $(2,224,846)   $(1,065,703)   $(570,771)     $565,975
                                                                 ============   ============   =============  =============
LOSS PER COMMON AND DILUTIVE
  COMMON EQUIVALENT SHARES  (Note 5):

Net loss before minority interest                                $(.65)         $(1.16)        $(.13)         $(.05)
  Minority interests in net loss of consolidated
subsidiary                                                       .19            .63            .03            .31
                                                                 ------         -------        ------         ------

NET LOSS PER SHARE                                               $(.46)         $(.53)         $(.10)         $.26
                                                                 =====          =======        =====          =====

WEIGHTED AVERAGE NUMBER OF
  COMMON AND DILUTIVE SHARES
OUTSTANDING                                                      4,833,868      2,004,718      5,588,050      2,188,050
                                                                 =========      =========      =========      =========

</TABLE>
              The      accompanying   notes  are  an  integral   part  of  these
                       consolidated financial statements.
<PAGE>
             MISTER JAY FASHIONS INTERNATIONAL, INC. AND SUBSIDIARY
                 CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
<TABLE>
<CAPTION>

                                                                      For the Nine Months Ended
                                                                      December 31,
                                                                      1996                1995

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS:
CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                                   <C>                 <C>
  Net loss                                                            $(2,224,846)        $(1,065,703)
  Adjustments to reconcile net loss to net cash (used for) operating activities:
     Depreciation and amortization                                    354,302             348,376
     Allowance for doubtful accounts                                  -                   2,680
     Minority interest in net loss of subsidiary                      (899,297)           (1,256,912)
     Compensatory options and stock issued by subsidiary              16,000              153,600
     Deferred rent                                                    (12,966)            -
  Change in assets and liabilities:
     Decrease in accounts receivable                                  35,524              264,802
     Decrease in merchandise inventories                              1,028,089           1,768,709
     Increase (decrease) in prepaid expenses                          (60,196)            3,508
     Increase (decrease) in accounts payable                          537,549             (278,032)
     Increase (decrease) in accrued expenses and other
      current liabilities                                             214,997             (121,191)
     Net cash (used for) operating activities                         (1,010,844)         (180,163)

<PAGE>

CASH FLOWS FROM INVESTING ACTIVITIES:
  Purchase of fixed assets                                            (447,951)           (67,067)
  Advances repaid by affiliate                                        324,294             -
                                                                      -------------       --------------
  Net cash (used for) investing activities                            (123,657)           (67,067)
                                                                      -------------       --------------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Proceeds from sale of common stock                                  79,451              400,000
  Net borrowings under line of credit                                 -                   (374,491)
  Repayment of shareholder loans                                      (87,680)            (513,041)
  Payment of Series B redeemable  preferred  stock
    - net of interim  accretion                                       -                   (155,403)
  Payments  of capital  lease  obligation                             -                   (42,045)
  Investment  by minority  shareholders                               1,234,000           675,000
  Net cash  provided  by (used  for)
  financing activities                                                1,225,771           (9,980)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                  91,270              (257,210)

CASH AND CASH EQUIVALENTS, AT BEGINNING OF YEAR                       75,573              407,042
                                                                      --------------      ------------

CASH AND CASH EQUIVALENTS, AT END OF PERIOD                           $166,843            $149,832
                                                                      ============        ============

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
  Interest paid                                                       $599,897            $370,560
  Taxes paid                                                          -                   -
</TABLE>

              The      accompanying   notes  are  an  integral   part  of  these
                       consolidated financial statements.
<PAGE>

              MISTER JAY FASHIONS INTERNATIONAL INC. AND SUBSIDIARY
          NOTES TO INTERIM CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
                                   (Unaudited)



NOTE   1  -   BASIS OF PRESENTATION:

     As of  March  31,  1996,  Mister  Jay  Fashions  International  Inc.  ("the
Company")  owned a majority  interest  (50.06%) in U. S.  Wireless  Corporation,
formerly American Toys, Inc., ("Wireless") which entity in turn owned a majority
interest (67%) in Play Co. Toys & Entertainment  Corp. ("Play Co."). Play Co. is
an operating company that sells toys and educational games primarily on a retail
basis. Wireless does not and has never conducted any active operations.

