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, 2002

[ ] 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)

                   48 S.W. 16th Street, Dania Beach, FL 33004
                   ------------------------------------------
               (Address of principal executive office) (Zip Code)

                                 (954) 450-2888
                             ----------------------
                           (Issuer's telephone number)

                    3121 Grapevine Lane, Carrollton, TX 75007
                   ------------------------------------------
     (Former name,  former address and former fiscal year, if changed since last
report.)

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 ___.


<PAGE>




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, 2002, 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, 2002, was as follows: Common Stock $.001 par value, 15,611,774 shares.

Total revenues for fiscal year ended March 31, 2002: $0.00

At June  19,  2002  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  acquired  Southport  Environmental  and
Development,  Inc. This  acquisition,  however,  was  subsequently  rescinded by
agreement  between the parties and made a formal order of court  effective April
19, 2000.  This order put the Company in the position  which it occupied at June
14, 1998,  as if none of the actions  which had  occurred  from that time to the
date of rescission had transpired. As a result, the Company has no assets and no
liabilities.

        The  Company  had no  operations  during the fiscal year ended March 31,
2002.

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 48 S.W.  16th  Street,  Dania  Beach,  Florida  33004.  The
telephone number at this address is (954) 450-2888.

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 CNHH. The following table sets
forth the range of high and low bid and asked quotations for the



<PAGE>




common stock during each calendar  quarter  beginning  April 1, 1999, and ending
March 31, 2002, each of which has been rounded to the nearest whole cent.

                             High Bid       Low Bid       High Ask      Low Ask

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

June 30, 2001                0.175          0.075         0.20          0.18
September 30, 2001           0.15           0.08          0.20          0.18
December 31, 2001            0.15           0.08          0.20          0.18
March 31, 2002               0.12           0.08          0.20          0.18

        The  above  prices  were  obtained  from  the  National  Association  of
Securities  Dealers,  Inc.  The  quotations  represent  inter-dealer  quotations
without  retail  mark-up,  mark-down  or  commission,  and may  not  necessarily
represent  actual  transactions.  On June 19, 2002,  the closing  inside bid and
asked  prices  quoted on the  Bulletin  Board for the common stock were $.08 and
$.20, 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,  for the three
fiscal years ended March 31, 2002, 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, 2002,  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



<PAGE>



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:
<TABLE>
<CAPTION>

      Name                      Age              Position with Company *

<S>                             <C>              <C>
Charles Stidham                 59               Chairman of the Board of Directors and Chief Executive,
                                                 Financial and Accounting Officer, Treasurer
</TABLE>

<PAGE>




* 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, 2002 and 2001.

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,  2002 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.









<PAGE>

<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, 2001.

(b) Reports on Form 8-K

        None.


















<PAGE>



                                   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 Dania
Beach, Florida, this 26th day of June, 2002.

CNH HOLDINGS COMPANY
(Registrant)

By:   /s/ Charles Stidham
   ---------------------------------
      Charles Stidham, Chief Executive Officer

By:   /s/ Charles Stidham
   ---------------------------------
      Charles Stidham, Chief Financal
      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 26th day of June,  2002.

/s/ Charles Stidham
---------------------------------
Charles Stidham, Director



<PAGE>

                                  CNH HOLDINGS COMPANY, INC.

                                (A Development Stage Company)

                                              -:-

                                 INDEPENDENT AUDITOR'S REPORT


                                    MARCH 31, 2002 AND 2001






<PAGE>



<TABLE>
<CAPTION>

CONTENTS


                                                                                       Page

<S>                                                                                    <C>
Independent Auditor's Report...........................................................F - 1

Balance Sheets
   March 31, 2002 and 2001.............................................................F - 2

Statements of Operations for the
  Years Ended March 31, 2002 and 2001..................................................F - 3

Statement of Stockholders' Equity
   Since April 15, 1987 (Inception) to March 31, 2002..................................F - 4

Statements of Cash Flows for the
   Years Ended March 31, 2002 and 2001.................................................F - 7

Notes to Financial Statements..........................................................F - 8
</TABLE>


<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,  2002 and 2001,  and the
related  statements of  operations  and cash flows for the two years ended March
31,  2002,  and the  statement  of  stockholders'  equity  from  April 15,  1987
(inception) to March 31, 2002. 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.

        We conducted our audits in accordance with auditing standards  generally
accepted in the United States of America.  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, 2002 and 2001, and
the results of its  operations  and its cash flows for the two years ended March
31, 2002 in conformity  with  accounting  principles  generally  accepted in the
United States of America.



