<PAGE>   1







                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549
                                                                          
                                  FORM 10-K
                                                                          
 (Mark One)     ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE  
                SECURITIES EXCHANGE ACT OF 1934 (FEE REQUIRED)     
                                                                          
    [x]         For the fiscal year ended December 31, 1995               
                                                                          
                                      or
                                                                          
    [ ]         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF          
                THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]          
                                                                          
           For the Transition period from ______________ to ______________
                                                                          
                       Commission File Number: 0-14-827
                                                                          
                         ----------------------------
                                                                          
                       NATIONAL SANITARY SUPPLY COMPANY
            (Exact name of registrant as specified in its charter)
                                                                          
                DELAWARE                               31-1079482
      (State or other jurisdiction of               (I.R.S. Employer
      incorporation or organization)             Identification Number)
                                                                          
             2900 Chemed Center                        45202-4729
           255 East Fifth Street                       (Zip Code)
              Cincinnati, Ohio

     (Registrant's telephone number, including area code):  (513) 762-6500

                        -----------------------------

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT: NONE

SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT: TITLE OF EACH CLASS
                                                            -------------------
                                                Common Stock, $1.00 per 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 reports), and (2) has been subject to such
filing requirements for the past 90 days.  Yes X  No    .
                                              ---    ---

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

         Aggregate market value of the Registrant's voting stock held by
non-affiliates, based upon the closing price of said stock on the NASDAQ Stock
Market on February 29, 1996 ($13.50 per share): $80,304,777.

         As of March 15, 1996, 6,136,678 shares of the Common Stock, $1.00 par
value, of the Registrant were outstanding.

DOCUMENTS INCORPORATED BY REFERENCE:

         Portions of the Annual Report to Shareholders for the year ended
December 31, 1995, are incorporated by reference in Parts I, II and IV of this
Report.

         Portions of the Proxy Statement relating to the Annual Meeting of
Shareholders to be held May 20, 1996, are incorporated by reference into Part
III of this Report.

                           Exhibit Index at Page E-1

                               Page 1 of 13 Pages
<PAGE>   2




                        NATIONAL SANITARY SUPPLY COMPANY

                          1995 FORM 10-K ANNUAL REPORT

                               TABLE OF CONTENTS





                                                                 PAGE 
                                 PART I         

<TABLE>
<S>       <C>                                                     <C>
Item  1.   Business.............................................    3
Item  2.   Properties...........................................    5
Item  3.   Legal Proceedings....................................    6
Item  4.   Submission of Matters to a Vote of Security Holders..    6
 ----      Executive Officers of the Company....................    7

                                 PART II

Item  5.   Market for the Company's Common Stock and Related
           Stockholder Matters..................................    9
Item  6.   Selected Financial Data..............................    9
Item  7.   Management's Discussion and Analysis of Financial
           Condition and Results of Operations..................    9
Item  8.   Financial Statements and Supplementary Data..........    9
Item  9.   Changes in and Disagreements with Accountants on
           Accounting and Financial Disclosure..................    9

                                PART III

Item  10.  Directors and Executive Officers of the Company......   10
Item  11.  Executive Compensation...............................   10
Item  12.  Security Ownership of Certain Beneficial Owners
           and Management.......................................   10
Item  13.  Certain Relationships and Related Transactions.......   10

                                PART IV

Item  14.  Exhibits, Financial Statement Schedules, and
           Reports on Form 8-K..................................   11
</TABLE>





                              Page 2 of 13 Pages
<PAGE>   3


                                    PART I
ITEM 1.  BUSINESS

General
--------

     From its founding in 1929 until November 15, 1983, the business of
National Sanitary Supply Company (the "Company") was privately owned and
operated by three separate companies:  National Sanitary Supply Company,
Sanichem Manufacturing Company, and La-Ru Truck Rental Company, Inc.  In
September 1983 the Company was incorporated in Delaware as a wholly-owned
subsidiary of Chemed Corporation (a diversified public corporation with
interests in residential and commercial plumbing supply products distribution,
medical and dental supply distribution for private practices, and home health
care services) for the purpose of acquiring these three companies.  (As used
herein, "Predecessor Companies" refers collectively to the three predecessor
companies; "Company" refers to National Sanitary Supply Company, its
wholly-owned subsidiaries and its predecessors; and "Chemed" refers to Chemed
Corporation.)

    In June 1986 the Company sold in a public offering 1,000,000 shares of its
common stock, par value $1 per share (the "Common Stock").  As of December 31,
1995, Chemed owned 84 percent of the outstanding shares of Common Stock, or
5,144,151 of the 6,098,280 shares outstanding.