     During  the  period  ended  December  31,  1996,  the  Company's  ownership
percentage in Wireless was reduced to approximately  4.4% as a result of certain
equity transactions as described below in Note 4(a). Accordingly,  the Company's
investment  in  Wireless  will now be  reflected  under  the  equity  method  of
accounting.  In  addition,  as  described  below in Notes 4(b) and 4(c),  due to
certain  other equity  transactions,  Play Co.  became a direct  majority  owned
subsidiary of the Company.

     As a result of the events described  above, the financial  statements as of
and for the period ended December 31, 1996,  reflect the Company and Play Co. on
a  consolidated  basis.  All  intercompany  transactions  and balances have been
eliminated in consolidation.

     In the  opinion of  management,  the  accompanying  unaudited  consolidated
financial  statements  contain all  adjustments  necessary to present fairly the
financial  position of the Company and its  subsidiary  as of December 31, 1996,
and the results of their  operations  for the nine and three month periods ended
December  31,  1996 and 1995 and cash  flows for the nine  month  periods  ended
December 31, 1996 and 1995.

<PAGE>

     The accounting  policies followed by the Company and its subsidiary are set
forth in Note 2 to the Company's  consolidated  financial statements included in
the Annual  Report on Form  10-KSB for the year ended March 31,  1996,  which is
incorporated herein by reference.  Specific reference is made to this report for
a  description  of the  Company's  securities  and  the  notes  to  consolidated
financial statements included therein.

     The  results  of  operations  for the nine and three  month  periods  ended
December 31, 1996 are not  necessarily  indicative of the results to be expected
for the full year.


NOTE   2  -   MINORITY INTERESTS:

     The  Company  owns  a  majority  interest  (62.04%)  in  Play  Co.  Toys  &
Entertainment  Corp.  The minority  interest  liability  represents the minority
shareholders'  portion  (37.96%) of Play Co.'s equity at December 31, 1996.  The
minority  interest as reflected on the  consolidated  balance sheet  consists of
Play Co. preferred stock only. Due to operating losses of PlayCo.,  the minority
interest in its' common stock has been written down to zero.


NOTE   3  -   RECEIVABLE FROM OFFICERS:

     In connection  with employment  agreements  entered into with two executive
officers (see also Note 4b), such officers  exercised options granted to acquire
3,400,000  shares of the  Company's  common stock  through the transfer of other
securities  valued  at  $4,342,000  and the  issuance  of a note  receivable  of
1,439,250.  This note bears interest at an annual rate of 8.5% and is payable on
demand.

     As of December 31, 1996, the balance remaining on this note was $917,396.
<PAGE>

             MISTER JAY FASHIONS INTERNATIONAL INC. AND SUBSIDIARY
          NOTES TO INTERIM CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
                                  (Unaudited)



NOTE   4  -   EQUITY TRANSACTIONS:

     (a) In June 1996,  European  Ventures  Corp.  ("EVC"),  an affiliate of the
Company,  was granted an option to acquire  3,106,005  shares of Wireless common
stock for either  $1,800,000 or 400,000 shares of common stock (that it owns) of
another  publicly  traded  company,   Multimedia  Concepts   International  Inc.
("Multimedia").  In June 1996, EVC exercised this option through the transfer of
the Multimedia  shares. As a result of this transaction and other  transactions,
the Company's  majority ownership of Wireless was reduced from 50.06% to 4.4% as
of December 31, 1996. The investment in Wireless, which was previously reflected
on a  consolidated  basis  with the  Company  will now be  treated  as an equity
investment.