                                                   Respectfully submitted



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

Salt Lake City, Utah
May 7, 2002


                                            F - 1

<PAGE>



                                  CNH HOLDINGS COMPANY, INC.
                                (A Development Stage Company)
                                        BALANCE SHEETS
<TABLE>
<CAPTION>

                                                                   March 31,
                                                        -------------------------------
                                                             2002            2001
                                                        --------------- ---------------

<S>                                                     <C>             <C>
Assets:                                                 $             - $             -
                                                        =============== ===============

Liabilities:                                            $           580 $             -
   Accounts Payable                                               5,265               -
                                                        --------------- ---------------
   Shareholder Loan
                                                                  5,845               -
                                                        --------------- ---------------
    Total Liabilities

Stockholders' Equity:
  Common Stock, Par value $.001                                       -                -
     Authorized 50,000,000 shares,
     Issued 15,611,774 shares at March 31, 2002 and
     March 31, 2001                                              15,612          15,612
  Paid-In Capital                                               193,735         193,735
  Retained Deficit                                                 (400)           (400)
  Deficit Accumulated During the Development Stage             (214,792)       (208,947)
                                                        --------------- ---------------

     Total Stockholders' Equity                                  (5,845)              -
                                                        --------------- ---------------

     Total Liabilities and
       Stockholders' Equity                             $             - $             -
                                                        =============== ===============
</TABLE>













          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
<TABLE>
<CAPTION>

                                                                           Cumulative
                                                                             Since
                                                                            January
                                                                            1, 1992
                                             For the year ended           inception of
                                                  March 31,               development
                                       -------------------------------
                                            2002            2001             stage
                                       --------------- ---------------  ----------------
<S>                                    <C>             <C>              <C>
Revenues:                              $             - $             -  $              -

Expenses:                                        5,845          79,947           214,792
                                       --------------- ---------------  ----------------

     Net Loss                          $        (5,845)$       (79,947) $       (214,792)
                                       --------------- ---------------  ----------------

Basic & Diluted loss per share         $             - $         (0.01)
                                       =============== ===============
</TABLE>























          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, 2002
<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, 2002
<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, 2002
<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, 2002
<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, 2002
<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)

Capital contributed by shareholders'        --           --            --            --            --            --            --
Net loss ..........................         --           --            --            --            --            --          (5,845)
                                      ----------   ----------   -----------    ----------    ----------    ----------    ----------

Balance at March 31, 2002 .........   $     --           --      15,611,774    $   15,612    $  193,735    $     (400)   $ (214,792)
                                      ==========   ==========   ===========    ==========    ==========    ==========    ==========
</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
<TABLE>
<CAPTION>
                                                                                Cumulative
                                                                                   Since
                                                                              January 1,1992
                                                   For the years ended         inception of
                                                        March 31,               development
                                              -----------------------------
                                                   2002            2001            stage
                                              ---------------  ------------   ---------------
CASH FLOWS FROM OPERATING
ACTIVITIES:
<S>                                           <C>              <C>            <C>
Net Loss                                      $        (5,845) $    (79,947)  $      (214,792)
Common Stock Issued for Services                            -        79,947                 -
Increase (Decrease) in accounts payable                   580             -               580
Increase (Decrease) in shareholders' loan               5,265             -             5,265
                                              ---------------  ------------   ---------------
  Net Cash Used in operating activities                     -             -          (208,947)
                                              ---------------  ------------   ---------------

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                                        -             -           208,947
Capital contributed by shareholder                          -             -                 -
                                              ---------------  ------------   ---------------
 Net Cash Provided by Financing Activities                  -             -           208,947
                                              ---------------  ------------   ---------------

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                  $             -  $          -   $           500
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING
None
</TABLE>


          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, 2002 and 2001


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, 2002 and 2001
                                   (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,  2002.  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, 2002 and 2001
                                   (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:
<TABLE>
<CAPTION>
                                                                                  Per-Share
                                                  Income           Shares           Amount
                                                  ------           ------           ------
                                                (Numerator)     (Denominator)

                        For the year ended March 31, 2002
Basic Loss per Share
<S>                                           <C>                   <C>         <C>
Loss to common shareholders                   $        (5,845)      15,611,774  $            -
                                              ===============  ===============  ==============


                        For the year ended March 31, 2001
Basic Loss per Share
Loss to common shareholders                   $       (79,947)      15,291,774  $        (0.01)
                                              ===============  ===============  ==============
</TABLE>
        The  effect  of   outstanding   common   stock   equivalents   would  be
anti-dilutive for March 31, 2002 and 2001 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, 2002, the Company had a net operating loss  carryforward
for income tax reporting  purposes of approximately  $215,000 that may be offset
against future taxable income through 2022. 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, 2002 and 2001
                                   (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, 2002 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