    In September 1988 the Company acquired by merger Century Papers, Inc.,
which is now a wholly-owned subsidiary ("Century").  Century is a regional
distributor engaged in purchasing, warehousing, selling and delivering to its
customers a variety of industrial paper, food service, and plastic products,
sanitary maintenance and specialty chemicals and equipment, and packaging
supplies and equipment.

    On June 17, 1992 the Company formed National Sanitary Supply Development,
Inc. ("NSSD"), a Delaware corporation, to aid its expansion program in the
Midwest.

    The Company conducts its business in one segment.

Description of Business
-----------------------

    The Company is the nation's largest specialized distributor of sanitary
maintenance supplies.  The Company's products are sold primarily through
approximately 760 field sales personnel employed by the Company to a wide
variety of commercial, institutional, and industrial customers.  In 1995, the
Company serviced approximately 110,000 customers located principally in
Arizona, California, Colorado, Indiana, Louisiana, Michigan, Mississippi,
Missouri, Nevada, New Mexico, Ohio, Oklahoma, Oregon, Tennessee, Texas, Utah
and Washington.  Federal, state and local governmental agencies accounted for
approximately 6 percent of the Company's total sales for 1995.  These sales are
attributable to over 1,200 different agencies whose purchasing decisions
generally are made separately.  The Company also had one customer, Sonic, Inc.,
a fast-food restaurant chain, which accounted for approximately 15 percent of
1995 sales.  This chain consists of over 1,370 franchised and 130 company-owned
restaurants.  Mr. Edward L. Hutton, Chairman of the Company, was a director of
Sonic, Inc. in 1995.  Sales to this customer primarily consisted of low margin
food service products such as paper napkins, plates and cups.  On November 22,
1995 the Company announced the expected loss of a majority of sales to Sonic,
Inc. during the first half of 1996.  Other than sales to the aforementioned
entities, no one customer accounts for more than 2 percent of net sales.

    Other information called for by this item is included within Notes 1 and 2
of the Notes to Consolidated Financial Statements appearing on pages 15 and 16
of the 1995 Annual Report to Stockholders and is incorporated herein by
reference.

Products and Supplies
---------------------

                     
                     




                               Page 3 of 13 Pages
<PAGE>   4
    The Company's product line consists primarily of a wide variety of
sanitary maintenance supplies used by commercial, institutional, and industrial
facilities.  In addition, the Company also distributes, primarily through
Century, food service disposable products, packaging materials, and business
paper for use in institutional and industrial establishments.  Except for the
various chemical products that are manufactured by and for the Company, the
products sold by the Company are purchased from outside suppliers.

    Approximately 23 percent of the Company's total sales in 1995 were of
chemical and equipment products, including specialty and general purpose
cleaners, floor finishes, hand soaps, deodorants, disinfectants, floor
machines, vacuums and carpet extractors.  A portion of these products is
marketed under the "National Sanitary Supply Co." proprietary label, a
federally registered trademark.  Most of the proprietary-label chemical
products are manufactured by the Company.

    Approximately 15 percent of the Company's total 1995 sales were of a wide
variety of general maintenance products needed in the housekeeping function
such as mops, buckets, brooms, brushes, trash can liners, floor mats and pads.

    Approximately 28 percent of the Company's total 1995 sales were of paper
products, such as towels and tissues used in public restrooms.

    The remaining 34 percent of the Company's total 1995 sales included food
service products such as paper napkins, plates and cups; packaging and business
paper products such as tapes, boxes, computer paper, copier paper and
stationery; and special order and non-stock items.

    The Company purchases products from many different manufacturers.  In
certain product lines, such as paper products, a significant portion of
purchases is made from one supplier.  Although the Company has no long-term
supply contracts, it expects to continue relationships with its existing
suppliers.  Because there are numerous sources of similar products, management
does not believe that the loss of any one supplier would have a material
adverse effect on the business.

Distribution System
--------------------
    The Company maintains over 70 distribution center and sales branch
locations throughout the western, southwestern and midwestern United States.
From the distribution centers, generally consisting of both a sales office and
warehouse facility, products are distributed directly to National's customers,
principally by a fleet of Company-owned vehicles.  In addition to these
distribution facilities, the Company maintains sales branch offices that carry
a relatively small inventory of products, which are delivered directly to
customers on an emergency basis.

Manufacturinging  
----------------
    The Company markets a line of chemical cleaning, sanitation, and
maintenance compounds under the "National Sanitary Supply Co." proprietary
label.  Most of these products are manufactured by the Company in its facility
in Los Angeles, with some being manufactured for the Company under contract.

