U.S. 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 For the fiscal year ended March 31, 2001.

[     ] Transition report under Section 13 or 15(d) of the Securities Exchange
      Act of 1934 For the transition period from ------------ to ------------.

         Commission file number: 0-17304


                              CNH HOLDINGS COMPANY
                     --------------------------------------
        (Exact name of small business issuer as specified in its charter)


           Nevada                                     11-2867201
(State or other jurisdiction of             (I.R.S. Employer Identification No.)
incorporation or organization)


                    3121 Grapevine Lane, Carrollton, TX 75007
                   ------------------------------------------
               (Address of principal executive office) (Zip Code)

                                 (469) 557-0325
                             ----------------------
                           (Issuer's telephone number)


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.

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 report(s), 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 Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of the Registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-KSB or any
amendment to this Form 10-KSB. X .

At March 31, 2001, the aggregate market value of all shares of voting stock held
by non-affiliates was $0.00. In determining this figure, the Registrant has
assumed that all directors and executive officers are affiliates. Such
assumption shall not be deemed conclusive for any other purpose. The number of
shares outstanding of each class of the Registrant's common stock, as of March
31, 2001, was as follows: Common Stock $.001 par value, 15,611,774 shares.

Total revenues for fiscal year ended March 31, 2001: $0.00

At March 31, 2001, the number of shares of common stock outstanding was
15,611,774.

Transitional Small Business Disclosure Format (check one): Yes  ; No X
                                                              --    -----



<PAGE>


                                     PART I


ITEM 1.  DESCRIPTION OF BUSINESS


            CNH Holdings Company, a Nevada corporation (the "Company"), was
incorporated in Delaware on April 15, 1987, under the name of I.S.B.C. Corp. The
Company subsequently changed its name first to Coral Companies, Inc., and then
to CNH Holdings Company. Domicile was changed to Nevada in 1997. The Company
conducted an initial public and secondary offerings during the 1980s.

         On June 15, 1998, the Company entered into a reorganization agreement
(the "SEDI Reorganization Agreement") with Southport Environmental and
Development, Inc. ("SEDI"), and the shareholders of SEDI pursuant to which the
Company acquired all of the outstanding proprietary interest of SEDI and,
through SEDI, 1/3rd of the outstanding proprietary interest of NORM Services,
Group, Inc. ("NORM"), in a share for share exchange which resulted in SEDI
becoming a wholly owned subsidiary of the Company, NORM becoming a minority
owned subsidiary of SEDI and the shareholders of SEDI acquiring control of the
Company through their share ownership. The Company issued 6,000,000 common
shares and 200,000 shares of preferred stock in this phase of the acquisiton.
The majority of these shares were issued to Messrs. Larry V. Tate and Gerald W.
Pybas. On August 7, 1998, the Company, through SEDI, acquired the remaining
outstanding interest of NORM which was not then owned in a tax free
reorganization, issuing 450,000 shares of common stock in exchange. NORM, on
this date, had previously acquired all of the assets and liabilities of NSG
Rentals, a Texas general partnership, in exchange for common stock of NORM which
were concurrently exchanged for common shares of the Company.

                  On January 13, 2000, the Company reported the sale of SEDI, to
Messrs. Larry V. Tate and Gerald W. Pybas. Messrs. Tate and Pybas , at that
time, returned 3,000,000 shares of common stock and 184,000 shares of preferred
stock to treasury. Subsequently, disagreements arose and litigation was
initiated. On April 19, 2000, the SEDI Reorganization Agreement was rescinded by
agreement between the parties. This agreement was made a formal order of the
court (the "Texas Formal Court Order"), as discussed below. The rescission
resulted in the return of all shares of SEDI to Messrs. Tate and Pybas which the
Company owned or claimed an ownership interest in effective the date of the
original acquisition of SEDI. The rescission acted to return the Company to the
same position it occupied on June 14, 1998, as if the acquisition of SEDI and
NORM had never occurred and no acts of the board and executive officers
governing the Company had transpired subsequent to June 14, 1998.

           During the final quarter of calendar 1999, the board then governing
the Company organized a wholly-owned subsidiary, Telenergy Communications, Inc.
("Telenergy"). On April 19, 2000, the formation of Telenergy by the Company was
rescinded under the Texas Formal Court Order. This rescission resulted in the
transfer of all shares of Telenergy to a third party effective the date of
formation. The rescission acted to return the Company to the same position it
occupied on June 14, 1998, as if the formation of Telenergy had never occurred
and no acts of the board and executive officers governing the Company had
transpired subsequent to June 14, 1998.
            On December 15, 1999, the Company entered into an agreement with
Rancho Santa Fe Capital Partners to assist in raising capital for Telenergy. No
capital was raised and the agreement was subsequently rescinded on April 19,
2000, under the provisions of the Texas Formal Court Order.

