U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB
                                   (Mark One)

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

                For the quarterly period ended December 31, 2000

                                       OR

          [ ] 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

                          UNITED TEXTILES & TOYS CORP.
                ------------------ -----------------------------
        (Exact Name of Small Business Issuer as Specified in its Charter)

<TABLE>
<CAPTION>
<S>                                                                         <C>
                  Delaware                                                  13-3626613
------------------------------------                           -------------------------------------------
         (State or Other Jurisdiction of                      (IRS Employer Identification No.)
         Incorporation or Organization)
</TABLE>

               1385 Broadway, Suite 814, New York, New York 10018
                    (Address of Principal Executive Offices)

                                 (212) 391-1111
                (Issuer's Telephone Number, Including Area Code)

                                       N/A
              -----------------------------------------------------
             (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  Securities  Exchange  Act of 1934 during the past 12
months (or for such  shorter  period that  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 of each of the issuer's classes of common equity
outstanding as of the latest practicable date: Common Stock, par value $.001 per
share: 4,550,236 shares outstanding as of February 12, 2000.
<PAGE>
                          UNITED TEXTILES & TOYS CORP.
            (A Subsidiary of Multimedia Concepts International, Inc.)

                                TABLE OF CONTENTS
<TABLE>
<CAPTION>

PART I.                      FINANCIAL INFORMATION                                                                   Page
                                                                                                                    Number

Item 1.             FINANCIAL STATEMENTS

<S>                                                                                                                <C>
                    Balance Sheets as of  December 31, 2000 (unaudited)
                    and March 31, 2000.                                                                            3

                    Statements of Operations (unaudited) for the Three and
                    Nine Months Ended December 31, 2000 and 1999 (restated).                                       5

                    Statements  of Cash Flows  (unaudited)  for the Three Months
                    Ended December 31, 2000 and 1999 (restated).
                                                                                                                   6
                    Notes to Financial Statements
                                                                                                                   7

Item 2.             MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                    AND RESULTS OF  OPERATIONS                                                                     9

PART II.            OTHER INFORMATION                                                                              11

</TABLE>
                                       2
<PAGE>
                                 BALANCE SHEETS
                   As of December 31, 2000 and March 31, 2000
<TABLE>
<CAPTION>

                                                                 December 31,   March 31,
                                                                    2000          2000
                                                                  ---------    ---------
                                     ASSETS

  CURRENT ASSETS:
<S>                                                               <C>          <C>
  Cash ........................................................   $     600    $     750
  Prepaid expenses and other current assets ...................       5,689        5,689
  Investment in affiliated companies ..........................           0       44,708
                                                                  ---------    ---------
Total current assets ..........................................       6,289       51,147
                                                                  ---------    ---------

FURNITURE, FIXTURES AND EQUIPMENT
  Furniture, fixtures and equipment ...........................      38,152       38,152
  Accumulated depreciation on furniture, fixtures and equipment     (38,152)     (38,152)
                                                                  ---------    ---------
  Furniture, fixtures and equipment - Net .....................           0            0

OTHER ASSETS
  Due from affiliates .........................................     217,721      152,513
  Deposits and other assets ...................................       7,220        7,220
                                                                  ---------    ---------
  Total other assets ..........................................     224,941      159,733
                                                                  ---------    ---------


          Total Assets ........................................   $ 231,230    $ 210,880
                                                                  =========    =========

</TABLE>



    The accompanying notes are an integral part of these financial statements
                                        3
<PAGE>
                                 BALANCE SHEETS
                   As of December 31, 2000 and March 31, 2000

<TABLE>
<CAPTION>
                                                               December 31,    March 31,
                                                                   2000          2000
                                                              -----------    -----------

                      LIABILITIES AND STOCKHOLDERS' EQUITY

  CURRENT LIABILITIES:
<S>                                                           <C>            <C>
  Accounts payable ........................................   $    49,695    $    53,062

  Accrued expenses and other current liabilities
                                                                  142,995         75,228
  Due to Officer
                                                                  182,337         78,445
                                                              -----------    -----------

