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 period ended March 31, 1998

[ ]  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT.

        For the Transition period from ______________ to ______________

                         Commission file number 0-19693


                        RANES INTERNATIONAL HOLDING INC.
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)

           Nevada                                                87-0485320
-------------------------------                               ----------------
(State of other jurisdiction of                               (I.R.S. Employer
incorporation or organization)                               Identification No.)


         8360 East Via de Ventura, Bldg. L200, Scottsdale, Arizona 85258
         ---------------------------------------------------------------
                    (Address of principal executive offices)

                                  602-905-5579
                           ---------------------------
                           (Issuer's telephone number)


                       Bio Fluorescent Technologies, Inc.
              ----------------------------------------------------
              (Former name, former address and former fiscal year,
                         if changed since last report.)

As of May 5, 1998,  the  registrant  had  5,221,457  shares of its common stock,
$0.001 par value, outstanding.

Transitional Small Business Disclosure Format (Check One): Yes [ ] No [X]




<PAGE>


                        RANES INTERNATIONAL HOLDING INC.

                                Table of Contents

PART I  Financial Information                                          Page No.
                                                                       --------
     Item 1  Financial Statements
               Condensed Balance Sheet                                    3
               Condensed Statement of Operations                          4
               Condensed Statement of Cash Flows                          5
               Notes to Condensed Financial Statements                    6

     Item 2  Plan of Operations                                           8

PART II Other Information

     Item 1  Legal Proceedings                                            8
     Item 2  Changes in Securities                                      N/A
     Item 3  Defaults upon Senior Securities                            N/A
     Item 4  Submission and Matters to a Vote of Security Holders       N/A
     Item 5  Other Information                                          N/A
     Item 6  Exhibits and Reports on Form 8-K                             8

SIGNATURES                                                                9



                                       2
<PAGE>

                        Ranes International Holding Inc.
                          (A Development Stage Company)

                             Condensed Balance Sheet
                                 March 31, 1998
                                   (Unaudited)

                                   Assets
Current Assets:
  Cash                                                                    $ -0-
  Trade exchange receivable - barter                                     43,436
  Media products and services receivable - current portion              250,000
                                                                    -----------
         Total Current Assets                                           293,436

Other Assets:
  Media products and services receivable -
   net of current portion (Note 3)                                      250,000
                                                                    -----------
         Total Assets                                               $   543,436
                                                                    ===========
                    Liabilities and Stockholders Equity

Current Liabilities:
  Accounts payable -
    Trade                                                           $    78,911
    Related party (Note 4)                                               67,039
    Accrued expenses or bank overdraft                                       22
    Note payable                                                          5,000
                                                                    -----------

         Total Current Liabilities                                      150,972
                                                                    -----------

Stockholders Equity:
  Common stock, $0.001 par value, 50,000,000 shares
    authorized, 5,221,457 issued and outstanding                          5,221
  Additional paid-in capital                                          3,943,911
  Deficit accumulated during the development stage                   (3,556,668)
                                                                    -----------
         Total Stockholders Equity                                      392,464
                                                                    -----------

         Total Liabilites and Stockholders Equity                   $   543,436
                                                                    ===========

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

                                       3
<PAGE>
                        Ranes International Holding Inc.
                          (A Development Stage Company)

                Condensed Statements of Operations For the Three
                Month periods ended March 31, 1998, 1997 and 1996
                                       and
               For the Period From Inception of Development Stage
                      (February 15, 1990 to March 31, 1998)
<TABLE>
<CAPTION>
                                                                              Cumulative
                                                                               From the
                                                                             Inception of
                                                                             Development
                                                                                Stage
                                                                            (February 15,
                                         1998         1997         1996         1990)
                                         ----         ----         ----         -----

<S>                                   <C>          <C>          <C>          <C>        
Sales                                 $      --    $      --    $      --    $     1,624

Selling, general and administrative
 expenses                               140,881      264,453      338,286      3,558,445
                                      ---------    ---------    ---------    ----------- 

Loss from operations                   (140,881)    (264,453)    (338,286)    (3,556,821)

Interest income                                                                      153
                                      ---------    ---------    ---------    ----------- 

Loss before provision for income       (140,881)    (264,453)    (338,286)    (3,556,668)
 taxes

Provision for income taxes                   --           --           --             --
                                      ---------    ---------    ---------    ----------- 

Net loss                              $(140,881)   $(264,453)   $(338,286)   $(3,556,668)
                                      =========    =========    =========    =========== 

Loss per common share (Note 1)        $   (0.51)   $   (4.68)   $   (8.48)
                                      =========    =========    =========
Weighted average number of common
shares outstanding (Note 1)             276,915       56,457       39,909
                                      =========    =========    =========
</TABLE>



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


                                       4
<PAGE>
                        Ranes International Holding Inc.
                          (A Development Stage Company)