           On December 24, 1999, the Company reportedly secured a $500,000
bridge loan from Texas Capital Advisors, Inc. ("TCA") The loan agreement was
subsequently rescinded by the Texas Formal Court Order on April 19, 2000, and
all 4,000,000 of the shares of common stock issued to TCA in obtaining the loan
were ordered by the court to be returned to treasury.

           In January, 2000, the Company purchased Bolton Energy Services, Inc.
("Bolton Energy"), for $100,000 in cash and 390,000 shares of common stock. This
acquisition was subsequently rescinded under the provisions of the Texas Formal
Court Order on April 19, 2000, and all 390,000 of the foregoing shares of common
stock were ordered to be returned to treasury.

         Under the terms and conditions of the SEDI Reorganization Agreement,
the Company issued, in part, 200,000 preferred shares to the shareholders of
SEDI, including Messrs. Larry V. Tate and Gerald W. Pybas. Messrs. Tate and
Pybas, as discussed above, previously returned 186,000 preferred shares to
treasury. An additional 2,000 shares of preferred stock were returned to
treasury subsequent to January 13, 2000, leaving 12,000 shares of preferred
stock outstanding at March 22, 2000.

         The reported transfer of SEDI to Messrs. Tate and Pybas on January 13,
2000, triggered the voting and conversion provisions applicable to the remaining
outstanding shares of preferred stock. The holders of these shares on March 22,
2000, appointed a new board of directors and executive officers to govern the
Company. Subsequently, the holders of these shares converted into common stock.
Each preferred share was converted into 1,000 common shares; thus, 12,000,000
common shares were issued, leaving no preferred shares outstanding.

            On April 5, 2000, the Company filed suit in District Court, City and
County of Denver, State of Colorado (Case No.: 00-CV-1690) as plaintiff. The
suit was filed against Messrs. Larry V. Tate and Gerald W. Pybas and SEDI. The
complaint was filed against these defendants principally for the purpose of (1)
formally rescinding the acquisition of SEDI on June 15, 1998 and (2) recovering
all shares of stock issued to Messrs. Tate and Pybas.

         On April 7, 2000, the Company filed suit in Federal District Court for
the State of Colorado (Case No.: 00-S-720) as plaintiff. The suit was filed
against Messrs. Larry Tate, Gerald Pybas, Scott Paulson and Robert Baker and
TCA. The complaint was filed against these defendants principally for the
purpose of formally rescinding their actions from approximately June 14, 1998,
through March 22, 2000, and recovering all securities and other consideration
which they had received from the Company.

         Subsequently, TCA, on behalf of itself and purportedly on behalf of the
Company, filed a complaint with the United States District Court for the
Southern District of Texas against Messrs. Pierce and Stidham. (Case No.
H-00-1218). TCA received a temporary restraining order against Messrs. Pierce
and Stidham, and a preliminary injunction hearing was schedule for April 19,
2000. At that hearing, the various parties to the above suits, among others,
reached an agreement which was made a formal order of the court (the "Texas
Federal Court Order").

         The Texas Federal Court Order formally rescinded the SEDI, NORM and
Bolton Energy acquisitions and the formation of Telenergy. SEDI was transferred
back to Messrs. Tate and Pybas as a result of the rescision. NORM, Bolton Energy
and Telenergy were transferred to TCA and Messrs. Paulson and Baker. The Texas
Federal Court Order also rescinded all actions of the board and executive
officers of the Company from June 14, 1998, through April 19, 2000, and put the
Company in the position which it occupied at June 14, 1998, as if none of the
actions which had occurred since that time had transpired. As a result, the
Company has no assets and no liabilities.

         The Texas Federal Court Order also required the return of
4,301,501shares of common stock to treasury by TCA, Mr. Baker and their
affiliates and 390,000 shares by the shareholders of Bolton Energy. The order
further required Messrs. Tate and Pybas to return 2,020,000 shares of common
stock to treasury.

Employees

         The Company's only employee at the present time is its sole officer and
director, who will devote as much time as he determines is necessary to carry
out the affairs of the Company.

ITEM 2.  DESCRIPTION OF PROPERTY

         The Company, during the period covered by and on the date of this
report, owned no real or personal property. The executive offices of the Company
are now located at 17659 Sun Meadow, Dallas, TX 460 Ogden Street, Denver,
Colorado 17659. The telephone number at this address is (972) 248-4873.

ITEM 3.  LEGAL PROCEEDINGS

         No material legal proceedings to which the Company (or its director and
officer in his capacity as such) is party or to which 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

         None.