     (b) In May 1996, the Company  entered into  employment  agreements with two
executive  officers,  whereby such officers were granted  options to purchase an
aggregate of 3,400,000 shares of the Company's stock in lieu of compensation. As
per the agreement,  these shares could be purchased for cash,  other  securities
(valued at 50% of the bid price,  as defined) or a combination  thereof.  During
the quarter ended June 30, 1996,  such options were  exercised and the 3,400,000
shares  were  acquired  by  these  officers  at  current  market  value,   which
approximated  $5,781,000 at the acquisition  date. The  capitalization  of these
shares on the books of the Company has been discounted from market value to fair
value based upon such factors as dilution,  lack of marketability,  etc. Payment
for these shares was partially accomplished by the transfer of 334,000 shares of
Series  E  convertible  preferred  stock  in  Play  Co.  (a then  subsidiary  of
Wireless).  These preferred shares were convertible to common shares of Play Co.
at a rate of 20 common shares to each preferred  share. As of December 31, 1996,
the preferred  shares were converted into 6,680,000  shares of Play Co.'s common
stock. As per the employment  agreements,  these converted shares were valued at
50% of the average bid price of such  securities  for a period,  as defined,  or
$4,342,000. The balance is reflected as a receivable from the officers, see Note
3. This  transaction,  together with the spin-off  transaction  described in (c)
below, resulted in Play Co. becoming a 62.04% owned subsidiary of the Company.

<PAGE>

     (c) In August 1996,  the board of  directors  of Wireless,  pursuant to the
consent of the Company, authorized the spin-off of the shares of common stock of
Play Co. owned by Wireless to the  Wireless'  shareholders.  The total shares of
Play Co. owned by Wireless as of the spin-off date aggregated 3,705,958 of which
the Company received 578,770. These shares, together with the shares of Play Co.
acquired as  described  in (b) above,  resulted in Play Co.  becoming a majority
owned subsidiary of Mister Jay.

     (d) In December 1996,  European American Capital  Foundation  (AEACF@),  an
affiliate of the Company,  acquired  4,200,000  shares of the  Company=s  common
stock at the current  market price for an aggregate of  $1,050,000.  Payment for
these shares was accomplished through the transfer of 225,000 shares of Series E
convertible preferred stock in Play Co.


NOTE  5  - EARNINGS (LOSS) PER SHARE:

     Earnings  (loss) per share has been  computed on the basis of the  weighted
average number of common shares and common equivalent shares  outstanding during
each period presented. 

<PAGE>

ITEM  2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS

     The  following  is  management's  discussion  and  analysis of  significant
factors which have affected the registrant's  financial  position and operations
during the nine and three month periods ended December 31, 1996.

Introduction:

     Mister Jay Fashions  International,  Inc. (the "Company") was formed in the
state of  Delaware on March 19,  1991.  The Company  designs,  manufactures  and
markets women's evening wear.

     As of  March  31,  1996,  Mister  Jay  Fashions  International  Inc.  ("the
Company")  owned a majority  interest  (50.06%) of U. S.  Wireless  Corporation,
formerly American Toys, Inc., ("Wireless") which entity in turn owned a majority
interest (67%) in Play Co. Toys & Entertainment  Corp. ("Play Co."). Play Co. is
an operating company that sells toys and educational games primarily on a retail
basis. Wireless does not and has never conducted any active operations.

     As of December 31, 1996, the Company's ownership percentage in Wireless has
been reduced to approximately 4.4% as a result of certain equity transactions as
described in Note 4(a) of Notes to the Financial Statements in this Form 10-QSB.
Accordingly,  the Company's  investment in Wireless will now be reflected  under
the equity  method of  accounting.  In addition,  as described in Notes 4(b) and
4(c), of Notes to the Financial  Statements in this Form 10-QSB,  due to certain
other equity transactions, Play Co. became a direct majority owned subsidiary of
the Company.