    The Company's manufacturing operations are not labor intensive.  The
Company operates two shifts at its manufacturing facility and could increase
its overall production substantially without incurring significant capital
expenditures.

    The chemicals used in the Company's manufacturing processes are purchased
from a number of suppliers.  The Company does not believe that the loss of any
one chemical supplier would have a material adverse effect on its business and
believes that alternative sources could be found in a relatively short period
of time.

Employees
---------
    As of December 31, 1995, the Company employed 1,722 persons, of whom 758
were field sales personnel; 334 were clerical personnel; and the remainder were
production personnel, warehousing and shipping personnel, and headquarters
management and administrative personnel.  The Company generally considers its





                               Page 4 of 13 Pages
<PAGE>   5
relationship with its employees as good.  8% of its employees are represented
by labor unions.

Competition
-----------
    The market for sanitary maintenance and paper supplies is highly
competitive and entry is relatively easy.  Competition is, however, highly
fragmented in most geographic markets.  In the United States, over 9,000 firms
compete in the sanitary maintenance supply distribution business on a local or
regional basis.  Competition also exists indirectly from wholesale price clubs,
manufacturers selling directly to customers, and foodservice distributors.

    The principal competitive factors in this market are the level of service
provided; range of products offered; speed, efficiency and reliability of
delivery; and price.


Environmental Matters
----------------------
    The Company's operations are subject to various federal, state, and local
laws and regulations regarding the environmental aspects of the manufacture and
distribution of chemical components.  The Company, to the best of its
knowledge, is currently in compliance in all material respects with the
environmental laws and regulations affecting its operations.  Capital
expenditures for the purpose of environmental protection during 1996 and 1997
are not expected to be material in amount.

ITEM 2.  PROPERTIES

    The Company operates three different types of facilities:  branch sales
offices, regional distribution centers, and a combination distribution center
and manufacturing facility.  Branch sales offices provide office facilities for
sales representatives whose territories are located in outlying areas as well
as storage facilities for maintaining a small inventory of products for
emergency shipments.  Regional distribution centers generally consist of not
only a sales office but also a warehouse facility that delivers products to
customers in a wide geographic area including those markets covered by the
related sales branch offices.  The third type of facility performs the same
function as a regional distribution center with the added responsibility of
manufacturing and delivering products to regional distribution centers.  The
following table provides a summary of the major facilities operated by the
Company as of December 31, 1995:

                      



                                 Page 5 of 13
<PAGE>   6
<TABLE>
<CAPTION>
                                                   SQUARE FEET    
                                               -------------------
      TYPE/LOCATION                            OWNED        LEASED
--------------------------                     -----        ------
<S>                                           <C>           <C>
Distribution/Manufacturing
--------------------------

  California - Los Angeles                    165,000       25,000

Regional Distribution Centers
-----------------------------

  Arizona - Tempe                              69,000          -
  California - San Francisco (Area)               -         66,000
  Colorado - Denver                               -         53,000
  Indiana - Marion                             30,000          -
  Mississippi - Tupelo                            -         33,000
                Jackson                           -         26,000
  Missouri:  Kansas City                          -         25,000
             St. Louis                            -         16,000
  Nevada - Las Vegas                           24,000          -
  New Mexico - Albuquerque                        -         21,000
  Ohio:  Fairfield                                -         38,000
         Toledo                                   -         65,000
  Oklahoma - Oklahoma City                        -         75,000
  Oregon - Portland                            56,000          -
  Tennessee - Memphis                             -         66,000
              Knoxville                           -         17,000
  Texas:  Amarillo                                -         25,000
          Beaumont                                -         14,000
          Corpus Christi                          -         58,000
          Dallas                               54,000          -
          El Paso                              18,000          -
          Houston                                 -        102,000
          Laredo                                  -         10,000
          McAllen                                 -          9,000
          New Braunfels                           -         54,000
   Utah - Salt Lake City                          -         20,000
   Washington - Seattle                           -         15,000

Branch Sales Offices (a)                        3,000      182,000
--------------------
<FN>
(a) Represents forty-three (43) separate branch sales offices located
throughout the western, midwestern, and southwestern United States.
</TABLE>

     The owned property is held in fee and is not subject to any major
encumbrance.  Leased properties are occupied under rental agreements having
terms ranging up to ten years and with month-to-month tenancies.  Certain of the
leases provide for payment by the Company of insurance, property taxes, and
building operating expenses and for options to purchase and options to renew. 
The Company does not believe that failure to obtain the renewal of any lease
would have a material adverse effect on its business.