          Total current liabilities .......................       375,027        206,735
                                                              -----------    -----------
                                                                  375,027        206,735
                                                              -----------    -----------


STOCKHOLDERS' EQUITY:
 Common stock,  $.01 par value; 10,000,000 shares
    authorized, 4,550,234  shares issued and outstanding at
    December 31, 2000 and  March 31, 2000 .................         4,550          4,550
 Additional paid-in capital ...............................     8,142,281      8,142,281
 Retained earnings (Deficit) ..............................    (8,290,628)    (8,142,686)
                                                              -----------    -----------
          Total stockholders' equity ......................      (143,797)         4,145
                                                              -----------    -----------
          Total liabilities and stockholders' equity ......   $   231,230    $   210,880
                                                              ===========    ===========
</TABLE>






    The accompanying notes are an integral part of these financial statements
                                        4
<PAGE>
                             STATEMENT OF OPERATIONS
                                   (Unaudited)
<TABLE>
<CAPTION>

                                                   For the Three Months Ended     For the Nine Months Ended
                                                   ---------------------------    --------------------------
                                                     Dec. 31,         Dec. 31,     Dec. 31,        Dec. 31,
                                                       2000            1999          2000            1999
                                                    -----------    -----------    -----------    -----------
                                                                     Restated                      Restated
                                                                     (Note 4)                      (Note 4)

Operating expenses:
<S>                                                 <C>            <C>            <C>            <C>
  Operating expenses ............................   $    31,429    $    26,610    $   129,340    $   101,786
  Interest expense ..............................          --             --           19,326           --
                                                    -----------    -----------    -----------    -----------
         Total operating expenses
                                                         31,429         26,610        148,666        101,786
                                                    -----------    -----------    -----------    -----------
Operating income (loss) .........................       (31,429)       (26,610)      (148,666)      (101,786)
Other income:
         Interest and other income
                                                            302            202            724            512
                                                    -----------    -----------    -----------    -----------

Net loss ........................................   $   (31,127)   $   (26,408)   $  (147,942)   $  (101,274)
                                                    ===========    ===========    ===========    ===========


Calculation of basic and diluted common share and
share equivalents:
Basic and diluted loss per common
share and share .................................   $     (.007)   $     (.006)   $     (.033)   $     (.022)
                                                    ===========    ===========    ===========    ===========

Weighted average number of common shares
outstanding .....................................     4,550,234      4,550,234      4,550,234      4,550,234
                                                    ===========    ===========    ===========    ===========


</TABLE>

    The accompanying notes are an integral part of these financial statements
                                        5


<PAGE>
                             STATEMENT OF CASH FLOWS
                                   (Unaudited)
                           Increase (Decrease) in Cash
<TABLE>
<CAPTION>
                                                                                For the Years Ended
                                                                              December 31,  December 31,
                                                                                2000            1999
                                                                               ---------    ---------
                                                                                            (Restated)
                                                                                             (Note 4)
    CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                                            <C>          <C>
Net loss ...................................................................   $(147,942)   $(101,274)
                                                                               ---------    ---------
Adjustments  to reconcile  net loss to cash (used)  provided  for  operating
Activities: Changes in assets and liabilities:
   Increase (decrease) in accounts receivable ..............................        --         20,242
   Increase (decrease) in prepaid expenses and other current assets ........        --           (101)
   Increase (decrease) in accounts payable .................................      (3,367)      44,708
   Increase (decrease) in accrued expenses and other liabilities                  67,767       35,711
                                                                               ---------    ---------
          Total adjustments
                                                                                  64,400      100,560
                                                                               ---------    ---------
          Net cash provided (used) by operating activities .................     (83,542)        (714)

CASH FLOWS FROM INVESTING ACTIVITIES:
   Investment in affiliated companies ......................................      44,708      (44,708)
                                                                               ---------    ---------
          Net cash (used for) investing activities .........................      44,708      (44,708)
                                                                               ---------    ---------

