Mr. Mason, an analyst working in a private equity firm, is assigned to present his analysis of the financial health of Oil and Natural Gas Corporation Ltd (ONGC) to the company investment team. As a Maharatna status public sector undertaking (PSU), ONGC faces financial difficulties due to managerial decisions and changes in the business environment. Mason analyzes ONGC's financial information with the aim to identify potential problems. As part of his examination of company data, Mason uses the Altman Z score model and red flag analysis. The case places students in Mason's position, which provides experience with analysis via the Altman Z score and in the identification of potential red flags in company financial statements.