     Management considers all of the facilities to be in good operating
condition and to be generally adequate for the Company's present and
anticipated needs.

ITEM 3.  LEGAL PROCEEDINGS.

     None.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

     None.





                               Page 6 of 13 Pages
<PAGE>   7
EXECUTIVE OFFICERS OF THE COMPANY

     The executive officers of the Company are as follows:

<TABLE>
<CAPTION>
          NAME            AGE                    OFFICE                           FIRST ELECTED
------------------------------------------------------------------------------------------------------------
<S>                       <C>   <C>                                          <C>
 Edward L. Hutton         76     Chairman                                    November, 1983 (1)
                          
 Kevin J. McNamara        42     Vice Chairman                               August, 1986 (2)

 Paul C. Voet             49     President and Chief Executive Officer       November, 1983 (3)
                          
 Robert B. Garber         69     Vice Chairman                               1973 (4)

 W. Dwight Jackson        49     Executive Vice President; General           November, 1994 (5)
                                 Manager of Century
                          
 Kenneth F. Vuylsteke     48     Executive Vice President; General           January, 1992 (6)
                                 Manager of National West

 Gary H. Sander           45     Vice President, Treasurer and Chief         August, 1988 (8)
                                 Financial Officer

Arthur J. Bennert, Jr.    38     Vice President-Marketing                    April, 1991 (8)
</TABLE>





                               Page 7 of 13 Pages
<PAGE>   8
(1) Mr. E. L. Hutton is Chairman of the Company and Chairman and Chief
    Executive Officer of Chemed.  He has held the latter two positions since
    November 1993.  Previously, from April 1970 to November 1993, he held the
    positions of President and Chief Executive Officer of Chemed.  He is the
    father of Mr. Thomas C. Hutton, a Vice President of Chemed and a director
    of the Company.

(2) Mr. McNamara is Vice Chairman of the Company and President of Chemed.  From
    August 1986 to August 1994 he was General Counsel and Assistant Secretary
    of the Company.  He served as Executive Vice President, General Counsel and
    Secretary of Chemed from November 1993 to August 1994, serving as Chemed's
    Vice Chairman from May 1992 to November 1993.

(3) Mr. Voet is President and Chief Executive Officer of the Company and is
    also an Executive Vice President of Chemed.  He was Vice Chairman and Chief 
    Executive Officer of the Company from November 1986 to January 1992.  He
    served as Chemed's Vice Chairman from 1988 until November 1993.

(4) Mr. Garber is a Vice Chairman of the Company.  He was President and Chief
    Operating Officer of the Company from April 1986 to January 1992.

(5) Mr. Jackson is an Executive Vice President of the Company and is Executive
    Vice President and General Manager of Century.  He has held these positions
    since November and October 1994, respectively.  He was Director of Sales
    for Scott Paper Co.'s Southwest Division from January 1990 to October 1994.

(6) Mr. Vuylsteke is an Executive Vice President of the Company and General
    Manager of its National West division and has held these positions since    
    January 1992 and July 1991, respectively.  He was Vice President and
    General Manager of the Company's Northwest division from February 1989 to
    July 1991.

(7) Mr. Sander is Vice President, Treasurer and Chief Financial Officer of the
    Company, and has held these positions since August 1988.

(8) Mr. Bennert is Vice President-Marketing of the Company.  From April 1991
    to February, 1996, he was Vice President of Corporate Planning.

--------------------
    Each executive officer holds office until the annual election at the next
annual organizational meeting of the Board of Directors of the Company, which
is scheduled to be held on May 20, 1996.





                               Page 8 of 13 Pages
<PAGE>   9
                                    PART II

ITEM 5.  MARKET FOR THE COMPANY'S COMMON STOCK AND RELATED STOCKHOLDER
         MATTERS.

     MARKET AND PRICE RANGE OF COMMON STOCK, DIVIDENDS

     The Company's Common Stock (par value $1 per share) is included in the
NASDAQ Stock Market and is traded under the symbol NSSX.  The range of the high
and low trade prices for the Company's Common Stock and dividends paid per
share for each quarter of 1994 and 1995 are set forth below:


<TABLE>
<CAPTION>
==========================================================================================================
                                                             CLOSING                       DIVIDENDS PAID
                                                      HIGH                 LOW               PER SHARE
----------------------------------------------------------------------------------------------------------
         <S>                                         <C>                 <C>                  <C>
         1995
         First Quarter                               $13.50              $12.00               $ .065
         Second Quarter                               13.00               12.00                 .065
         Third Quarter                                13.50               12.00                 .075
         Fourth Quarter                               14.00               11.75                 .075
         1994
         First Quarter                                13.50               12.25                 .06
         Second Quarter                               13.50               12.25                 .06
         Third Quarter                                13.25               12.25                 .065
         Fourth Quarter                               12.50               12.25                 .065
==========================================================================================================
</TABLE>

     Future dividends are necessarily dependent upon the Company's earnings and
financial condition, and other factors not presently determinable. 