                                     PART II

ITEM 5.  MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

           The Common Stock is presently traded in the over-the-counter market
and is listed on the Pink Sheets maintained by the National Quotation Bureau,
Inc., and on the Bulletin Board maintained by the National Association of
Securities Dealers, Inc. (NASD) under the symbol CNH. The following table sets
forth the range of high and low bid and asked quotations for the common stock
during each calendar quarter beginning January 1, 1998, and ending March 31,
2001, each of which has been rounded to the nearest whole cent.

                           High Bid Low Bid High Ask Low Ask

March 31, 1998        2.125             0.25             2.625             0.50
June 30, 1998          1.75             0.75              2.00           0.9375
September 30, 1998    1.375             0.25             1.875            0.625
December 31, 1998    0.4375           0.3125              0.75           0.4375
March 31, 1999        1.625           0.3125              2.00             0.75
June 30, 1999         1.375            0.375             1.625             0.75
September 30, 1999     1.00             0.50              1.50            1.125
December 31, 1999     0.375             0.25              0.75             0.50
March 31, 2000         0.25            0.125             0.375             0.25
June 30, 2000         0.175            0.075              0.25             0.25
September 30, 2000    0.15             0.125             0.375           0.2125
December 31, 2000     0.15              0.10              0.25             0.18
March 31, 2001        0.15             0.125              0.15             0.14

         The above prices were obtained from the National Association of
Securities ealers, Inc. The quotations represent inter-dealer quotations without
retail mark-up, mark-down or commission, and may not necessarily represent
actual transactions. On June 11, 2001, the closing inside bid and asked prices
quoted on the Bulletin Board for the common stock were $.065 and $.15,
respectively.

ITEM 6.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS OR PLAN OF OPERATION

         The following discussion should be read in conjunction with the
Financial Statements and notes thereto.

OPERATIONS

         The Company had no revenues, operating or otherwise, from 1991 through
the fiscal year ended March 31, 2001, as a result of the recision discussed
above under Item 1. Correspondingly, all expenses during these periods were
administrative in nature and immaterial in amount.

LIQUIDITY AND CAPITAL RESOURCES

         The Company had no liquidity sources from fiscal 1990 through the
fiscal year ended March 31, 2001, other than the extension of credit from
officers, directors and creditors.

FEDERAL INCOME TAX ASPECTS OF INVESTMENT IN THE COMPANY

         The discussion contained herein has been prepared by the Company and is
based on existing law as contained in the Code, amended United States Treasury
Regulations ("Treasury Regulations"), administrative rulings and court decisions
as of the date of this Annual Report. No assurance can be given that future
legislative enactments, administrative rulings or court decisions will not
modify the legal basis for statements contained in this discussion. Any such
development may be applied retroactively to transactions completed prior to the
date thereof, and could contain provisions having an adverse affect upon the
Company and the holders of the Common Stock. In addition, several of the issues
dealt with in this summary are the subjects of proposed and temporary Treasury
Regulations. No assurance can be given that these regulations will be finally
adopted in their present form.

FORWARD LOOKING STATEMENT

         This Management's Discussion and Analysis of Financial Condition and
Results of Operations includes a number of forward-looking statements that
reflect Management's current views with respect to future events and financial
performance. Those statements include statements regarding the intent, belief or
current expectations of the Company and members of its management team as well
as the assumptions on which such statements are based. Prospective investors are
cautioned that any such forward-looking statements are not guarantees of future
performance and involve risk and uncertainties, and that actual results may
differ materially from those contemplated by such forward-looking statements.
Readers are urged to carefully review and consider the various disclosures made
by the Company in this report and in the Company's other reports filed with the
Securities and Exchange Commission. Important factors currently known to
Management could cause actual results to differ materially from those in
forward-looking statements. The Company undertakes no obligation to update or
revise forward-looking statements to reflect changed assumptions, the occurrence
of unanticipated events or changes in the future operating results over time.
The Company believes that its assumptions are based upon reasonable data derived
from and known about its business and operations and the business and operations
of the Company. No assurances are made that actual results of operations or the
results of the Company's future activities will not differ materially from its
assumptions.

ITEM 7.  FINANCIAL STATEMENTS

     The financial  statements  are included  beginning at F-1. See Index to the
Financial Statements.

ITEM 8.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
            ON ACCOUNTING AND FINANCIAL DISCLOSURE

         None.


                                    PART III

ITEM 9.  DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS

Directors and Executive Officers.

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

      Name         Age   Position with Company *
Charles Stidham     58   Chairman of the Board of Directors and Chief Executive,
                          Financial and 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 officers hold office until the next annual meeting of
shareholders and until their respective successors have 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, Charles
Stidham. 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.

Executive  Profiles:  Mr. Charles Stidham has been a private investor during the
past five years.  He has been the sole  executive  officer  and  director of the
Company as of June 1, 2001.

