SECURITIES AND EXCHANGE COMMISSION

                                             WASHINGTON, D.C. 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 September 30, 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 0-23504


                                         HELSINKI CAPITAL PARTNERS, INC.
                     (Exact Name of Registrant as specified in its Charter)


            Delaware                                                  33-0601502
(State or other Jurisdiction of                        I.R.S. Employer Identi-
Incorporation or Organization                                 fication No.)

            1500 Quail Street, Suite 550, Newport Beach, California 92660
(Address of Principal Executive Offices)                              (Zip Code)

                                                 (714) 660-1500
                     (Registrant's Telephone Number, including Area Code)

         Indicate by check mark whether the Registrant (i) has filed all reports
required to be filed by Section 13, or 15(d) of the  Securities  Exchange Act of
1934  during  the  preceding  12 months  (of for such  shorter  period  that the
Registrant  was required to file such reports) and (ii) has been subject to such
filing requirements for the past 90 days.

                                          Yes    X           No

         Indicate  the  number of  shares  outstanding  of each of the  issuer's
classes of Common Stock, as of the latest practicable date.

Common Stock, $.001 par value                                        424,600
----------------------------------                        --------------------
Title of Class                                    Number of Shares outstanding
                                                       at September 30, 1994

No exhibits included.

                                                        1

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<TABLE>
<CAPTION>

                                         HELSINKI CAPITAL PARTNERS, INC.
                                      (A Company in the Development Stage)

                                                 BALANCE SHEETS



                                                     ASSETS


                                                                                              March 31,            September
30,
                                                                                                1994                 1994
                                                                                             ----------           -------

<S>                                                                                          <C>      <C>
CURRENT ASSETS-Cash                                                                          $    229 $     970

OTHER ASSETS
    Organization Costs                                                                            221       194
                                                                                            ---------  --------

                                                                                            $     450  $  1,164
                                                                                            =========  ========




                                LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY)

CURRENT LIABILITIES-Accounts payable                                                       $      219 $     734

STOCKHOLDERS' EQUITY
    Preferred  Stock - authorized  1,000,000  shares $.001 par value,  no shares
    issued and outstanding Common stock - authorized 20,000,000 shares $.001 par
    value,
    issued and outstanding 400,000 and 424,100 shares                                             400       424
    Additional paid in capital                                                                    100     1,317
    Deficit accumulated during development stage                                                (269)   (1,311)
                                                                                                ----    ------

    TOTAL STOCKHOLDERS' EQUITY (DEFICIENCY)                                                       231       430
                                                                                           ---------- ---------

                                                                                           $      450$    1,164
</TABLE>

                                 See accompanying Notes to Financial Statements



                                                        2

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<TABLE>
<CAPTION>


                                                     HELSINKI CAPITAL PARTNERS, INC.
                      (A Company in the Development Stage)

                            STATEMENTS OF OPERATIONS



                                                                                                                       CUMULATIVE
                                                                              FROM INCEPTION                         FROM INCEPTION
                                          FOR THE THREE       FOR THE THREE   (MAY 10, 1992)       FOR THE SIX        (MAY 4, 1992)
                                          MONTHS ENDED        MONTHS ENDED          TO            MONTHS ENDED             TO
                                            SEPTEMBER           SEPTEMBER        SEPTEMBER          SEPTEMBER           SEPTEMBER
                                            30, 1993            30, 1994         30, 1993           30, 1994            30, 1994


<S>                                       <C>                  <C>              <C>                <C>                <C>
REVENUES                                  $                   $                 $                 $                   $

COSTS AND EXPENSES                                  14                 382               27              1,042               1,311

NET LOSS ACCUMULATED DURING
 THE DEVELOPMENT STAGE                    $       (14)        $       (14)      $      (27)       $    (1,042)        $    (1,311)


WEIGHTED AVERAGE NUMBER
 OF SHARES OUTSTANDING                         400,000             400,000          400,000            400,723


LOSS PER COMMON SHARE                     $        nil        $        nil      $       nil       $        nil