<TABLE>
<CAPTION>
     APPROXIMATE NUMBER OF HOLDERS OF COMMON STOCK
                                                     Approximate Number of Record
                   Title of Class                   Holders (as of March 15, 1996)           
                   --------------                   ------------------------------                                  
                   <S>                                        <C>        
                   Common Stock                               210 *
                   ($1 par Value)

<FN>
*Includes only stockholders of record; does not include those whose shares are
held in nominee name or within clearinghouse positions of brokers, banks and
other institutions.  The Company believes its stockholders number more than
500.
</TABLE>

ITEM 6.  SELECTED FINANCIAL DATA.

     The information called for by this Item for the five years ended December
31, 1995, appearing on page 1 of the 1995 Annual Report to Stockholders is
incorporated herein by reference.

ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         RESULTS OF OPERATIONS.

     The information called for by this Item is set forth on pages 21 through 
22 of the 1995 Annual Report to Stockholders and is incorporated herein by 
reference.

ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

     The information called for by this Item set forth on pages 10 through 20
of the 1995 Annual Report to Stockholders, and the Unaudited Quarterly Data
appearing on page 14 of the 1995 Annual Report to Stockholders, are
incorporated herein by reference.

ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
         FINANCIAL DISCLOSURE.

     None.





                               Page 9 of 13 Pages
<PAGE>   10
                                    PART III

ITEM 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE COMPANY.

     The directors of the Company are:

<TABLE>
     <S>                             <C>                      <C>
     E.L. Hutton                     N. Gilliatt              T.S. O'Toole
                       
     P.C. Voet                       W.J. Hoekman             D.W. Robbins, Jr.
                       
     R.B. Garber                     T.C. Hutton              G.H. Sander
                       
     A.J. Bennert, Jr.               W.D. Jackson             J.E. Schnee
                       
     J.A. Cunningham                 C.O. Lane                K.F. Vuylsteke
                       
     N.C. Dallob                     S.E. Laney
                       
     C.H. Erhart                     K.J. McNamara
</TABLE>

The information required under this Item with respect to directors, with the
exception of J.E. Schnee, is set forth under "Election of Directors" in the
Company's 1996 Proxy Statement which is incorporated herein by reference.  Mr.
Schnee, age 54, is Professor of Management at the University of Cincinnati
College of Business Adminstration ("College") and has held this position since
September 1988.  From September 1988 to May 1994, he also served as Dean of the
College.  He is a director of Roto-Rooter.

The information required under this Item with respect to executive officers is
set forth under Part I hereof.  The information required under this item set
forth under "Compliance with Section 16(a) of the Securities and Exchange Act
of 1934", in the Company's 1996 Proxy Statement, is incorporated herein by
reference.

ITEM 11.  EXECUTIVE COMPENSATION.

     Information required under this Item is set forth under "Executive
Compensation" in the Company's 1996 Proxy Statement which is incorporated
herein by reference.

ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.

     Information required under this Item is set forth under "Security
Ownership of Certain Beneficial Owners and Management" in the Company's 1996
Proxy Statement which is incorporated herein by reference.

ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

     Information required under this Item is set forth under "Certain
Arrangements and Transactions" in the Company's 1996 Proxy Statement which is
incorporated herein by reference.





                              Page 10 of 13 Pages
<PAGE>   11
                                    PART IV

ITEM 14.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K.

          EXHIBITS

 3.1.     Certificate of Incorporation of Chemed Supply, Inc., dated September
          19, 1983.*

 3.2.     Certificate of Merger of La-Ru Truck Rental Company, Inc. into
          Chemed Supply, Inc., dated November 15, 1983.*

 3.3.     Certificate of Amendment of the Certificate of Incorporation, as
          amended, of National Sanitary Supply Company, dated July 13, 1987.*

 3.4.     Amended and Restated By-Laws of the Company as of November 3, 1993.*

 10.1.    1986 Stock Incentive Plan of the Company, as amended through August
          4, 1993.*,***

 10.2.    Executive Salary Protection Plan of the Company.*,***

 10.3.    Form of Executive Salary Protection Agreement.*,***

 10.4.    Amended Tax Procedures and Services Agreement as of January 1, 1993
          between the Company and Chemed Corporation.*