                       Condensed Statements of Cash Flows
         For the Three Month Period Ended March 31, 1998, 1997 and 1996
                                       and
               For the Period from Inception of Development Stage
                      (February 15, 1990 to March 31, 1998)

<TABLE>
<CAPTION>
                                                                                Cumulative
                                                                                 From the
                                                                                Inception of
                                                                                Development
                                                                                   Stage
                                                                                February, 15
                                              1998        1997         1996         1990
                                              ----        ----         ----         ----
<S>                                        <C>         <C>         <C>          <C>
Cash flows from operating activities:
  Net loss                                 $(140,881)  $(264,453)  $ (338,286)  $(3,556,668)

Adjustments to reconcile net loss
to net cash used in operating activities:
  Write down of artwork                                                             400,000
  Amortization                                                         25,500       136,000
  Common stock issued for services           100,000                              1,454,355

Change in assets and liabilities:
  (Increase)decrease in trade
    account receivable                                        45                      6,564
  (Increase) decrease in prepaid expenses                                (625)
  Increase in checks issued in excess
    of cash in bank                              (25)                                    22
  Increase(decrease) in accounts payable      35,906     133,187       92,538       145,950
                                           ---------   ---------   ----------   -----------
Net cash used in operating activities         (5,000)   (131,221)    (220,873)   (1,413,777)
                                           ---------   ---------   ----------   -----------
Cash flows from financing activities:
  Proceeds from issuance of note               5,000                                  5,000
  Proceeds from issuance of common
    stock, net                                           125,000      203,206     1,408,777
                                           ---------   ---------   ----------   -----------
Net increase (decrease) in cash                  -0-      (6,221)     (17,667)          -0-

Cash, beginning of period                        -0-       6,327       18,832           -0-
                                           ---------   ---------   ----------   -----------
Cash, end of period                        $     -0-   $     106   $    1,165   $       -0-
                                           =========   =========   ==========   ===========
</TABLE>

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

                                       5
<PAGE>
                        Ranes International Holding Inc.
                          (A Development Stage Company)

                     NOTES TO CONDENSED FINANCIAL STATEMENTS

                                 March 31, 1998

NOTE 1 - THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

HISTORY OF REPORTING ENTITY

Ranes International  Holding Inc. (the "Company") is a development stage company
that was incorporated  under the laws of the state of Nevada in February 1990 as
Partisan  Corporation.  On March 10, 1995, the Company's name was changed to Bio
Fluorescent  Technologies,  Inc. On March 6, 1998, the Company again changed its
corporate  name to Ranes  International  Holding  Inc.  The Company was inactive
through  February 1995 and prior to such time the Company had no activity  other
than that of capitalization efforts.

BASIS OF PRESENTATION

The  unaudited  condensed  financial  statements  and  related  notes  have been
prepared  pursuant to the rules and  regulations  of the Securities and Exchange
Commission.  Accordingly,  certain information and footnote disclosures normally
included in financial  statements prepared in accordance with generally accepted
accounting  principles have been omitted pursuant to such rules and regulations.
The  accompanying  financial  statements  and  related  notes  should be read in
conjunction  with the  audited  financial  statements  of the  company and notes
thereto, for the fiscal year ended December 31, 1997.

USE OF ESTIMATES

The preparation of financial  statements in conformity  with generally  accepted
accounting principles requires management to make estimates and assumptions that
affect  the  reported  amounts  of  assets  and  liabilities  at the date of the
financial  statements and the reported  amounts of revenues and expenses  during
the reporting period. Actual results could differ from those estimates.

LOSS PER COMMON SHARE

Loss per common  share is  computed  by  dividing  the net loss by the  weighted
average  number of common shares  outstanding  during the period.  Fully diluted
loss per common share is  considered  equal to primary loss per common share for
all periods presented.

REVERSE STOCK SPLIT AND COMPARABILITY

On January 17, 1998,  the Company  authorized  a 1 for 100 reverse  stock split.
This policy was activated on March 6, 1998,  the  authorized  stock  remained at
50,000,000  shares of common stock. In these  statements all figures relating to
shares of stock have been  restated to reflect  the  reverse  split as if it had
occur prior to periods presented for comparison purposes.

                                       6
<PAGE>

NOTE 2 - TRADE EXCHANGE RECEIVABLE - BARTER:

In August  1995,  the Company  issued  14,814 (49) shares of its common stock in
exchange for $50,000 worth of barter  credit on the ITEX Retail Trade  Exchange.
Management  believes that they will be able to  successfully  utilize the barter
credit  for the cost of hotels and  travel  over the next  year.  

NOTE 3 - MEDIA PRODUCTS AND SERVICES RECEIVABLE:

In October 1995,  the Company issued 200,000 (667) shares of its common stock in
exchange for script  writing,  music scoring,  radio  commercial  production and
radio  advertising  time to be  received in the future  valued at  approximately
$500,000. Management believes that they will be able to successfully utilize the
entire balance during 1998 and 1999.

