SECURITIES AND EXCHANGE COMMISSION
                Washington, D.C. 20549

FORM 10-KSB

(Mark One)
[X]ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [FEE REQUIRED]

For the fiscal year ended: March 31, 1997

                          OR

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]

Commission file number: 0-17304

                  CNH Holdings Company
  (Exact name of registrant as specified in its charter)

           Nevada                             11-2867201
(State or other jurisdiction of            (I.R.S. employer
 incorporation or organization)           identification number)  

    17659 Sun Meadow, Dallas, TX                75252
(Address of principal executive offices)     (Zip Code)          

Registrant's telephone number, including area code: (972) 248-4873

Securities registered pursuant to Section 12(b) of the Act: None 

Securities registered pursuant to Section 12(g) of the Act:

                 Common Stock, $.001 Par Value
                       (Title of class)

Indicate by check mark whether the registrant (1) 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 (or
for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements
for the past 90 days.  Yes  X    No     

Indicate by check mark if disclosure of delinquent filers pursuant
to Rule 405 of Regulation S-K is not contained herein and will not
be contained, to the best of registrant's knowledge, in definitive
proxy or information statements incorporated by reference in Part
III of this Form 10-K or any amendment to this Form 10-K. [    ]

State the aggregate market value of the voting stock held by
non-affiliates of the registrant.  The aggregate market value shall
be computed by reference to the price at which the stock was sold,
or the average bid and asked prices of such stock, as of a
specified date within 60 days prior to the date of filing: There is
presently no market in registrant's stock; thus, there is no market
value.

Indicate the number of shares outstanding of each of the
registrant's classes of common stock, as of the latest practicable
date:  As of May 28, 1997, there were 400,000 shares outstanding. 

Registrant has had no revenues since the fiscal year ended March
31, 1990.

             DOCUMENTS INCORPORATED BY REFERENCE

List hereunder the documents, if any, incorporated by reference and
the part of this Form 10-KSB into which the document is
incorporated: None.




Item 1.   Description of Business

CNH Holdings Company, a Nevada corporation (Company), was
incorporated on April 15, 1987, under the name of I.S.B.C. Corp. 
On January 28, 1988, the Company completed an initial public
offering of units consisting of one share of the common stock of
the Company (Common Stock) and one Class A Warrant, all of the
latter of which have either expired or been exercised.  On June 27,
1988, the Company acquired all of the outstanding shares of Coral
Group, Inc., a privately-held Colorado corporation (Coral Group)
formed in 1984 and then principally engaged in the development and
marketing of computer software programs.  During fiscal 1990, the
Company formed two additional subsidiaries, Coral Telesystems, Inc
(CTI), and Coral Pacific, Inc.  (Pacific), both of which were
Colorado corporations. Through fiscal 1991, the business of the
Company was conducted solely through Coral Group, CTI and Pacific.

During fiscal 1991, the Company defaulted on all of its outstanding
obligations to its financial institution, which was secured by all
of the assets of the Company, including the shares of Coral Group,
CTI and Pacific.  The Company voluntarily transferred all of the
security for this debt to the financial institution in exchange for
an acknowledgment of full and complete satisfaction of all
remaining liabilities of the Company to the institution.  All
licenses which the Company had regarding its software were
terminated without liability and returned to the original licensor,
and all leases which the Company had were similarly terminated
without liability.  Finally, all tax and accounts payable owed by
the Company were paid in full.  The Company then ceased operations
in the computer software field.

In April, 1996, the Company held a special meeting of its board of
directors (Board of Directors).  The purpose of the meeting was to
(i) discuss and take action on all corporate matters which had
taken place since the date of the last meeting of the board,
including the filing of all delinquent reports by the Company with
the U.S. Securities and Exchange Commission (Commission), (ii)
appoint independent Certified Public Accountants to audit the books
and records of the Company since 1990, (iii) discuss the financial
condition of the Company and implement an appropriate course of
action and (iv) discuss all other matters then pending before the
Company.  At the meeting, the Board of Directors adopted a new plan
of business for the Company, that being to begin a search for a new
business opportunity.  In order to implement this new plan of
business, however, the Board of Directors had to implement a number
of curative measures, including the engagement of an attorney to
assist in general corporate matters and the filing of all
delinquent reports with the Commission, and the engagement of a new
auditor to audit the books and records of the Company since 1990,
in order to prepare and file all necessary federal and state income
tax forms and compile the financial information necessary for the
filing of all quarterly reports by the Company with the Commission.
The foregoing resulted in the incurrence by the Company of
obligations which were satisfied through the issuance of Common
Stock subsequent to the period covered by this report.  The Company
is now current in its reports with the Commission, all tax filings
have been made with the appropriate federal and state agencies and
all information concerning the foregoing has been disseminated to
the public.

