This case describes the steps taken by the top management of Cosmo Films Limited, a company in the business of packing films, to turnaround the company. It provides an opportunity to develop an integrated scheme for evaluating the turnaround of Cosmo Films Limited. The company had been losing around Rs. one crore a month. As a part of the turnaround strategy, the management worked on restructuring the internal processes and exploring new product and customer options. The learning challenge is in linking the various steps taken and their consequences. The case can also be used to discuss issues in an export-centered turnaround strategy.