Compliance with Section 16(a) of the Securities Exchange Act of 1934

         Section 16(a) of the Exchange Act, requires the Company's officers,
directors and persons who beneficially own more than ten percent of the Common
Stock to file reports of securities ownership and changes in such ownership with
the Securities and Exchange Commission. Officers, directors and greater than ten
percent beneficial owners also are required by rules promulgated by the
Securities and Exchange Commission to furnish the Company with copies of all
Section 16(a) forms they file.

ITEM 10.  EXECUTIVE COMPENSATION

         No compensation was paid to the Board of Directors or executive
officers of the Company in their capacities as such during the fiscal years
ended March 31, 2001 and 2000.

ITEM 11.  SECURITY OWNERSHIP OF BENEFICIAL OWNERS AND MANAGEMENT

         Principal Shareholders

         The table below sets forth information as to each person owning of
record or who was known by the Company to own beneficially more than 5% of the
15,611,774 shares of issued and outstanding Common Stock, including options to
acquire stock of the Company as of March 31, 2001 and information as to the
ownership of the Company's Stock by each of its directors and executive officers
and by the directors and executive officers as a group. Except as otherwise
indicated, all shares are owned directly, and the persons named in the table
have sole voting and investment power with respect to shares shown as
beneficially owned by them.
<TABLE>
<CAPTION>

                                                                          # of
Name and Address                        Nature of                         Shares
of Beneficial Owners                    Ownership                         Owned                   Percent
Directors

Directors and Executive Officers

<S>                                      <C>                               <C>                  <C>
Cynthia Jared                            Common                            4,000,000            25.62

Lynn Elliott                             Common                            4,000,000            25.62

Paul Lionti                              Common                            2,113,607            13.54


All Executive Officers and
Directors as a Group (1
person)                                   Direct                                   0            00.00%
                                         Options                                None            None %
                                            Total                                  0           00.00 %
</TABLE>

ITEM 12.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

         None.

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 Forms 10KSB for the fiscal year ended March 31, 2000.

(b)      Reports on Form 8-K

         1.  Form 8-KSB dated March 14, 2001.


                                   SIGNATURES

         In accordance with Section 13 or 15(d) of the Securities Exchange Act
of 1934, the registrant caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

CNH HOLDINGS COMPANY

By:   /s/ Charles Stidham
   ---------------------------------
      Charles Stidham
      Chief Finance Office, Chief Executive Officer and
      Director

Date: July 11, 2001




<PAGE>
                           CNH HOLDINGS COMPANY, INC.

                          (A Development Stage Company)

                                       -:-

                          INDEPENDENT AUDITOR'S REPORT


                             MARCH 31, 2001 AND 2000






<PAGE>

CONTENTS


                                                                        Page

Independent Auditor's Report............................................F - 1

Balance Sheets
   March 31, 2001 and 2000..............................................F - 2

Statements of Operations for the
  Years Ended March 31, 2001 and 2000...................................F - 3

Statement of Stockholders' Equity
   Since April 15, 1987 (Inception) to March 31, 2001...................F - 4

Statements of Cash Flows for the
   Years Ended March 31, 2001 and 2000..................................F - 7

Notes to Financial Statements...........................................F - 8



<PAGE>


                          INDEPENDENT AUDITOR'S REPORT


CNH Holdings Company, Inc.
(A Development Stage Company)


         We have audited the accompanying balance sheets of CNH Holdings
Company, Inc. (a development stage company) as of March 31, 2001 and the related
statements of operations and cash flows for the year ended March 31, 2001 and
the statement of stockholders' equity from April 15, 1987 (inception) to March
31, 2001. 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 audits. The financial statements of CNH Holdings
Company, Inc. (a development stage company) as of March 31, 2000, were audited
by other auditors whose report dated June 15, 2000, expressed an unqualified
opinion on those statements.

         We conducted our audits 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, Inc. (a development stage company) as of March 31, 2001, and the
results of its operations and its cash flows for the year ended March 31, 2001
in conformity with generally accepted accounting principles.


                                                   Respectfully submitted



                                                   /S/ ROBISON, HILL & CO.
                                                   Certified Public Accountants

Salt Lake City, Utah
June 25, 2001

                                      F - 1

<PAGE>


                           CNH HOLDINGS COMPANY, INC.
                          (A Development Stage Company)
                                 BALANCE SHEETS





                                                                  March 31,
                                                         ----------------------
                                                            2001         2000
                                                         ---------    ---------

Assets: ..............................................   $    --      $    --
                                                         =========    =========

Liabilities - Accounts Payable .......................   $    --      $    --
                                                         ---------    ---------

Stockholders' Equity:
  Common Stock, Par value $.001 ......................        --           --
     Authorized 50,000 shares,
     Issued 15,611,774 shares at March 31, 2001 and
     14,971,774 shares at March 31, 2000 .............      15,612       14,972
  Paid-In Capital ....................................     193,735      114,428
  Retained Deficit ...................................        (400)        (400)
  Deficit Accumulated During the Development Stage ...    (208,947)    (129,000)
                                                         ---------    ---------