     As a  result  of the  events  described  above,  the  financial  statements
included herein, reflect the Company and Play Co. on a consolidated basis.


<PAGE>

Results of Operations:

     Consolidated  net sales  decreased  to  $9,616,000  for the  quarter  ended
December 31, 1996 as compared to $10,447,000 for the corresponding period of the
prior year.  For the nine month  period  ended  December  31,  1996  compared to
September 30, 1995,  sales  decreased to  $17,015,000  from  $19,269,000.  These
decreases  are  represented  by decreases in toy sales by Play Co., as well as a
decrease in sales of women's  apparel by Mister Jay.  Management  believes  that
these  decreases  were due  primarily  to increased  competition  in the toy and
garment industry.

     Consolidated  gross profit  margins  decreased  from  approximately  33% to
approximately 27% when comparing the three and nine month periods ended December
31,  1996 and 1995.  Margins  decreased  primarily  on sales of women's  apparel
during  the  aforementioned  periods.  Management  believes  that  the  decrease
resulted from increased competitive pressures.

     Overhead  costs for the three  months ended  December  31, 1996  aggregated
$3,114,000  as compared to  $3,399,000  for the three months ended  December 31,
1995, a decrease of $285,000.  For the nine month  comparative  periods overhead
costs  decreased from  $8,324,000 to $7,169,000.  These  decreases were directly
related  to the  variable  costs  associated  with the  decreases  in  revenues.
Interest costs increased when comparing the three months ended December 31, 1996
to 1995 to $229,000 from $152,000.  For the nine month  periods,  interest costs
increased from $371,000 to $600,000.  These increases were due to higher average
borrowings.

<PAGE>

Liquidity and Capital Resources:

     At December 31, 1996 the Company had cash of $167,000,  working  capital of
$902,000 and a current ratio of approximately 1.1:1.

     At March 31, 1996, the consolidated balance sheet reflected working capital
of $1,792,000, a current ratio of 1.3:1 and cash of approximately $76,000.

     Play Co. has an  existing  credit line with  Congress  Financial  Corp.  of
$7,000,000. At December 31, 1996 Play Co. had a $3,482,000 balance payable under
this line of  credit.  The loan is  secured  by all the  assets of Play Co.,  is
guaranteed by Wireless and is  collateralized  by a $2,000,000  letter of credit
provided by an  affiliated  company.  The line of credit  expires on February 1,
1998 and can be renewed for one additional year at the lender's option. The line
of credit  accrues  interest  at the prime  lending  rate plus 1.5%.  Play Co.'s
ability to continue its future  borrowings  under this line of credit is subject
to  events  of  default,  should  they  occur,  and are not  cured  in a  manner
acceptable to the lender.  The credit line is also subject to Play Co.  adhering
to certain required financial covenants

     Sources of funds to repay  obligations  as described  above,  are typically
generated  from sales  during the peak  selling  season for toys from October to
December of each year.

     Due  to  the   significant   seasonality  of  the  toy  industry,   whereby
approximately  50% of Play Co.'s annual sales are generated during the months of
October  through  December,  manufacturers  generally  extend  terms  during the
balance of the year. Amounts borrowed on bank and manufacturer  credit lines are
generally  repaid in December and January of each year, at a time when inventory
levels are significantly reduced.

Trends Affecting Liquidity, Capital Resources and Operations:

     Play Co.'s  sales  efforts are focused  primarily  on a defined  geographic
segment,  consisting  of  individuals  in  the  Southern  California  area.  The
Company's  future  financial  performance  will depend upon continued demand for
toys,  hobby and  educational  items by individuals in Southern  California,  on
general economic  conditions  within such geographic  market area, on Play Co.'s
ability  to choose  locations  for new stores  and on its  ability  to  purchase
product at  favorable  prices on favorable  terms.  The  Company's  revenues and
operating  income could be adversely  affected by a slow down in the growth or a
decline of economic  conditions  in Southern  California,  or by a change in the
spending habits or product preferences of persons residing in such area.

