Cupid Share price

CUPID RUBBERS LIMITED (hereinafter referred to as CRL) wasincorporated as a Public Limited Company on 17/02/93 withthe Registrar of Companies Maharashtra and the certificateof commencement of Business was obtained on February 201993. The Company has its Registered Office at Bombay andfactory at Sinnar MIDC District Nasik.Since incorporation of the Company the Promoters have beeninvolved in getting the various approvals signing thecollaboration agreements etc. The Promoters carried out asurvey of the rubber prophymactics market to search for thebest available foreign technology. Collaboration agreementswere signed by the Company with M/s. Greenmate Corporationand M/s. Hero Corporation both of South Korea on August31 1993. The Company applied to the Government for SIAregistration approval for foreign collaboration andinvestment by the collaborators which was granted on 3rdDecember 1993. The Company then acquired the land from MIDCon leasehold basis obtained the power sanction from MSEBenvironment clearance water sanction from MSEB. Further itapplied to the Institutions/Banks for loans and workingcapital facilities which have also been sanctioned.PRESENT BUSINESSThe Company is at present involved in setting up theproject for manufacture of Rubber Prophylactics (Condoms)at MIDC Sinnar Village: Malegaon District NashikMaharashtra with an installed capacity of 160 millionpieces per annum on 3 shift basis. The Company is yet tocommence commercial operations.The Company has already acquired land for the proposedproject and the site development and construction is inprogress at the location. The Company has already enteredinto agreement for purchase of Plant & Machinery from M/s.Hero Corporation of South Korea. The Company expects tocomplete the erection of plant & machinery by end of May''95 and go into trial production in the month of June''95.