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

                     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, 2001

                                       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>

               1410 Broadway, Suite 1602, 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 12, 2001.

         Transitional Small Business Disclosure Format (check one):
Yes [ ] No [X]

<PAGE>
                                TABLE OF CONTENTS

      PART I.         FINANCIAL INFORMATION
<TABLE>
<CAPTION>
                                                                                                                            Page
                                                                                                                            Number

      Item 1.         FINANCIAL STATEMENTS

<S>                                                                                                                            <C>
                      Balance Sheets as of  September 30, 2001 (unaudited)
                      and March 31, 2001.                                                                                       3

                      Statements of Operations (unaudited) for the six and three months ended September 30,
                      2001 and September 30, 2000                                                                               5

                      Statements of Cash Flows (unaudited) for the six months
                      ended September 30, 2001 and September 30, 2000                                                           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

      Item 1.         LEGAL PROCEEDINGS                                                                                        11

      Item 2.         CHANGES IN SECURITIES AND USE OF PROCEEDS                                                                11

      Item 3.         DEFAULTS UPON SENIOR SECURITIES                                                                          11

      Item 4.         SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS                                                      11

      Item 5.         OTHER INFORMATION                                                                                        11

      Item 6.         EXHIBITS AND REPORTS ON FORM 8-K                                                                         11

                      SIGNATURES                                                                                               12

</TABLE>

                                       2
<PAGE>
                          UNITED TEXTILES & TOYS CORP.
            (A Subsidiary of Multimedia Concepts International, Inc.)

                                 BALANCE SHEETS
                   As of September 30, 2001 and March 31, 2001

<TABLE>
<CAPTION>
                                                                    Sept. 30,   March 31,
                                                                      2001        2001
                                                                  ---------    ---------
                                     ASSETS

      CURRENT ASSETS:
<S>                                                               <C>          <C>
  Cash ........................................................   $     583    $     618
  Prepaid expenses and other current assets ...................       5,689        5,689
                                                                  ---------    ---------
Total current assets ..........................................       6,272        6,307
                                                                  ---------    ---------

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 .........................................     185,221      279,721
  Deposits and other assets ...................................       7,220        7,220
                                                                  ---------    ---------
  Total other assets ..........................................     192,441      286,941
                                                                  ---------    ---------


          Total Assets ........................................   $ 198,713    $ 293,248
                                                                  =========    =========

</TABLE>


    The accompanying notes are an integral part of these financial statements

                                       3
<PAGE>
                          UNITED TEXTILES & TOYS CORP.
            (A Subsidiary of Multimedia Concepts International, Inc.)

                                 BALANCE SHEETS
                   As of September 30, 2001 and March 31, 2001
<TABLE>
<CAPTION>



                                                                                   Sept. 30,      March 31,
                                                                                     2001           2001
                                                                                  -----------    -----------
                  LIABILITIES AND STOCKHOLDERS' EQUITY

  CURRENT LIABILITIES:
<S>                                                                               <C>            <C>
   Accounts payable ...........................................................   $    65,750    $    65,353
   Accrued expenses and other current liabilities .............................       104,483        144,083
   Due to Officer .............................................................       232,533        252,337
                                                                                  -----------    -----------

           Total current liabilities ..........................................       402,766        461,773
                                                                                  -----------    -----------
Total liabilities .............................................................       402,766        461,773
                                                                                  -----------    -----------

 STOCKHOLDERS' EQUITY:
 Common stock, $.001 par value; 10,000,000 shares authorized, 4,550,234 shares
   issued and outstanding at September 30, 2001 and 4,550,234 shares issued and
   outstanding at March 31, 2001 ..............................................         4,550          4,550
   Additional paid-in capital .................................................     8,142,281      8,142,281
   Retained earnings (Deficit) ................................................    (8,350,884)    (8,315,356)
                                                                                  -----------    -----------
           Total stockholders' equity .........................................      (204,053)      (168,525)
                                                                                  -----------    -----------

           Total liabilities and stockholders' equity .........................   $   198,713    $   293,248
                                                                                  ===========    ===========

</TABLE>
    The accompanying notes are an integral part of these 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,
                                                   2001            2000          2001           2000
                                                -----------    -----------    -----------    -----------
                                                                Restated                      Restated
                                                                (Note 4)                      (Note 4)