CASH FLOWS FROM FINANCING ACTIVITIES:
   Loans and exchanges- officers ...........................................     103,892       39,457
   Loans and advances - affiliates .........................................     (65,208)       6,057
                                                                               ---------    ---------
          Net cash provided by (used for) investing activities .............      38,684       45,514
                                                                               ---------    ---------
NET INCREASE (DECREASE) IN CASH ............................................        (150)          92

Cash, beginning of period ..................................................         750          658
                                                                               ---------    ---------
Cash, end of period ........................................................   $     600    $     750
                                                                               =========    =========
Supplemental disclosure of cash flow information:
Interest paid ..............................................................   $    --      $    --
                                                                               =========    =========
Taxes paid .................................................................   $    --      $    --
                                                                               =========    =========
</TABLE>
    The accompanying notes are an integral part of these financial statements
                                        6


<PAGE>
                          UNITED TEXTILES & TOYS CORP.
            (A Subsidiary of Multimedia Concepts International, Inc.)

                          NOTES TO FINANCIAL STATEMENTS
                                December 31, 2000
                                   (Unaudited)


NOTE 1 -          BASIS OF PRESENTATION:

                  The  accompanying  unaudited  financial  statements  have been
                  prepared in  accordance  with  generally  accepted  accounting
                  principles   for  interim   financial   information   and  the
                  instructions to Form 10-QSB. Accordingly,  they do not include
                  all  the  information  and  footnotes  required  by  generally
                  accepted  accounting  principles  for more complete  financial
                  statements.   In  the  opinion  of  management,   the  interim
                  financial   statements  include  all  adjustments   considered
                  necessary for a fair  presentation of the Company's  financial
                  position  and the  results  of its  operations  for the  three
                  months  ended  December  31,  2000  and  are  not  necessarily
                  indicative  of the results to be expected  for the full fiscal
                  year. For further  information,  refer to the Company's Annual
                  report on Form  10-KSB  for the fiscal  year  ended  March 31,
                  2000, as filed with the Securities and Exchange Commission.

NOTE 2 -          DESCRIPTION OF COMPANY:

                  United  Textiles & Toys Corp.  (the  "Company")  is a Delaware
                  corporation  which was  organized in March 1991 and  commenced
                  operations in October  1991.  The Company  formerly  designed,
                  manufactured,  and marketed a variety of lower priced  women's
                  dresses,  gowns, and separates (blouses,  camisoles,  jackets,
                  skirts, and pants) for special occasions and formal events. In
                  April 1998,  the Company ceased all operating  activities;  it
                  now operates solely as a holding company.

NOTE 3 -          INVESTMENT BY MULTIMEDIA CONCEPTS INTERNATIONAL, INC.:

                  On January 2, 1998, the Company issued 3,571,429 shares of its
                  common  stock  to  Multimedia  Concepts   International  Inc.,
                  ("Multimedia")  a company of which the Company's  President is
                  also President,  Chief Executive Officer, and a Director.  The
                  issuance of these  common  shares at a price of $.28 per share
                  ($.01  above  the  closing   price  on  December   31,   1997)
                  represented  payment for  $1,000,000  loaned to the Company by
                  Multimedia.

                  As a result of this transaction,  Multimedia owns 78.5% of the
                  outstanding shares of common stock of the Company, effectively
                  making the Company a subsidiary of Multimedia.

                  On  January  20,  1998,   U.S.   Stores   acquired   1,465,000
                  shares  of  Multimedia's   common  stock.  U.S.   Stores   was
                  incorporated  on November 10, 1997. The  Company's   president
                  is also  President and Director  of  U.S.  Stores.  After this
                  transaction,  U.S.  Stores  held  an  aggregate  of  1,868,000
                  shares  of  Multimedia's   common    stock,  or  63%,  of  the
                  outstanding     shares,   effectively   making   Multimedia  a
                  subsidiary of U.S. Stores.

                                       7
<PAGE>
                          UNITED TEXTILES & TOYS CORP.
            (A Subsidiary of Multimedia Concepts International, Inc.)