</TABLE>

                                 See accompanying Notes to Financial Statements



                                                                   3

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<TABLE>
<CAPTION>



                                                     HELSINKI CAPITAL PARTNERS, INC.
                      (A Company in the Development Stage)

                            STATEMENTS OF CASH FLOWS

                                                                                                                       CUMULATIVE
                                                                              FROM INCEPTION                         FROM INCEPTION
                                          FOR THE THREE       FOR THE THREE   (MAY 10, 1992)       FOR THE SIX       (MAY 10, 1992)
                                          MONTHS ENDED        MONTHS ENDED          TO            MONTHS ENDED             TO
                                            SEPTEMBER           SEPTEMBER        SEPTEMBER          SEPTEMBER           SEPTEMBER
                                            30, 1993            30, 1994         30, 1993           30, 1994            30, 1994


Cash Flows From
 Operating Activities

<S>                                           <C>                 <C>              <C>               <C>                 <C>
  Net Loss                                    (14)                (382)            (27)              (1,042)             (1,311)

  Adjustment- Amortization                     14                  14               27                 27                  77

  Changes in Operating Assets-
   Accounts payable                                                318                                 515                 734


    CASH USED BY
     OPERATING ACTIVITIES                                         (50)                                (500)               (500)

Cash Flows From
 Financing Activities

  Organizational Costs                                                             (271)                                  (271)

  Issuance of Common Stock
   For Cash                                                        241                                 241                 741

  Contribution to Capital                                                                             1,000               1,000


    CASH PROVIDED (USED) BY
      FINANCING ACTIVITIES                                         241             (271)              1,241               1,470

INCREASE (DECREASE) IN CASH                                        191             (271)               741                 970

CASH BALANCE - BEGINNING                       229                 779              500                229

CASH BALANCE - ENDING                       $     229           $     970        $     229          $     970           $     970
</TABLE>


                                 See accompanying Notes to Financial Statements



                                                                   4

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                                          HELSINKI CAPITAL PARTNERS, INC.
                                       (A Company in the Development Stage)

                                      NOTES TO CONDENSED FINANCIAL STATEMENTS
                                                    (UNAUDITED)
                                                September 30, 1994


1.       Comments

         The accompanying financial statements are unaudited, but in the opinion
of the management of the Company,  contain all  adjustments,  consisting of only
normal recurring accruals, necessary to present fairly the financial position at
September 30, 1994, the results of operations for the three and six months ended
September  30,  1994 and 1993,  and the cash  flows for the three and six months
ended  September  30,  1994 and  1993.  For  further  information,  refer to the
financial  statements and footnotes  thereto for the fiscal year ended March 31,
1994 included in the Company's Form 10-KSB.

         The results of operations for the three and six months ended  September
30, 1994,  are not  necessarily  indicative  of the results of  operations to be
expected for the full fiscal year ending March 31, 1995.

2.       Stockholders' Equity (Deficiency)

         Issuance of Common Stock - The Company  issued  24,100 shares of common
stock for $.01 per share in September 30, 1993.  An  additional  500 shares were
issued at $.01 per share in October 1993.

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

         The Company has limited working capital and no activities.


                                            PART II.  OTHER INFORMATION

Item 1.  LEGAL PROCEEDINGS  -  None

Item 2.  CHANGES IN SECURITIES - None

Item 3.  DEFAULTS UPON SENIOR SECURITIES - None

Item 4.  SUBMISSION OF MATTER TO A VOTE OF SECURITY HOLDERS - None

Item 5.  OTHER INFORMATION - None

Item 6.  EXHIBITS AND REPORTS ON FORM 8-K

         Exhibits--None

         Reports on Form 8-K--None.


                                                         5

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                                                    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.


Date:     November 10, 1994                           By:   /s/ Eric Anderson
          --------------------------                        -------------
                                                           Eric Anderson,
                                                 Chairman and Chief Financial
                                              Officer (chief financial officer
                                            and accounting officer and duly
                                                   authorized officer)


                                                         6

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