Operating expenses:
<S>                                             <C>            <C>            <C>            <C>
  Operating expenses ........................   $    14,588    $    70,222    $    35,530    $    97,911
  Interest expense ..........................          --           19,326           --           19,326
                                                -----------    -----------    -----------    -----------
         Total operating expenses ...........        14,588         35,530        117,237
                                                                                                  89,548
                                                -----------    -----------    -----------    -----------
Operating income (loss) .....................       (14,588)       (89,548)       (35,530)      (117,237)
Other income:
         Interest and other income ..........          --              319              2            421
                                                -----------    -----------    -----------    -----------
Net loss before loss on investment in .......       (14,588)       (89,229)       (35,528)      (116,816)
subsidiary
                                                -----------    -----------    -----------    -----------

Net loss ....................................   $   (14,588)   $   (89,229)   $   (35,528)   $  (116,816)
                                                ===========    ===========    ===========    ===========


Calculation of basic and diluted common
 share and share equivalents:
  Basic and diluted loss per common share and
share equivalent ............................   $     (.003)   $      (.02)   $     (.007)   $      (.03)
                                                ===========    ===========    ===========    ===========

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

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

                                                                          For the six months ended
                                                                             Sept. 30,    Sept. 30,
                                                                               2001         2000
                                                                            ---------    ---------
    CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                                         <C>          <C>
Net loss ................................................................   $ (35,528)   $(116,816)
                                                                            ---------    ---------
Adjustments to reconcile net loss to cash (used) provided for operating
Activities: Changes in assets and liabilities:
   Increase (decrease) in accounts payable ..............................         397       (5,222)
   Increase (decrease) in accrued expenses and other liabilities ........     (39,600)      66,704
                                                                            ---------    ---------
          Total adjustments .............................................     (39,203)      61,482
                                                                            ---------    ---------
          Net cash provided (used) by operating activities ..............     (74,731)     (55,334)
                                                                            ---------    ---------

CASH FLOWS FROM FINANCING ACTIVITIES:
   Loans and advances - officer .........................................     (19,804)      (1,950)
   Investment in affiliated companies ...................................        --         44,708
  Loans & advances- affiliated ..........................................      94,500       16,192
                                                                            ---------    ---------
          Net cash provided by (used for) investing activities ..........      74,696       58,950
                                                                            ---------    ---------

NET INCREASE (DECREASE) IN CASH .........................................         (35)       3,616
                                                                            ---------    ---------

Cash, beginning of period ...............................................         618          750
                                                                            ---------    ---------
Cash, end of period
Supplemental disclosure of cash flow information: .......................   $     583    $   4,366
                                                                            =========    =========
Interest paid ...........................................................   $    --      $    --
                                                                            ---------    ---------
Taxes paid ..............................................................   $    --      $   1,856
                                                                            =========    =========
</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
                               September 30, 2001
                                   (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, 2001 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 30,
                  2001, 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.

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, Chief Executive Officer, and a Director is also
                  President, Chief Executive Officer and a Director of
                  Multimedia. 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  Corp.   ("USSC")
                  acquired 1,465,000 shares of Multimedia's common stock. U.S.
                  Stores was  incorporated  on  November 10, 1997.  During July
                  and  August  of 2001,  USSC  sold  substantially  all of its
                  holdings in Multimedia,   effectively reducing its percentage
                  of ownership to below 5%.

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

NOTE 4 -          INVESTMENT IN AFFILIATED COMPANY:

                  The   Company's   investment   in  Play   Co.   Toys  &
                  Entertainment  Corp.  (Play  Co.) was  accounted  for on the
                  equity method of  accounting.  Its investment was reduced to
                  zero as a result of Play Co.'s  continued  losses.  On March
                  28, 2001, Play Co. filed for protection  under Chapter 11 of
                  the  US  Bankruptcy  Code.  In  August  2001  the  case  was
                  converted to a Chapter 7 filing.





