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 September 30, 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: 4,550,234 shares outstanding as of November 10, 2000.

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

<TABLE>
<CAPTION>
                                                      TABLE OF CONTENTS

PART I.             FINANCIAL INFORMATION                                                                      Page
                                                                                                              Number

Item 1.             FINANCIAL STATEMENTS

<S>                                                                                                                   <C>
                    Balance Sheets as of  September 30, 2000 (unaudited)                                              3
                     and March 31, 2000.

                    Statement of Operations (unaudited) for the three and six
                     months ended September 30, 2000 and 1999.                                                        5

                    Statement of Cash Flows (unaudited) for the six
                     months ended September 30, 2000 and 1999.                                                        6

                    Notes to Financial Statements (unaudited)                                                         7

Item 2.             MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF  OPERATIONS
                                                                                                                     10

</TABLE>




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



                                 BALANCE SHEETS
                   As of September 30, 2000 and March 31, 2000
<TABLE>
<CAPTION>

                                                                       Sept. 30,  March 31,
                                                                         2000       2000
(Unaudited) (Note 1)
                                     ASSETS

CURRENT ASSETS:
<S>                                                                 <C>          <C>
  Cash ..........................................................   $   4,366    $     750
  Prepaid expenses and other current assets .....................       5,689        5,689
  Investment in affiliated companies ............................           -       44,708
                                                                    ---------    ---------
  Total current assets ..........................................      10,055       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 ...........................................     136,321      152,513
  Deposits and other assets .....................................       7,220        7,220
                                                                    ---------    ---------
  Total other assets ............................................     143,541      159,733
                                                                    ---------    ---------

  Total Assets ..................................................   $ 153,596    $ 210,880
                                                                    =========    =========

</TABLE>


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

                                       -3-

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


                                 BALANCE SHEETS
                   As of September 30, 2000 and March 31, 2000
<TABLE>
<CAPTION>


                                                                               Sept. 30,     March 31,
                                                                                 2000           2000
                                                                              (Unaudited)     (Note 1)

                        LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
<S>                                                                          <C>            <C>
  Accounts payable .......................................................   $    47,839    $    53,062
  Accrued expenses and other current liabilities .........................       141,932         75,228
  Due to Officer .........................................................        76,495         78,445
                                                                             -----------    -----------

          Total current liabilities ......................................       266,266        206,735
                                                                             -----------    -----------

          Total liabilities ..............................................       266,266        206,735
                                                                             -----------    -----------

STOCKHOLDERS' EQUITY:
  Common stock, $.01 par value; 10,000,000 shares authorized, 4,550,234
   shares issued and outstanding at September 30, 2000 and March 31, 2000          4,550          4,550
  Additional paid-in capital .............................................     8,142,281      8,142,281
  Retained earnings (deficit) ............................................    (8,259,501)    (8,142,686)
                                                                             -----------    -----------

          Total stockholders' equity .....................................      (112,670)         4,145
                                                                             -----------    -----------

          Total liabilities and stockholders' equity .....................   $   153,596    $   210,880
                                                                             ===========    ===========


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

                                      -4-
<PAGE>
                          UNITED TEXTILES & TOYS CORP.
            (A Subsidiary of Multimedia Concepts International, Inc.)

                             STATEMENT OF OPERATIONS
                                   (Unaudited)
<TABLE>
<CAPTION>

                                                                      For the Three Months Ended      For the Six Months Ended
                                                                        Sept. 30,       Sept. 30,      Sept. 30,      Sept. 30,
                                                                          2000            1999           2000           1999
                                                                       -----------    -----------    -----------    -----------
                                                                                        Restated                      Restated
                                                                                        (Note 4)                      (Note 4)