NOTE 4 - RELATED PARTY TRANSACTIONS:

The  Company  incurred  liabilities  of $126,120  for  management  services  and
expenses for the three month period ended March 31, 1998, to a related party. On
March 31, 1998, the Company issued  5,000,000  shares of regulation 144 stock to
the related company in exchange for $100,000 of the accrued liability.  At March
31, 1998,  the Company  owed the related  company  $67,039  which is included in
accounts payable in the accompanying financial statements.

As of March 31, 1998, the only ongoing agreement with the related company has to
do with the chief executive  compensation agreement dated May 1, 1996, wherein a
company controlled by the president of the Company would bill and be compensated
for the salary of the president of the Company.  This  compensation  amounted to
$51,300 for the three month period ended March 31, 1998.

The Company has entered into consulting  agreements  with  individuals to locate
and help bring businesses into the Company. The terms of payment is to be by the
issue of  regulation  144 stock.  No payments  have yet been earned  under these
agreements, which are successful completion of activity oriented.

As of December 1, 1997, the Company has utilized the related companies executive
office and its  telecommuting  office  facilities  for the Company's  office and
administration   efforts.   The  Company   contracts  with  Cactus   Consultants
International, Inc. to supply public relations support services and office staff
support ended on March 31, 1998,  accruing costs of $75,120 for the three months
ended  March 31,  1998.  Management  is taking  under  advisement  the merits of
extending or modifying future agreements.

DEVELOPMENT STAGE ACTIVITY AND MANAGEMENT'S PLANS

To date the Company's operations have consisted primarily of obtaining a license
for a  system,  assembling  a  management  team and  raising  capital.  From the
Company's  inception through March 31, 1998, the Company's business  development
costs have totaled approximately $3,557,000. These expenditures have been funded
primarily  with the proceeds from the private sales of its equity  securities as
well as with the issuance of its common stock in exchange for services.

The Company  plans to research  and gather data on companies  and products  that
would  lend  themselves  to the  acquisition  through  licensing  agreements  or
mergers.  Companies and products will be evaluated on technology or proven sales
and operating histories which are compatible with corporate strategies.

                                       7
<PAGE>

The Company  reorganized  its  management  team in May 1996 to proceed  with the
implementation  of its business plan and the acquisition of compatible  products
to  establish  the  Company  as an  operating  Company as soon as  possible.  As
indicated by the name change in March 1998, the Company has changed its focus to
utilize the holding  company  approach with possible  mergers as subsidiaries to
the Company.

The  Company  will need to raise  additional  operating  capital to satisfy  its
obligations and to fund other operating expenses.  The Company will continue its
efforts to raise capital to fund its operations, including private placements of
its common  stock.  However,  there is no  assurance  that such  efforts will be
successful.  Failure by the Company to obtain such  additional  financing  would
have a material adverse effect on the Company.

ITEM 2. PLAN OF OPERATIONS

The Company is presently  concentrating  its efforts on becoming  operational by
licensing  or  otherwise  acquiring  technologically  advanced  state-of-the-art
products  which  respond  to the  international  market.  The  Company  is  also
exploring  the  possibility  of  acquiring  other   technologies,   products  or
businesses compatible with its goal to become operational in the shortest period
of time.

The Company  re-organized  its  management  team in May 1996 to proceed with the
implementation  of its business plan and the acquisition of compatible  products
to establish the Company as an operating Company as soon as possible. Management
has added outside  consultants to aid in the search for compatible  companies or
products.  The  consultants  are  on a  performance  type  of  arrangement  that
successful ventures are the only way for compensation.

The  Company  will need to raise  additional  operating  capital to satisfy  its
obligations  and to fund other  operating  expenses of the  business and to fund
possible mergers or acquisitions. As of the date of this filing, the Company has
not obtained such  financing.  Failure by the Company to obtain such  additional
financing would have a material adverse effect on the Company.

                                     PART II

ITEM 1. LEGAL PROCEEDINGS

No  changes in legal  proceedings  since the Form  10-KSB  filing for year ended
December 31, 1997.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

     (a) Exhibits

         27 -- Financial Data Schedule

     (b) Reports on Form 8-K

         There were no Reports on Form 8-K filed during the
         quarter ended March 31, 1998.


                                       8
<PAGE>

                                   SIGNATURES

Pursuant to the  regulation  requirements  of the Securities and Exchange Act of
1934,  the  registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.

Date: May 18, 1998                  RANES INTERNATIONAL HOLDING INC.
                                              (Registrant)


                                    By: /s/ Jan J. Olivier
                                       ----------------------------------
                                       Jan J. Olivier, President/Director


                                    By: /s/ Wynn J. Bott
                                       ----------------------------------
                                       Wynn J. Bott, Controller




                                       9