                                       8
<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, 2001 compared to three months ended
September 30, 2000

     Operating  expenses  were $14,588 for the three months ended  September 30,
2001 as compared to $70,222 for the three months ended  September 30, 2000. This
decrease of $55,634,  or 79%,  was  primarily  due to a reduction  in  salaries,
professional fees and the recognition during the period ended September 30, 2000
of penalties assessed by New York State for late filing of income taxes in prior
periods.  A  comparative  listing of  selected  operating  expenses  for the two
periods is as follows:

                                              Sept. 30,          Sept. 30,
                                                2001                2000
                                           ----------------    ---------------

Salaries                                           $ 2,925           $ 12,675
P/R Taxes                                              256                970
Professional fees                                   11,000             22,528
Transfer agent fees                                    150              1,693
Other expenses                                         257             32,356
                                           ----------------    ---------------
Total                                             $ 14,588           $ 70,222
                                           ================    ===============

     The  Company  incurred  no  interest  expense  in the  three  months  ended
September 30, 2001,  as compared to $19,326 in the three months ended  September
30, 2000. The  recognition of interest  expense was a result of an assessment by
the State of New York,  in the period  ended  September  30,  2001 on late filed
payroll tax returns in prior years.

     For the three months ended  September 30, 2001, the Company  reported a net
loss of  $14,588,  or basic loss per share of .01,  as compared to a net loss of
$89,229,  or a basic loss per share of $.02 for the three months  September  30,
2000. 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,
2001 and September 30, 2000.

                                       9
<PAGE>
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
         CONDITION AND RESULT OF OPERATIONS (CONTINUED)

Results of Operations (continued)

Six months ended September 30, 2001 compared to six months ended September
30, 2000

     Operating  expenses  were  $35,530 for the six months ended  September  30,
2001, as compared to $97,911 for the six months ended  September 30, 2000.  This
decrease  of $62,381 or 64%,  was due to a new  assessment  in the period  ended
September 30, 2000 by New York State of penalties on late filing of income taxes
for prior years and a reduction in salaries and professional fees.

     The Company  incurred no interest expense in the six months ended September
30, 2001, as compared to $19,326 in the six months ended September 30, 2000. The
recognition  of interest  expense was a result of an  assessment by the State of
New York,  in the period  ended  September  30,  2000 on late filed  payroll tax
returns in prior years.

Liquidity and Capital Resources

     At September 30, 2001,  the Company  reported cash and cash  equivalents of
$583,  working  capital  deficit  of  $396,494,   and  stockholders'  equity  of
$(204,053) as compared to cash and cash  equivalents  of $618,  working  capital
deficit of $455,466, and stockholders' equity of $(168,525) at March 31, 2001.

     The Company used $74,731 from operating activities for the six months ended
September 30, 2001 and $55,334 for the six months ended September 30, 2000.

     The Company provided $74,696 from financing activities for the period ended
September  30,  2001 and  $58,950 for the period  ended  September  30, 2000 The
primary  source of these funds were  additional  loans made to the Company by an
officer of the Company.

     As a result, cash decreased $35 for the six months ended September 30, 2001
and increased $3,616 for the six months ended September 30, 2000.

For the six months ended September 30, 2001, the Company reported a consolidated
net loss of $35,528, or basic earnings deficit per share of $.007, as compared
to a net loss of $116,816, or a basic earnings deficit per share of $.03, for
the six months ended September 30, 2000. 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, 2001 and 2000.

Trends Affecting Liquidity, Capital Resources and Operations

         Since the Company ostensibly has no operations, there are no trends
that will affect liquidity, capital resources, and operations.

                                       10
<PAGE>
PART II.          OTHER INFORMATION


Item 1.  Legal Proceedings:

The Company is not a party to any other material litigation and is not aware of
any threatened litigation that would have a material adverse effect on its
business. Neither the Company's officers, directors, affiliates, nor owners of
record or beneficially of more than five percent of any class of the Company's
Common Stock is a party to any material proceeding adverse to the Company or has
a material interest in any such proceeding adverse to the Company.

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)      Exhibits:  None

(b)      Reports on Form 8-K:  None



                                       11
<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, 2001.





                                           UNITED TEXTILES & TOYS CORP.

                                   By: /s/ Ilan Arbel
                                           Ilan Arbel
                                           Chief Executive Officer and President


                                   By: /s/ Allean Goode
                                           Allean Goode
                                           Secretary and Treasurer



                                       12