Operating expenses:
<S>                                                                    <C>            <C>            <C>            <C>
  Operating expenses ...............................................   $    70,222    $    37,822    $    97,911    $    75,176
  Interest expense .................................................        19,326           --           19,326           --
                                                                       -----------    -----------    -----------    -----------
         Total operating expenses ..................................        89,548         37,822        117,237         75,176
                                                                       -----------    -----------    -----------    -----------
Operating income (loss) ............................................       (89,548)       (37,822)      (117,237)       (75,176)

Other income:
         Interest and other income                                             319            310            421            310
                                                                       -----------    -----------    -----------    -----------
Net loss before loss on investment in ..............................       (89,229)       (37,512)      (116,816)       (74,866)
subsidiary                                                             -----------    -----------    -----------    -----------

Net loss ...........................................................   $   (89,229)   $   (37,512)   $  (116,816)   $   (74,866)
                                                                       ===========    ===========    ===========    ===========


Calculation of basic and diluted common share and share equivalents:
  Basic and diluted loss per common share and
share equivalent ...................................................   $      (.02)   $      (.01)   $      (.03)   $      (.02)
                                                                       ===========    ===========    ===========    ===========

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 consolidated financial
statements.

                                      -5-


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

                             STATEMENT OF CASH FLOWS
                                   (Unaudited)
                           Increase (Decrease) in Cash
<TABLE>
<CAPTION>

                                                                                                     Six Months Ended
                                                                                         -----------------------------------------
                                                                                             Sept. 30,             Sept. 30,
                                                                                               2000                   1999
                                                                                         ------------------    -------------------
                                                                                                                   (Restated)
                                                                                                                    (Note 4)

CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                                                            <C>                    <C>
Net income (loss)                                                                              $ (116,816)            $  (74,866)
                                                                                         ------------------    -------------------
Adjustments  to  reconcile  net  loss  to cash  (used)  provided  for  operating
activities:

Changes in assets and liabilities:
  (Decrease) in accounts receivable                                                                  -                    20,242
  (Increase) decrease in prepaid expenses and other current assets                                   -                      (101)
   Increase (decrease) in accounts payable                                                         (5,222)                   -
  Increase (decrease) in accrued expenses and other liabilities                                    66,704                 58,031
                                                                                         ------------------    -------------------
          Total adjustments                                                                        61,482                 78,172
                                                                                         ------------------    -------------------
          Net cash provided (used) by operating activities                                        (55,334)                 3,306
                                                                                         ------------------    -------------------

CASH FLOWS FROM INVESTING ACTIVITIES:
   Loans ( made to ) officer                                                                       (1,950)                41,511
   Investment in affiliated companies                                                              44,708                (44,708)
                                                                                         ------------------    -------------------
          Net cash (used for) investing activities                                                 42,758                 (3,197)
                                                                                         ------------------    -------------------

CASH FLOWS FROM FINANCING ACTIVITIES:
   Loans and advances - Affiliates                                                                 16,192                (14,743)
                                                                                         ------------------    -------------------
          Net cash provided by (used for) investing activities                                     16,192                (14,743)
                                                                                         ------------------    -------------------

NET INCREASE (DECREASE) IN CASH                                                                     3,616                (14,634)
                                                                                         ------------------    -------------------

Cash, beginning of period                                                                             758                    658
                                                                                         ------------------    -------------------
Cash, end of period                                                                      $          4,366             $  (13,976)
                                                                                         ==================    ===================
Supplemental disclosure of cash flow information:
Interest paid                                                                            $            -         $            -
                                                                                         ==================    ===================
Taxes paid                                                                               $          1,856       $        21,152
                                                                                         ==================    ===================

</TABLE>

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

                                       -6-
<PAGE>
                          UNITED TEXTILES & TOYS CORP.
            (A Subsidiary of Multimedia Concepts International, Inc.)

                          NOTES TO FINANCIAL STATEMENTS
                                September 30,2000
                                   (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  September  30,  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,  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.




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

                          NOTES TO FINANCIAL STATEMENTS
                               September 30, 2000
                                   (Unaudited)


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

                  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.