                          NOTES TO FINANCIAL STATEMENTS
                                December 31, 2000
                                   (Unaudited)

NOTE 3 -          INVESTMENT BY MULTIMEDIA CONCEPTS INTERNATIONAL, INC.:
                        (continued)

                  On February 28, 1998, American Telecom Corporation  ("American
                  Telecom")  acquired 100% of the  outstanding  common shares of
                  U.S.  Stores.  American  Telecom was  incorporated on July 18,
                  1997. The Company's President is also President and a Director
                  of American Telecom. After this transaction,  American Telecom
                  effectively obtained beneficial voting control of the Company.

                  In  April  1998,   American  Telecom   exchanged  all  of  its
                  outstanding  common  shares  with  American  Telecom,  PLC,  a
                  publicly   traded  company  in  Great   Britain.   After  this
                  transaction,  American Telecom effectively became a subsidiary
                  of  American  Telecom,  PLC.  Additionally,  as  part  of this
                  transaction,  American  Telecom,  PLC  acquired  100%  of  the
                  outstanding common shares of U.S. Stores,  thereby effectively
                  making U.S.  Stores a direct  subsidiary of American  Telecom,
                  PLC.

NOTE 4 -          RESTATEMENT OF AMOUNTS PREVIOUSLY REPORTED

                  The Financial  statements  for the three months ended December
                  31, 1999 contain certain  restatements  of amounts  previously
                  reported.

                  These   restatements   were  the   result  of  the   Company's
                  decision  to  deconsolidate  the  accounts  of  Play Co. as of
                  March 31, 2000. At March 31, 1999,  the  Company's  percentage
                  of ownership in Play Co. was 45.2%.  Although  the  Company at
                  that  date  owned  less than 51%  of  Play  Co.'s  outstanding
                  common stock,  the  Company  still  exercised  prerogative  of
                  control over  Play  Co. and  consolidated the accounts of Play
                  Co. into the Company.

                  At March 31, 2000,  the  Company's  percentage of ownership in
                  Play Co. was  reduced  to 21.69%  and has since  been  further
                  reduced to 8.2% as of  December  31,  2000.  Accordingly,  the
                  Company has elected to deconsolidate the accounts of Play Co.,
                  and  account  for its  investment  in Play Co.  on the  equity
                  method of accounting.  Under the equity  method,  the original
                  investment is recorded at cost,  and is adjusted  periodically
                  to recognize the investor's share of the earnings or losses of
                  the investee subsequent to the date of acquisition. Under this
                  method  of  accounting,  the  investment  generally  cannot be
                  reduced  below zero,  when the investee has  operating  losses
                  that  exceed  the  investment,  at which  point the use of the
                  equity method is  suspended.  Currently the losses in Play Co.
                  exceed the investment  which has been reduced to zero.  Excess
                  losses are being tracked by the Company.


                                       8
<PAGE>
                          UNITED TEXTILES & TOYS CORP.
            (A Subsidiary of Multimedia Concepts International, Inc.)

                          NOTES TO FINANCIAL STATEMENTS
                                December 31, 2000
                                   (Unaudited)


NOTE 4 -          RESTATEMENT OF AMOUNTS PREVIOUSLY REPORTED (Continued)

                  The Company will resume  accounting for the investment in Play
                  Co. under the equity method when Play Co. subsequently reports
                  net  income  and  the  net  income   exceeds   the   Company's
                  accumulated  share of Play  Co.'s net  losses  not  recognized
                  during the period of discontinuance of the equity method.


<PAGE>
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
         CONDITION AND RESULT OF OPERATIONS

Results of Operations

         The Company is a Delaware corporation which was organized in March 1991
and commenced  operations in October 1991. In April 1998, the Company ceased all
operating  activities  and now  operates  solely  as a holding  company  for its
ownership in Play Co.

         Statements  contained in this report which are not historical facts may
be considered forward looking information with respect to plans, projections, or
future  performance  of the  Company as  defined  under the  Private  Securities
Litigation  Reform Act of 1995. These forward looking  statements are subject to
risks and  uncertainties  which could cause actual results to differ  materially
from those now projected.