     Total Stockholders' Equity ......................        --           --
                                                         ---------    ---------

     Total Liabilities and
       Stockholders' Equity ..........................   $    --      $    --
                                                         =========    =========





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

                                      F - 2

<PAGE>

                           CNH HOLDINGS COMPANY, INC.
                          (A Development Stage Company)
                            STATEMENTS OF OPERATIONS




                                                                     Cumulative
                                                                       Since
                                                                      January
                                                                       1, 1992
                                               For the year ended   inception of
                                                    March 31,        development
                                             ----------------------
                                                2001        2000        stage
                                             ---------    ---------   ---------
Revenues: ................................   $    --      $    --     $    --

Expenses: ................................      79,947         --       208,947
                                             ---------    ---------   ---------

     Net Loss ............................   $ (79,947)   $    --     $(208,947)
                                             ---------    ---------   ---------

Basic & Diluted loss per share ...........   $    --      $    --     $    --
                                             =========    =========   =========








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

                                      F - 3

<PAGE>

                           CNH HOLDINGS COMPANY, INC.
                          (A Development Stage Company)
                        STATEMENT OF STOCKHOLDERS' EQUITY
               SINCE APRIL 15, 1987 (INCEPTION) TO MARCH 31, 2001


<TABLE>
<CAPTION>
                                                                                                                          Deficit
                                                                                                                        Accumulated
                                                                                                                       Since January
                                                                                                                          1, 1992
                                                                                                                        Inception of
                                        Preferred Stock           Common Stock               Paid-In       Retained      Development
                                       Shares  Par Value      Shares         Par Value       Capital         Deficit        Stage
                                       -------   -------   ------------    ------------    ------------    ------------    -------
<S>                                    <C>       <C>       <C>             <C>             <C>             <C>             <C>
Balance at April 15, 1987 ..........      --     $  --     $       --      $       --      $       --      $       --         --
(Inception)

Common Stock Issued for Cash
April 15, 1987 .....................      --        --       21,000,000          10,500         614,500            --         --

Net Loss ...........................      --        --             --              --              --           (92,575)      --
                                       -------   -------   ------------    ------------    ------------    ------------    -------

Balance at March 31, 1988 ..........      --        --       21,000,000          10,500         614,500         (92,575)      --

Retroactive Adjustment for 1:1,000
Reverse Stock Split May 3, 1996 ....      --        --      (20,979,000)        (10,479)     (4,702,486)      4,712,965       --
                                       -------   -------   ------------    ------------    ------------    ------------    -------

Restated Balance at March 31, 1988 .      --        --           21,000              21      (4,087,986)      4,620,390       --

Common Stock Issued for Cash
January 29, 1988 ...................      --        --            4,614               5         934,567            --         --

Net Loss ...........................      --        --             --              --              --          (180,242)      --
                                       -------   -------   ------------    ------------    ------------    ------------    -------

Balance at March 31, 1989 ..........      --        --           25,614              26      (3,153,419)      4,440,148       --

</TABLE>


                                      F - 4

<PAGE>



                           CNH HOLDINGS COMPANY, INC.
                          (A Development Stage Company)
                        STATEMENT OF STOCKHOLDERS' EQUITY
               SINCE APRIL 15, 1987 (INCEPTION) TO MARCH 31, 2001
<TABLE>
<CAPTION>

                                                                                                                          Deficit
                                                                                                                        Accumulated
                                                                                                                       Since January
                                                                                                                          1, 1992
                                                                                                                        Inception of
                                        Preferred Stock           Common Stock               Paid-In       Retained      Development
                                       Shares  Par Value      Shares         Par Value       Capital         Deficit        Stage
                                       -------   -------   ------------    ------------    ------------    ------------    -------
<S>                                    <C>       <C>       <C>             <C>             <C>             <C>             <C>
Common Stock Exchanged on 1:1
Basis for Preferred Stock
July 20, 1989 ......................    11,000   $    11        (11,000)   $        (11)   $       --      $       --      $  --

Common Stock Issued for Services
April 30, 1989 .....................      --        --              360            --             9,000            --         --

Common Stock Issued for Exercise
of Warrants May 28, 1989 ...........      --        --              712               1         628,241            --         --

Common Stock Issued for Cash
May 28, 1989 .......................      --        --            2,875               3       3,449,997            --         --

Stock issuance costs ...............      --        --             --              --          (934,330)           --         --

Net Income .........................      --        --             --              --              --           136,980       --
                                       -------   -------   ------------    ------------    ------------    ------------    -------