 10.5.    Employment Agreement, dated November 3, 1993, between Charles O.
          Lane and the Company.*,***

 10.6.    Employment Agreement, dated November 6, 1995, between Thomas M. Lane
          and the Company.***

 18.1.    Letter regarding change in accounting principles.*

 10.7.    1988 Stock Incentive Plan adopted May 19, 1988, as amended through
          August 4, 1993.*,***

 10.8.    $1,600,000 Promissory Note issued by Century Papers, Inc. to Chemed
          Corporation on November 10, 1988.*

 10.9.    $9,400,000 Promissory Note issued by the Company to Chemed
          Corporation on November 10, 1988.*

 10.10.   $8,000,000 Promissory Note issued by the Company to Chemed on
          January 1, 1993.*

 10.11.   Benefit Equalization Plan, as amended November 6, 1991.*,***

 10.12.   Employment Contracts with Executives.*,***

 10.13.   Amendment No. 3 to Employment Contracts with Executives.***

 10.14.   Assignment of $1,600,000 Promissory Note from Century Papers, Inc.
          to the Company of May 1, 1992.*

 10.15.   Employees Thrift and Profit Sharing Plan.*,***

 10.16.   Trust Agreement of Employees Thrift and Profit Sharing Plan.*,***

 10.17.   Employment Agreement, dated November 1, 1994, between W. Dwight
          Jackson and Century Papers, Inc.*,***

 10.18    1995 Stock Incentive Plan of the Company. ***





                              Page 11 of 13 Pages
<PAGE>   12
 10.19     Split Dollar Life Insurance Agreements. ***

 11.1.     Computation of earnings per share.

 13.1.     1995 Annual Report to Stockholders.

 21.1.     Subsidiaries of the Company.

 23.1.     Consent of Independent Accountants.

 24.1.     Powers of Attorney.

 27.1.     Financial Data Schedule. +

*   This exhibit is being filed by means of incorporation by reference (see
    Index to Exhibits on page E-1).  Each other exhibit is being filed with
    this report.

*** Management contract or Executive Compensation Plan or Arrangement.

+   Not filed herewith.

FINANCIAL STATEMENT SCHEDULES

     See Index to Financial Statements and Financial Statement Schedules on
page S-1.

REPORTS ON FORM 8-K

     A report on Form 8-K was filed November 22, 1995 reporting under Item 5
the expected loss of sales to Sonic, Inc., a large customer during the first
half of 1996.





                              Page 12 of 13 Pages
<PAGE>   13
                                   SIGNATURES

Pursuant to the requirement of Section 13 or 15(b) of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.


                                   NATIONAL SANITARY SUPPLY COMPANY


March 28, 1996                     By: /s/  Paul C. Voet 
                                       -------------------------------------
                                       Paul C. Voet
                                       President and Chief Executive Officer


Pursuant to the requirements of the Securities Exchange Act of 1934 this report
has been signed below by the following persons on behalf of the registrant and
in the capacities and on the dates indicated.


<TABLE>
<CAPTION>
Signature                        Title                                  Date
---------                        -----                                  ----
<S>                       <C>                                           <C>
/s/  Edward L. Hutton     Chairman and a Director
---------------------     (Principal Executive Officer)                       
Edward L. Hutton                                                                 
                                                                                 
                                                                                 
/s/  Paul C. Voet         President & Chief Executive                                    
---------------------     Officer and a Director                        March 28, 1996
Paul C. Voet              (Principal Executive Officer)                 --------------

                          
/s/  Gary H. Sander       Vice President, Treasurer,
---------------------     Chief Financial Officer,            
Gary H. Sander            and a Director                      
                          (Principal Financial and Accounting 
                            Officer)                          
                                                              
</TABLE>


<TABLE>
<CAPTION>
Directors
        <S>                            <C>                              <C>            
        Arthur J. Bennert, Jr. *       Thomas C. Hutton *
        James A. Cunningham *          W. Dwight Jackson *
        Charles H. Erhart, Jr. *       Charles O. Lane *
        Robert F. Garber *             Sandra E. Laney *                March 28, 1996
                                                                        --------------
        N. Gilliatt *                  Kevin J. McNamara *
        Will J. Hoekman *              Timothy S. O'Toole *
                                       D. Walter Robbins, Jr. *
                                       Jerome E. Schnee *
                                       Kenneth F. Vuylsteke *
</TABLE>


*   Naomi C. Dallob, General Counsel and Secretary of the Company, by signing
    her name hereto signs this document on behalf of each of the persons
    indicated above pursuant to powers of attorney duly executed by such
    persons and filed with the Securities and Exchange Commission.