                  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 and the Company.











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

                          NOTES TO FINANCIAL STATEMENTS
                               September 30, 2000
                                   (Unaudited)



NOTE 4 -          RESTATEMENT OF AMOUNTS PREVIOUSLY REPORTED

                  The Financial  statements for the three months ended September
                  30, 2000 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  and retroactively to March 31, 1999. 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%.  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.  The report as of March 31, 1999 and September 30,
                  1999 have also been restated to reflect the deconsolidation of
                  Play Co. 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.

                  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.





                                      -9-

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

Results of Operations

     United  Textiles & Toys Corp.  (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.

     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.

Three months ended September 30, 2000 compared to three months ended   September
30, 1999


     Operating  expenses  were $70,222 for the three months ended  September 30,
2000,  as compared to $ 37,822 for the three  months ended  September  30, 1999.
This  increase  of  $32,400 or 86 %, was due  primarily  to the  recognition  of
$27,632 in new  penalties  assessed  by New York State for late filing of income
taxes in prior years.

     The Company incurred  interest expense of $19,326 in the three months ended
September 30, 2000,  as compared to $ 0 in the three months ended  September 30,
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 three months ended  September 30, 1999, the Company  reported a net
loss of $89,229 or basic  earnings  deficit  per share of $.02 as  compared to a
restated net loss of $37,512,  or a basic earnings deficit per share of $.01 for
the three months ended September 30, 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 September 30, 2000 and 1999.

Six months ended September 30, 2000 compared to six months ended September   30,
1999

     Operating  expenses  were  $97,911 for the six months ended  September  30,
2000, as compared to $75,176 for the six months ended  September 30, 1999.  This
increase of $ 22,735 or 31%,  was due 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 six months ended
September  30, 2000,  as compared to $ 0 in the six months ended  September  30,
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.

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




Results of Operations (continued)

     For the six  months  ended  September  30,  2000,  the  Company  reported a
consolidated net loss of $116,816,  or basic earnings deficit per share of $.03,
as compared to a restated net loss of $74,866,  or a basic earnings  deficit per
share of $.02, for the six months ended September 30, 1999. The weighted average
number of common shares used in the  computation of basic earnings per share was
4,550,234 for the six months ended September 30, 2000 and 1999.

Liquidity and Capital Resources

     At September 30, 2000,  the Company  reported cash and cash  equivalents of
$4,366,  working  capital  deficit  of  $256,211,  and  stockholders'  equity of
$(112,670),  reflecting  the net  loss of  $116,816  for  the six  months  ended
September 30, 2000.

     At March 31, 2000, the Company  reported cash and cash equivalents of $750,
working capital deficit of $155,588, and stockholders' equity of $4,145.

     During the six month period  ending  September  30, 2000,  the Company used
$55,334 in cash from its operating  activities,  as compared to providing $3,306
from operating activities in the six month period ended September 30, 1999.

     The Company provided $42,758 of cash in investing activities during the six
months  ended  September  30,  2000,  compared to using $3,197 in the six months
ended September 30, 1999.

     The Company  generated  $16,192 from its  financing  activities  in the six
month period ended  September  30, 2000, as compared to using $14,743 in the six
months ended September 30, 1999.

     As a result of the above factors, the Company has a net increase in cash of
$3,616 in the six months ended September 30, 2000, compared to a net decrease in
cash of $14,634 in the six months ended September 30, 1999.



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


YEAR 2000 UPDATE

Subject to continued  monitoring of third party  suppliers,  the Company's  year
2000 program ("Program") is complete, and no material problems have arisen since
the end of  calendar  year 1999.  The  Program  addressed  the issue of computer
programs and embedded  computer  chips being unable to  distinguish  between the
year 1900 and the year 2000. All of the Company's  business computer systems are
year 2000 ready.


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.


<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 14th day of November 2000.


                                    UNITED TEXTILES & TOYS CORP.


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


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