ABSTRACT: This article is intended as an illustration of the results obtainable from close scrutiny of publicly available information about a particular company. The analysis contained in the article is based solely upon a review of Natco Industries, Inc.'s published annual reports to stockholders, a prospectus, Securities and Exchange Commission registration statements, filings with the SEC in satisfaction of the periodic reporting requirements, and other public documents. Inquiry of a company's management (and/or its outside auditors, legal counsel, or others) with respect to accounting or other issues that an analyst finds troublesome or unusual is a common and useful tool of financial analysis. The purpose of this article is to demonstrate the nature and extent of what can be generated by the financial statement user himself, purely from public sources.