<PAGE>

     The toy and hobby retail  industry  currently faces a number of potentially
adverse  business  conditions  including  price and gross margin  pressures  and
market consolidation. The domination of the retail toy industry by Toys R Us has
resulted  in  increased  price  competition  among  various  toy  retailers  and
declining gross margins for such retailers.  Moreover,  the domination of Toys R
Us has resulted in  liquidation  or bankruptcy of many toy retailers  throughout
the United States,  including the Southern  California  market.  There can be no
assurance  that the  Company's  business  strategy  will  enable  it to  compete
effectively in the retail toy industry.

     Management knows of no other trends reasonably  expected to have a material
impact upon the Company's operations or liquidity in the foreseeable future.

Other:

     The Company believes that its present financial  resources as well as funds
it anticipates  generating from operations and Play Co.'s line of credit will be
adequate to meet its needs for at least the ensuing twelve month period.

Inflation and Seasonality:

     During  the  past  few  years  inflation  in the  United  States  has  been
relatively stable. In management's opinion, this is expected to continue for the
foreseeable future. However, should the American economy again experience double
digit inflation rates, as was the case in the past, the impact upon prices could
adversely affect the Company's operations.

     Play Co.'s toy  business  is highly  seasonal  with a large  portion of its
revenues and profits being  derived  during the months of November and December.
Mister Jay's business is not seasonal with women's apparel being sold throughout
the year.

<PAGE>

PART II       -   OTHER INFORMATION

ITEM 1        -   Legal Proceedings:

                   None



ITEM 2        -   Changes in Securities:


ITEM 3   -        Defaults Upon Senior Securities:

                   None

ITEM 4  - Submission of Matters to a Vote of Security Holders:

                   None


ITEM 5        -   Other Information:

                   None



ITEM 6        -   Exhibits and Reports on Form 8-K:

                   None

<PAGE>
                                   SIGNATURES




In accordance with the  requirements of the Exchange Act, the Registrant  caused
this  Report to be  signed on its  behalf  by the  undersigned,  thereunto  duly
authorized.




Date: February 12, 1997                  MISTER JAY FASHIONS INTERNATIONAL, INC.





                                                              By: /s/ Ilan Arbel
                       ILAN ARBEL, Chief Executive Office


<PAGE>
                  MISTER JAY FASHIONS INTERNATIONAL, INC., AND
                                   SUBSIDIARY
                                   EXHIBIT 27
                             FINANCIAL DATA SCHEDULE
                           ARTICLE 5 OF REGULATION S-X

The  schedule  contains  summary  financial   information   extracted  from  the
consolidated  financial  statements  for the nine months ended December 31, 1996
and is qualified in its entirety by reference to such statements.

<TABLE>
<CAPTION>
<S>                           <C>   
Period type                   9 Mos.
Fiscal year end               March 31, 1997
Period start                  April 1, 1996
Period end                    December 31, 1996
Cash                          166,843
Securities                    0
Receivables                   380,605
Allowances                    32,013
Inventory                     7,245,136
Current assets                9,076,006
PP&E                          4,802,454
Depreciation                  2,789,558
Total assets                  11,824,841
Current liabilities           8,174,209
Bonds                         0
Common                        97,881
Preferred mandatory           0
Preferred                     0
Other SE                      515,668
Total liability and equity    11,824,841
Sales                         17,014,944
Total revenues                17,014,944
CGS                           12,405,236
Total costs                   12,405,236
Other expenses                0
Loss provision                0
Interest expense              599,897
Income pretax                 (2,224,846)
Income tax                    0
Income continuing             (2,224,846)
Discontinued                  0
Extraordinary                 0
Changes                       0
Net income                    (2,224,846)
EPS primary                   (.46)
EPS diluted                   (.46)
</TABLE>
<PAGE>