Item 2.  Description of Property

The Company, as of the date of this report, owned no real or
personal property, tangible or intangible.  Conversely, the Company
had no liabilities which had not either been paid in their entirety
or fully provided for.  The executive offices of the Company are
being provided free of charge by its sole director and executive
officer, Mr. Lionti.  These offices are located at 17659 Sun
Meadow, Dallas, TX 75252.  The telephone number at this address is
(972) 248-4873.
 
Item 3.  Legal Proceedings

No material legal proceedings to which the Company (or any officer
or director of the Company, or any affiliate or owner of record or
beneficially of more than five percent of the Common Stock, to
management's knowledge) is a party or to which the property of the
Company is subject is pending, and no such material proceeding is
known by management of the Company to be contemplated.

Item 4.  Submission of Matters to a Vote of Security Holders

There were no meetings of security holders during the period
covered by this report; thus, this item is not applicable.  The
shareholders of the Company did, however, act by consent, as
allowed by state law, on one occasion during the period covered by
this report.  These actions are described in their entirety under
Item 1, above.

Item 5.  Market for Common Equity and Related Shareholder Matters

There is no active trading market for the Common Stock.  The Common
Stock is not listed on any exchange and is not quoted or traded on
the over-the-counter market.  Currently, no broker maintains a
position or deals in the Common Stock and no bid or asked prices
are quoted in the pink sheets or any local newspaper.

On May 31, 1996, the Company effected a reverse one for one
thousand (1:1,000) capital share split. Concurrently, the
authorized capitalization of the Company was increased to
10,000,000 common shares, $.001 par value per share, and 1,000,000
preferred shares, $.01 par value per share.  As of May 28, 1997,
there were approximately 400,000 shares of Common Stock issued and
outstanding, held of record by in excess of 1,000 shareholders. 
There were no preferred shares outstanding. 

The Company has paid no dividends on the Common Stock since
inception and does not expect to pay dividends in the foreseeable
future.  There are, however, no restrictions on the payment of
dividends.

Item 6.  Management's Discussion and Analysis of Financial
Condition and Results of Operations

Results of Operations

The Company's has had no revenues, operating or otherwise, since
the fiscal year ended March 31, 1991.  Correspondingly, all
expenses during these periods were administrative in nature and
immaterial in amount.  Thus, no meaningful comparison can be made
between these fiscal years.

Liquidity and Capital Resources

The Company has had no liquidity sources since fiscal 1990.  A
capital infusion subsequent to the period covered by this report
provided for the payment of all administrative expenses which were
incurred, none of which was material.

Compliance with Beneficial Ownership Reporting Rules

Section 16(a) of the Securities Act of 1934, as amended (Exchange
Act), requires the executive officers and directors of the Company,
and persons who beneficially own more than 10% of the Common Stock,
to file initial reports of ownership and reports of changes in
ownership with the Commission.  These officers, directors and
shareholders are also required to furnish the Company with copies
of certain of these reports.  Based solely on a review of copies of
reports furnished to the Company during its fiscal year ended March
31, 1997, and thereafter, or written representations, if any,
received by the Company from these persons that no other reports
were required, the Company believes that, during the fiscal years
ended March 31, 1991, 1992, 1993, 1994, 1995, 1996 and 1997, all
applicable Section 16(a) filing requirements were satisfied.


Item 7.   Financial Statements




Halliburton, Hunter & Associates, P.C.
CERTIFIED PUBLIC ACCOUNTANTS


        REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS

The Board of Directors and Stockholders
CNH Holdings Company


We have audited the balance sheets of CNH Holdings Company as of
March 31, 1997 and 1996, and the related statements of income
(loss) for the years then ended, and the year ended March 31, 1995. 