March 28, 1996                        /s/   Naomi C. Dallob            
--------------                        ----------------------------------
     Date                             Naomi C. Dallob
                                      (Attorney-in-Fact and a Director)





                              Page 13 of 13 Pages
<PAGE>   14
                               INDEX TO EXHIBITS


<TABLE>
<CAPTION>
                                                                                  Page Number
                                                                                      or
                                                                            Incorporation by Reference                 
                                                                            --------------------------

Exhibit                                                                       File No. and      Previous            
Number                                                                        Filing Date      Exhibit No.         
-------                                                                       ------------     -----------
                          
  <S>             <C>                                                         <C>                   <C>    
    3.1           Certificate of Incorporation of Chemed                      S-1                   3a(i)
                  Supply, Inc., dated September 19, 1983.                     Registration
                                                                              No. 33-5604
                                                                              5/12/86                        
       
    3.2           Certificate of Merger of La-Ru Truck                        S-1                   3a(ii)
                  Rental Company, Inc. into Chemed                            Registration
                  Supply, Inc., dated November 15, 1983.                      No. 33-5604
                                                                              5/12/86
       
    3.3           Certificate of Amendment of the                             Form 10-Q             2
                  Certificate of Incorporation, as                            8/13/87
                  amended, of National Sanitary Supply
                  Company, dated July 13, 1987.
       
    3.4           Amended and Restated By-Laws of the                         Form 10-K             4
                  Company as of November 3, 1993.                             3/28/94
       
   10.1           1986 Stock Incentive Plan of the                            Form 10-Q             2                         
                  Company, as amended through August 4,                       8/13/93
                  1993.                                                      
                                                                              
       
   10.2           Executive Salary Protection Plan of                         S-1                   10e
                  the Company.                                                Registration
                                                                              No. 33-5604
                                                                              5/12/86
       
   10.3           Form of Executive Salary Protection                         S-1                   10f
                  Agreement.                                                  Registration
                                                                              No. 33-5604
                                                                              5/12/86
       
   10.4           Amended Tax Procedures and Services                         Form 10-K             12
                  Agreement as of January 1, 1993                             3/29/93
                  between the Company and Chemed
                  Corporation.
       
   10.5           Employment Agreement, dated November                        Form 10-K             10
                  3, 1993, between Charles O. Lane                            3/28/94
                  and the Company.
       
   10.6           Employment Agreement, dated November                           *
                  6, 1995, between Thomas M. Lane and
                  the Company.
</TABLE>





                                      E-1
<PAGE>   15
<TABLE>
<CAPTION>


                                                                                      Page Number
                                                                                           or
                                                                                Incorporation by Reference
                                                                              -----------------------------
Exhibit                                                                       File No. and      Previous           
Number                                                                        Filing Date       Exhibit No.
-------                                                                       ------------      -----------        
                             
                             
<S>               <C>                                                         <C>                   <C>
18.1              Letter regarding change in accounting                       Form 10-Q              3
                  principles.                                                 5/13/88                    
                                                                                                         
10.7              1988 Stock Incentive Plan of the                            Form 10-Q              3
                  Company, as amended through August 4,                       8/13/93                    
                  1993.                                                                                  
                                                                                                         
10.8              $1,600,000 Promissory Note issued by                        Form 10-K             38
                  Century Papers, Inc. to Chemed                              3/29/89                    
                  Corporation on November 10, 1988.                                                      
                                                                                                         
10.9              $9,400,000 Promissory Note issued by                        Form 10-K             39
                  the Company to Chemed Corporation on                        3/29/89                    
                  November 10, 1988.                                                                     
                                                                                                         
10.10             $8,000,000 Promissory Note issued by                        Form 10-K              2
                  the Company to Chemed Corporation on                        3/13/93                    
                  January 1, 1993.                                                                       
                                                                                                         
10.11             Benefit Equalization Plan, as amended                       Form 10-K             38
                  November 6, 1991.                                           3/27/92                    
                                                                                                         
10.12             Employment Contracts with Executives                        Form 10-K             39
                                                                              3/29/93                           
                                                                                                         
10.13             Amendment No. 3 to Employment Contracts                         *                       
                  with Executives                                                                       
                                                                                                         
10.14             Assignment of $1,600,000 Promissory                         Form 10-K             40
                  Note from Century Papers, Inc. to the                       3/29/93
                  Company of May 1, 1992

10.15             Employees Thrift and Profit Sharing Plan                    Form S-8             4.1  
                                                                              9/30/94                      
                                                                                                           
10.16             Trust Agreement of Employees Thrift and                     Form S-8             4.2  
                  Profit Sharing Plan                                         9/30/94                      
                                                                                                           
10.17             Employment Agreement, dated November 1,                     Form 10-K            10.18 
                  1994 between W. Dwight Jackson and                          3/28/95
                  Century Papers, Inc.