Balance at March 31, 1990 ..........    11,000        11         18,561              19            (511)      4,577,128       --

Common Stock Issued for Cash
June 1, 1990 .......................      --        --              500            --               500            --         --

Net Loss ...........................      --        --             --              --              --        (4,577,147)      --
                                       -------   -------   ------------    ------------    ------------    ------------    -------
</TABLE>


                                      F - 5

<PAGE>


                           CNH HOLDINGS COMPANY, INC.
                          (A Development Stage Company)
                        STATEMENT OF STOCKHOLDERS' EQUITY
               SINCE APRIL 15, 1987 (INCEPTION) TO MARCH 31, 2001
<TABLE>
<CAPTION>
                                                                                                                          Deficit
                                                                                                                        Accumulated
                                                                                                                       Since January
                                                                                                                          1, 1992
                                                                                                                        Inception of
                                        Preferred Stock           Common Stock               Paid-In       Retained      Development
                                       Shares  Par Value      Shares         Par Value       Capital         Deficit        Stage
                                       -------   -------   ------------    ------------    ------------    ------------    -------
<S>                                    <C>       <C>       <C>             <C>             <C>             <C>             <C>
Balance at March 31, 1991 - 1996 ...    11,000   $    11         19,061    $         19    $        (11)   $        (19)   $  --

Preferred Stock Exchanged on 1:1
Basis for Common Stock
April 1, 1996 ......................   (11,000)      (11)        11,000              11            --              --         --

Common Stock Issued for Services
May 3, 1996 ........................      --        --          369,939             370              11            --         --

Net Loss ...........................      --        --             --              --              --              (381)      --
                                       -------   -------   ------------    ------------    ------------    ------------    -------

Balance at March 31, 1997 ..........      --        --          400,000             400            --              (400)      --

Common Stock Issued for Services
December 1, 1997 ...................      --        --          550,000             550         228,450            --         --

Net Loss ...........................      --        --             --              --              --              --      (129,000)
                                       -------   -------   ------------    ------------    ------------    ------------    -------

Balance at March 31, 1998 ..........      --        --          950,000             950         228,450            (400)   (129,000)

Acquisition of Southport
Environmental June 15, 1998 ........   200,000     2,000      6,000,000           6,000            --              --         --
</TABLE>

                                     F - 6
<PAGE>

                           CNH HOLDINGS COMPANY, INC.
                          (A Development Stage Company)
                        STATEMENT OF STOCKHOLDERS' EQUITY
               SINCE APRIL 15, 1987 (INCEPTION) TO MARCH 31, 2001
<TABLE>
<CAPTION>

                                                                                                                          Deficit
                                                                                                                        Accumulated
                                                                                                                       Since January
                                                                                                                          1, 1992
                                                                                                                        Inception of
                                        Preferred Stock           Common Stock               Paid-In       Retained      Development
                                       Shares  Par Value      Shares         Par Value       Capital         Deficit        Stage
                                       -------   -------   ------------    ------------    ------------    ------------    -------
<S>                                    <C>       <C>       <C>             <C>             <C>             <C>             <C>
Common Stock Issued for Expenses
June 15, 1998 ......................      --     $  --         309,410     $        309    $    353,045    $       --       $ --

Net Loss ...........................      --        --             --              --              --              --      (632,422)
                                       -------   -------   ------------    ------------    ------------    ------------    -------

Balance at March 31, 1999 ..........   200,000     2,000      7,259,410           7,259         581,495            (400)   (761,422)

Southport Environmental Recission
January 13, 2000 ...................   (188,000)  (1,880)    (5,020,000)         (5,020)       (454,454)           --      632,422

Preferred Stock Exchanged on 1:1000
Basis for Common Stock
March 1, 2000 ......................   (12,000)     (120)    12,000,000          12,000         (11,880)           --         --

Common Stock Issued for Stock
Options Exercised March 1, 2000 ....      --        --          732,364             733            (733)           --         --

Net Loss ...........................      --        --             --              --              --              --         --
                                       -------   -------   ------------    ------------    ------------    ------------    -------

Balance at March 31, 2000 ..........      --        --       14,971,774          14,972         114,428            (400)   (129,000)

Common Stock Issued for Services
September 30, 2000 .................      --        --                      640,000 640          79,307            --         --
</TABLE>

                                     F - 7
<PAGE>

                           CNH HOLDINGS COMPANY, INC.
                          (A Development Stage Company)
                        STATEMENT OF STOCKHOLDERS' EQUITY
               SINCE APRIL 15, 1987 (INCEPTION) TO MARCH 31, 2001
<TABLE>
<CAPTION>