These financial statements are the responsibility of the Company's
management.  Our responsibility is to express an opinion on these
financial statements based on our audit.

We conducted our audit in accordance with generally accepted
auditing standards.  Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement.  An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements.  An audit also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation.  We believe that our audits
provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of CNH
Holdings Company as of March 31, 1997 and 1996, and the results of
its operations for the years then ended, and the year ended March
31, 1995, in conformity with generally accepted accounting
principles.

The Company discontinued operations on March 31, 1990.  Statements
of stockholders' equity and cash flows have been omitted for that
reason.

Littleton, Colorado
May 26, 1997

                      CNH HOLDINGS COMPANY

                          BALANCE SHEET

                                           March 31,
                                        1997      1996 


                       ASSETS
Current Assets:

     Total current assets           $  -----      $ -----

                       LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities                         $  -----      $ -----
Stockholders' Equity:
 Preferred Stock, $.01 par value, 
  1,000,000 shares authorized, 
  no shares issued and
  outstanding                          -----        -----
 Common Stock, $.001 par value, 
  10,000,000 shares authorized, 
  400,000 shares issued and
   outstanding                       229,531      229,531
  
 Additional paid-in capital        4,483,453    4,483,453
 Accumulated deficit             (4,712,984)   (4,712,984)

     Total Stockholders' Equity   $    ----      $   ----

See accompanying notes to financial statements.
                      CNH HOLDINGS COMPANY
                     STATEMENT OF OPERATIONS

                                      Year ended March 31, 

                                    1997      1996       1995

Income (loss) from 
   discontinued operations       $   ---     $ ---      $ ---
(Loss) on termination of 
   operations                        ---       ---        ---

 Net income (loss)               $   ---     $ ---      $ ---

Per share data                                  
 Income (loss) before 
   extraordinary item            $   ---     $ ---      $ ---
 Extraordinary item                  ---       ---        ---

  Net income (loss)              $   ---     $ ---      $ ---

Weighted average shares 
  outstanding                    400,000*  400,000*   400,000*


* Shares have been adjusted to reflect a reverse stock split
effectuated on May 31, 1996.


See accompanying notes to financial statements.


1.  Organization

I.S.B.C. Corp. was incorporated in Delaware on April 15, 1987.  On
January 29, 1988, I.S.B.C. Corp. completed a public offering of
800,000 units at a price of $.50 per unit, consisting of one share
of common stock and three redeemable warrants.  All unexercised
warrants have now expired.

On June 27, 1988, I.S.B.C. Corp. issued 21,000,000 shares of its
common stock in exchange for all of the outstanding shares of Coral
Group, Inc.  Subsequent to the exchange of stock, I.S.B.C. Corp.
changed its name to Coral Companies, Inc.  Coral Group, Inc. was
incorporated on March 12, 1984, and commenced operations in
November 1984.  Coral Group, Inc.'s primary business was the
marketing of computer hardware and software as well as providing
consulting services, installation support, training programs and
software maintenance for its customers.  Since the shareholders of
Coral Group, Inc. owned approximately 85% of Coral Companies, Inc.
immediately after the exchange, the stock exchanges has been
accounted for as a reverse acquisition of Coral Companies, Inc. by
Coral Group, Inc.  The Company, after the acquisition of Coral
Group, changed its name to CNH Holdings Company and its domicile to
Nevada.

The Company previously had outstanding a class of preferred stock
which was entitled to one vote per share, was not entitled to
receive any dividends that may have been declared and had a
liquidation preference of $.02 per share.  The preferred stock was
previously converted to common stock, and the liquidation
preference of $220,000 was reclassified from preferred
stockholder's equity to common stockholder's equity.