10.18             1995 Stock Incentive Plan of the Company                        *

11.1              Computation of earnings per share                               *

10.19             Split Dollar Agreements                                         *

13.1              1995 Annual Report to Stockholders                              *

21.1              Subsidiaries of the Company.                                    *
</TABLE>





                                      E-2
<PAGE>   16
<TABLE>
<S>               <C>                                                             <C>
23.1              Consent of Independent Accountants                              *

24.1              Powers of Attorney                                              *

27.1              Financial Data Schedule                                         *
</TABLE>

_______________
*Filed Herewith




                                      E-3
<PAGE>   17


                        NATIONAL SANITARY SUPPLY COMPANY

                       INDEX TO FINANCIAL STATEMENTS AND
                         FINANCIAL STATEMENT SCHEDULES

                              1993, 1994 AND 1995
                                                              Page(s)

<TABLE>
<S>                                                            <C>
National Sanitary Supply Company Financial
Statements and Financial Statement Schedules

Report of Independent Accountants . . . . . . . . . . . . . .  10*
Consolidated Balance Sheet. . . . . . . . . . . . . . . . . .  11*
Consolidated Statement of Income. . . . . . . . . . . . . . .  12*
Consolidated Statement of Cash Flows. . . . . . . . . . . . .  13*
Consolidated Statement of Stockholders' Equity. . . . . . . .  14*
Notes to Consolidated Financial Statements. . . . . . . . . .  15-20*
Report of Independent Accountants on Financial Statement
  Schedules . . . . . . . . . . . . . . . . . . . . . . . . .  S-2
Schedule VIII - Valuation and Qualifying Accounts & Reserves.  S-3
</TABLE>



*Indicates page numbers in the National Sanitary Supply Company 1995 Annual
Report to Stockholders.


_________________________________________________________________________

The financial statements of National Sanitary Supply Company listed above,
appearing in the accompanying 1995 Annual Report to Stockholders, are
incorporated herein by reference.  The financial statement schedules should be
read in conjunction with the financial statements listed above.  Schedules not
included have been omitted because they are not applicable or the required
information is shown in the financial statements or notes thereto as listed
above.



                                      S-1
<PAGE>   18



                      REPORT OF INDEPENDENT ACCOUNTANTS ON
                          FINANCIAL STATEMENT SCHEDULE


The Board of Directors of
National Sanitary Supply Company



        Our audits of the consolidated financial statements referred to in our
report dated February 5, 1996 appearing on page 10 of the 1995 Annual Report to
Stockholders of National Sanitary Supply Company (which report and consolidated
financial statements are incorporated by reference in this Annual Report on
Form 10-K) also included an audit of the Financial Statement Schedule listed in
Item 14 of this Form 10-K.  In our opinion, this Financial Statement Schedule
presents fairly, in all material respects, the information set forth therein
when read in conjunction with the related consolidated financial statements.



/s/ PRICE WATERHOUSE LLP         
-----------------------
PRICE WATERHOUSE LLP

Cincinnati, Ohio
February 5, 1996
<PAGE>   19
                        NATIONAL SANITARY SUPPLY COMPANY
                 VALUATION AND QUALIFYING ACCOUNTS AND RESERVES
                                 SCHEDULE VIII
                             (THOUSANDS OF DOLLARS)



<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------
     Column A                 Column B               Column C              Column D       Column E
---------------------------------------------------------------------------------------------------
                                                     Additions
                                             -------------------------
                                             Charged to     Charged to
                              Balance at     Costs and        Other                       Balance
        Name                  Beginning       Expenses      Accounts(a)    Deductions(b)  at End
---------------------------------------------------------------------------------------------------
<S>                           <C>            <C>            <C>            <C>            <C>   
Allowance for Doubtful                                                                          
notes and accounts                                                                              
receivable (deducted from                                                                       
related asset account)                                                                          
  year ended:                                                                                   
    December 31,1995          $1,428         $1,145                 -      $1,115         $1,458
    December 31,1994           1,290            970                 -         832          1,428
    December 31,1993           1,181          1,003                 -         894          1,290
---------------------------------------------------------------------------------------------------

<FN>

(a) Relates to companies acquired.

(b) Accounts and notes written off.

</TABLE>