This case focuses on the task before Mr. Sushil Mittal who has been asked to takeover as the profit centre head of Cosmo Films Limited, a company in the business of packing films. He is required to formulate and implement a turnaround strategy. The case provides details like the background of the company, the policies and practices in all the functions, developments in the external environment, and the performance of the company on various physical and financial parameters to enable Sushil to think through. Sushil has learnt from his own investigation and from the report of Ashok Jaipuria, Chairman and Managing Director of the Company, that the company is losing Rs. one crore a month and there are noticeable imbalances in the company.