Item 8.  Changes in and Disagreements with Accountants on
Accounting and Financial Disclosure

The former auditors of the Company, Laventhol & Horwath, went out
of business during 1993.  The Company, therefore, retained the
services of Halliburton, Hunter & Associates, P.C.  The decision to
change was approved by the board governing the Company, which has
no standing audit or similar committee.  The Company has had no
disagreement with its accountants on any matter of accounting
principal or practice, financial statement disclosure or auditing
scope or procedure which would have caused either of the
accountants to make reference in their respective  reports upon the
subject matter of the disagreement.  Further, the principal
accountants' respective  reports on the financial statements do not
contain an adverse opinion or a disclaimer of opinion or
qualification as to audit scope or accounting principle.


                             PART III

Item 9.  Directors and Executive Officers of the Company

The following table sets forth all current directors and executive
officers of the Company, as well as their ages:

   NAME                       AGE        POSITION WITH COMPANY *

Paul M.  Lionti               49       Sole Director, President
                                         Chief Executive, Financial
                                       Accounting Officer,
                                       Treasurer
          
*  No current director has any arrangement or understanding whereby
they are or will be selected as a director or nominee.

The executive officer will hold office until the next annual
meeting of shareholders and until his successor has been duly
elected and qualified.  The officers are elected by the Board of
Directors at its annual meeting immediately following the
shareholders' annual meeting and hold office until their death or
until they earlier resign or are removed from office. There are no
written or other contracts providing for the election of directors
or term of employment of executive officers, all of whom serve on
an "at will" basis.

The Board of Directors currently consists of one member, Mr. Paul
M.  Lionti.  The Company does not have any standing audit,
nominating or compensation committees, or any committees performing
similar functions.  The board will meet periodically throughout the
year as necessity dictates.  Since March 31, 1990, the board has
had one meeting, which occurred during 1997.

Executive Profiles

Mr. Lionti has been a private businessman in Dallas, Texas, during
the last five years.  He became a Director and the President and
Chief Executive Officer of the Company in 1989.  In 1996, he became
Chief Financial and Accounting Officer and Treasurer of the Company
as well.

Item 10.  Executive Compensation

No compensation has been paid since the fiscal year ended March 31,
1990, to the Board of Directors or executive officers of the
Company in their capacities as such.

Item 11.  Security Ownership of Management and Certain Others

Based upon information which has been made available to the Company
by its stock transfer agent, the following table sets forth, as of
May 28, 1997, the shares of Common Stock owned by each current
director, by directors and executive officers as a group and by
each person known by the Company to own more than 5% of the
outstanding Common Stock:

Title of Class        Name and Address      Number of    Percent of 
                    of Beneficial Owner      Shares      Class (1)

Common Stock          Paul M.  Lionti       191,981      47.995%

Common Stock          Mark S. Pierce        190,386      47.597%

Directors and Executive 
   Officers as a Group                      191,981      47.995%
 (one in number):                              


(1)  Based on 400,000 shares of common stock issued and outstanding
on May 28, 1997.

Item 12.  Certain Transactions

On May 29, 1997, the Company caused to be issued to Messrs. Paul M.
Lionti and Mark S. Pierce, 190,386 shares each of the restricted
common stock of the Company in exchange for the services which they
have rendered to the Company in bringing the Company current with
the Commission in the filing of its reports, bringing the Company
current in the filing of its federal and state income tax returns
and otherwise providing those services necessary to provide for the
operation and management of the Company.

Item 13.  Exhibits and Reports on Form 8-K

(a)  Exhibits: None*

* All required exhibits were previously filed with the Registration
Statements on Form S-18 (No. 33-17008-NY) and Form S-1 (No. 
33-29899) and with the Form 10-KSB for the fiscal year ended March
31, 1996.

(b) Forms 8-K: None.


                            SIGNATURES

In accordance with the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, registrant has duly caused this
report to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Dallas, State of Texas on this 28th
day of May, 1997.


CNH HOLDINGS COMPANY
(Registrant)


By:   /s/ Paul M. Lionti                                    
     Paul M. Lionti, Chief Executive Officer


By:   /s/ Paul M. Lionti                                    
      Paul M. Lionti, Chief Financial
      and Accounting Officer


Pursuant to the requirements of the Securities Exchange Act of
1934, this report has been signed below by the following person on
behalf of the registrant in the capacity on this 28th day of May,
1997.


 /s/ Paul M. Lionti                                    
Paul M. Lionti, Director