For the three months ended  December 31, 2000 compared to the three months ended
December 31, 1999 (restated):

         Operating expenses were $31,429 as compared to $26,610 restated for the
three months ended  December 31, 1999.  This increase of $4,819,  or 18.1%,  was
primarily due to the accruing of Corporate taxes in the current period.

         For the three months ended  December 31, 2000,  the Company  reported a
net loss of $31,127,  or basic loss per share of .007, as compared to a restated
net loss of  $26,408,  or a basic  loss per share of $.006 for the three  months
December 31,  1999.  The weighted  average  number of common  shares used in the
computation of basic earnings per share was 4,550,234 for the three months ended
December 31, 2000 and December 31, 1999.

For the Nine months ended December 31, 2000 compared to Nine months ended
December 31, 1999

         Operating expenses were $129,340 for the nine months ended December 31,
2000, as compared to $101,786 for the nine months ended December 31, 1999.  This
increase of $27,554 or 27.1%,  was due primarily to a new assessment by New York
State of penalties on late filing of income taxes for prior years.

         The  Company  incurred  interest  expense of $19,326 in the nine months
ended December 31, 2000, as compared to $0 in the nine months ended December 31,
1999. The  recognition of interest  expense was a result of an assessment by the
State of New York on late filed payroll tax returns in prior years.

         For the nine months ended December 31, 2000, the Company reported a net
loss of $147,942, or basic earnings deficit per share of $.033, as compared to a
restated net loss of $101,274,  or a basic earnings  deficit per share of $.022,
for the nine months  ended  December 31, 1999.  The weighted  average  number of
common shares used in the  computation of basic earnings per share was 4,550,234
for the nine months ended December 31, 2000 and 1999.


                                       10
<PAGE>
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
         CONDITION AND RESULT OF OPERATIONS (continued)


Liquidity and Capital Resources

         At December 31, 2000, the Company reported cash and cash equivalents of
$600,  working  capital  deficit  of  $368,738,   and  stockholders'  equity  of
$(143,797) as compared to cash and cash  equivalents  of $750,  working  capital
deficit of $155,588, and stockholders' equity of $4,145 at March 31, 2000.

Year 2000

         The Company in 1999  upgraded its computer  system by installing a year
2000 upgrade to its software.

         Although the Company has not  experienced  any problems  related to the
year 2000 issues,  the  possibility  still exists that such problems might arise
during the calendar year. However,  the effect, if any, of year 2000 problems on
the  Company's  results of  operations  cannot be  estimated  with any degree of
certainty if the Company or its affiliated  companies,  or service providers are
not fully compliant.


Trends Affecting Liquidity, Capital Resources and Operations

              Since the Company is  ostensibly a holding  company,  there are no
trends that will affect liquidity, capital resources, and operations.




                                       11
<PAGE>
                           PART II - OTHER INFORMATION



Item 1.           Legal Proceedings:        None

Item 2.           Changes in Securities and Use of Proceeds:  None

Item 3.           Defaults Upon Senior Securities:   None

Item 4.           Submission of Matters to a Vote of Security Holders: None

Item 5.           Other Information:        None

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

     (a) The following  exhibits are filed with this Form 10-QSB for the quarter
ended September 30, 2000:

        27.1           Financial Data Schedule

     (b) During the quarter ended December 31, 2000, no reports on Form 8-K were
filed with the Securities and Exchange Commission.
















                                       12
<PAGE>
                                   SIGNATURES


         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
the  Registrant  has duly  caused  this report to be signed on its behalf by the
undersigned thereunto duly authorized, on this 13th day of February, 2001.


                                    UNITED TEXTILES & TOYS CORP.


                                    By:     /s/ Ilan Arbel
                                            ----------------------------
                                            Ilan Arbel
                                            President


                                    By:     /s/ Allean Goode
                                            ----------------
                                            Allean Goode
                                            Treasurer


                                       13