                                                                                                                          Deficit
                                                                                                                        Accumulated
                                                                                                                       Since January
                                                                                                                          1, 1992
                                                                                                                        Inception of
                                        Preferred Stock           Common Stock               Paid-In       Retained      Development
                                       Shares  Par Value      Shares         Par Value       Capital         Deficit        Stage
                                       -------   -------   ------------    ------------    ------------    ------------    -------
<S>                                    <C>       <C>       <C>             <C>             <C>             <C>             <C>
Net Loss ...........................      --     $   --            --      $      --       $       --      $      --      $(79,947)
                                       -------   -------   ------------    ------------    ------------    ------------    -------

Balance at March 31, 2001 ..........   $  --         --      15,611,774          15,612    $    193,735    $       (400)  $(208,947)
                                       =======   =======   ============    ============    ============    ============    =======

</TABLE>








    The accompanying notes are an integral part of these financial statements




                                      F - 8

<PAGE>

                           CNH HOLDINGS COMPANY, INC.
                          (A Development Stage Company)
                            STATEMENTS OF CASH FLOWS


                                                                      Cumulative
                                                                        Since
                                                                  January 1,1992
                                               For the years ended  inception of
                                                    March 31,        development
                                               --------------------
                                                  2001       2000       stage
                                               ---------    -------   ---------
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net Loss ...................................   $ (79,947)   $--       $(208,947)
Common Stock Issued for Services ...........      79,947       --        79,947
Increase (Decrease) in accounts payable ....        --         --          --
                                               ---------    -------   ---------
  Net Cash Used in operating activities ....        --         --      (129,000)
                                               ---------    -------   ---------

CASH FLOWS FROM INVESTING
ACTIVITIES:
Purchase of plant, property, & equipment ...        --         --          --
                                               ---------    -------   ---------
 Net cash provided by investing activities .        --         --          --
                                               ---------    -------   ---------

CASH FLOWS FROM FINANCING
ACTIVITIES:
Sale of common stock .......................        --         --       129,000
Capital contributed by shareholder .........        --         --          --
                                               ---------    -------   ---------
 Net Cash Provided by Financing Activities .        --         --       129,000
                                               ---------    -------   ---------

Net (Decrease) Increase in
  Cash and Cash Equivalents ................        --         --          --
Cash and Cash Equivalents
  at Beginning of Period ...................        --         --          --
                                               ---------    -------   ---------
Cash and Cash Equivalents
  at End of Period .........................   $    --      $--       $    --
                                               =========    =======   =========

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the year for:
  Interest .................................   $    --      $--       $    --
  Franchise and income taxes................   $    --      $--       $    --

SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING
ACTIVITIES:
None


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

                                      F - 9

<PAGE>

                           CNH HOLDINGS COMPANY, INC.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                     THE YEARS ENDED MARCH 31, 2001 AND 2000


NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     This  summary of  accounting  policies for CNH  Holdings  Company,  Inc. is
presented to assist in understanding  the Company's  financial  statements.  The
accounting policies conform to generally accepted accounting principles and have
been consistently applied in the preparation of the financial statements.

Organization and Basis of Presentation

     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. exchanged 21,000,000 shares of its common
stock 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
was accounted for as a reverse  acquisition  of Coral  Companies,  Inc. by Coral
Group,  Inc.  The Company,  subsequent  to the  acquisition  of the Coral Group,
changed its name to CNH Holdings Company and changed 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  stockholders'  equity to
common stockholders' equity.

     On May 30, 1996,  the Company  effected a reverse 1 for 1,000 capital share
split.  Concurrently,  the  authorized  number of common shares was increased to
10,000,000,  $.001 par value per share and 1,000,000  preferred shares, $.01 par
value. After the split, there were 400,000 common shares outstanding.

     On December 9, 1997, the Company  entered into a  reorganization  agreement
(DRC Reorganization Agreement) with GNC Corporation, a Nevada corporation (GNC),
and the sole  shareholder  of GNC,  that being DRC,  Inc., a Nevada  corporation
(DRC)  pursuant  to which the Company  agreed to acquire all of the  outstanding
proprietary  interest of GNC in a  share-for-share  exchange which  subsequently
resulted  in GNC  becoming a  wholly-owned  subsidiary  of the  Company  and DRC
acquiring  control of the company through its share  ownership.  The acquisition
was  rescinded  due to the  failure  of GNC  and  DRC to  deliver  the  required
financial statements.



                                      F - 10

<PAGE>

                           CNH HOLDINGS COMPANY, INC.
                          NOTES TO FINANCIAL STATEMENTS
                     THE YEARS ENDED MARCH 31, 2001 AND 2000
                                   (Continued)

NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
--------------------------------------------------------------------------------

Organization and Basis of Presentation (Continued)
--------------------------------------

     On June 15, 1998, the Company acquired  Southport  Environmental in a share
for share  exchange,  which  resulted in the Company  issuing  6,000,000  common
shares and 200,000 preferred shares. Concurrent with the acquisition there was a
change  in  control  and  management  of  the  company.   This  acquisition  was
subsequently  rescinded  on June 27,  2000,  by the  Federal  District  Court in
Houston,  Texas. The Court formally  rescinded the SEDI acquisition,  as well as
another  acquisition and the formation of a subsidiary,  all of which reportedly
took place in fiscal 2000. The Court also rescinded all actions of the board and
executive  officers of the Company from June 14, 1998,  through  April 19, 2000,
and put the Company in the position  which it occupied at June 14,  1998,  as if
none of the actions  which had  occurred  since that time had  transpired.  As a
result,  the Company had no assets and no  liabilities  at March 31,  2000.  The
Court also  required the return of 6,711,501  shares of common stock to treasury
by affiliates of SEDI, including 5,020,000 issued in the SEDI acquisition.

     Since January 1, 1992 the Company is in the development  stage, and has not
commenced planned principal operations.

Nature of Business

     The company has no products or services as of March 31,  2001.  The Company
was organized as a vehicle to seek merger or acquisition candidates. The Company
intends to acquire  interests in various  business  opportunities,  which in the
opinion of management will provide a profit to the Company.

Cash and Cash Equivalents

     For purposes of the  statement  of cash flows,  the Company  considers  all
highly liquid debt instruments purchased with a maturity of three months or less
to be cash equivalents to the extent the funds are not being held for investment
purposes.

Pervasiveness of Estimates

     The  preparation  of financial  statements  in  conformity  with  generally
accepted  accounting  principles  required  management  to  make  estimates  and
assumptions  that  affect the  reported  amounts of assets and  liabilities  and
disclosure of  contingent  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.


                                      F -11

<PAGE>

                           CNH HOLDINGS COMPANY, INC.
                          NOTES TO FINANCIAL STATEMENTS
                     THE YEARS ENDED MARCH 31, 2001 AND 2000
                                   (Continued)

NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
--------------------------------------------------------------------------------

Loss per Share

     The  reconciliations  of the numerators and  denominators of the basic loss
per share computations are as follows:


                                                                      Per-Share
                                             Income      Shares         Amount
                                             ------      ------        ------
                                          (Numerator) (Denominator)

                        For the year ended March 31, 2001
Basic Loss per Share
Loss to common shareholders               $   (79,947)  15,291,774  $      --
                                          ===========  ===========  ===========


                        For the year ended March 31, 2000
Basic Loss per Share
Loss to common shareholders               $      --     7,223,799   $      --
                                          ===========  ===========  ===========

     The effect of outstanding  common stock  equivalents would be anti-dilutive
for March 31, 2001 and 2000 and are thus not considered.

Concentration of Credit Risk

     The Company has no significant  off-balance-sheet  concentrations of credit
risk such as foreign  exchange  contracts,  options  contracts or other  foreign
hedging  arrangements.  The Company  maintains the majority of its cash balances
with one financial institution, in the form of demand deposits.

NOTE 2 - INCOME TAXES

     As of March 31, 2001, the Company had a net operating loss carryforward for
income tax  reporting  purposes  of  approximately  $209,347  that may be offset
against future taxable income through 2021. Current tax laws limit the amount of
loss  available to be offset  against  future  taxable income when a substantial
change in ownership  occurs.  Therefore,  the amount  available to offset future
taxable income may be limited. No tax benefit has been reported in the financial
statements,  because the Company  believes  there is a 50% or greater chance the
carryforwards will expire unused. Accordingly, the potential tax benefits of the
loss carryforwards are offset by a valuation allowance of the same amount.


                                     F - 12

<PAGE>

                           CNH HOLDINGS COMPANY, INC.
                          NOTES TO FINANCIAL STATEMENTS
                     THE YEARS ENDED MARCH 31, 2001 AND 2000
                                   (Continued)

NOTE 3 - DEVELOPMENT STAGE COMPANY

     The  Company  has not begun  principal  operations  and as is common with a
development  stage  company,  the Company has had  recurring  losses  during its
development  stage.  Continuation of the Company as a going concern is dependent
upon obtaining the additional  working capital necessary to be successful in its
planned  activity,  and the  management of the Company has developed a strategy,
which it believes will  accomplish  this  objective  through  additional  equity
funding  and long term  financing,  which will enable the Company to operate for
the coming year.

NOTE 4 - COMMITMENTS

     As of March 31, 2001 all  activities of the Company have been  conducted by
corporate officers from either their homes or business offices. Currently, there
are no outstanding debts owed by the company for the use of these facilities and
there are no commitments for future use of the facilities.

NOTE 5 - STOCK ISSUANCE

     On March 31, 2001 the Board of Directors  issued  640,000  shares of common
stock for services rendered, valued at $.001 per share.


                                     F - 13