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THEORY I MANAGEMENT

Issue - 01/03/2013
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   Home >> THEORY I MANAGEMENT >> Case Study >> MANAGING METRICS:NUDGING NUMBERS
   Case Study
 
MANAGING METRICS:NUDGING NUMBERS
The authors’ case about a real company with a camoflauged name broadly comments on financial performance metrices.
| Issue Date - 01/03/2013

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Life is not so good at all times for the senior executives at the LIG (Life is good) Chemicals.  On 7th of every month we can see 10 worrying faces in their finest suits on the breakfast table of a plush five star hotel in South Delhi. Though the buffet table is groaning under the spread of the best of Indian and continental dishes, the guests seem to be obsessed with something else. Sanjay Verma the head of Varanasi unit of LIG Chemical says “Folks! I got a message on my BB; Jai has reached office. I guess we are starting dot at 9!” 7th of every month is the date for monthly meeting at LIG Chemicals. 
LIG Chemicals, New Delhi is a well diversified commodity chemicals company manufacturing products for various industries such as, leather, printing, life sciences, contract manufacturing and bio fertilizers. The company has manufacturing facilities at different locations: Lucknow, Kanpur, Benaras, Noida and contract manufacturing facility at Delhi.
Jai Sarthi, also known only as Jai is the CEO of the 1000 crore LIG Chemicals. Jai is a rank holder Chartered Accountant in his early 40s. He doesn’t understand every details of the manufacturing process, neither wants to. Seldom has he visited any manufacturing unit. And for him all businesses are same as long the associated returns delivered are at the same level. Probably that’s the reason all units in LIG have the same benchmark norms. Typical mindset of a man of finance, indeed!  
LIG Chemicals, Lucknow division is manufacturing leather chemicals such as Phenol Naphthalene Condensate (PNC) and Sulphonated Phenol Condensate (SPC) which helps to get good fullness with tight grains in all types of leather. It’s headed by Rabin Singh a B.Tech in Chemical Engineering with 20 years experience in manufacturing.
LIG Chemicals, Kanpur division is manufacturing Zinc Oxide (White Seal). Zinc Oxide is mainly useful in rubber, ceramics, glass, paints, and poultry industries. White Seal is characterised by brilliant whiteness, high apparent volume and extreme fineness. This grade is considered to be the purest form. The division head is Sanjay Verma; a polymer technologist with MBA. Sanjay has spent most of his career in sales and marketing after an initial stint in manufacturing.
LIG Chemicals, Benaras division is manufacturing small molecule Active Pharmaceutical Ingredients (APIs). These ingredients are critical to global healthcare industries. The significant investment in R&D is expected to generate a steady flow of APIs, enabling timely introduction of new products to market.  Benaras division is headed by Ajay Dasgupta having years of experience in the manufacturing industry. He is liked by all in the organization for his happy go lucky attitude.
LIG Chemicals, Noida division is manufacturing range of specially blended solvents designed to give exceptional cleaning performance to improve the working properties of blankets and rollers in printing machines. The division head is Kamalesh Chordia. Kamlesh holds a diploma in Chemical Engineering.
LIG Chemicals, Delhi division is manufacturing, marketing and distributing a broad range of innovative diagnostic test kits, purified reagents and related products to diagnostic centers, research institutes and hospitals all over India. NCR division is headed by Sachin Gulati. Sachin is a post graduate (Biotechnology) and MBA from Delhi University but his peers consider him an accountant for his interest and experience in number crunching.
The meeting starts dot at nine. After the initial exchange of pleasantries, Jai mention the agenda of the day.
“Friends, we are going through a depressed export market particularly due to less demand in both US and EU. Our local business has also been affected due to low liquidity in the market. Still LIG is trying to live up to the expectation of the board members. Today during the discussion when we try to sort out the lacunae in different stages to have better operational efficiency in the coming months, we will also try to chalk out some strategic steps keeping in mind long term goal of the company.”
Rabin Singh stood up to present his figures first.  Morning sir and folks! Lucknow has done a business of 257 lacs during October quarter totaling to 2492 lacs for the year. Our contribution as a percentage of sales for the year is 45.6 while there was slight drop in October contribution to 43.2 %. EBT till date is maintained at 13.1 % but in October it turned into negative. Main constraints we faced were the non movements of stock. Since outstanding from the distributors crossed 60 days, so we were compelled to cut down the supply. While we had good order booking production also maintained their target. But sales were still down, mainly due to payment problem. Everybody is aware that cash flow in the market is squeezed. Now, we are trying to improve the situation. We are taking new LCs only on 30 days payments instead of earlier 60 or 90 days. Further, we are expecting some business from the domestic market as well. I have reasons to feel confident that the last quarter will be different and Lucknow branch will live up to the expectation of the board.
Sanjay rises next to present the figures for Kanpur. He is standing on the largest sales figures amongst all divisions at 344 lacs but the contribution is very low at 71 lacs, just 20.7 % against the norm of 45 %, though it is better compared to their YTD 18.3 %. Sanjay highlighted how they have controlled the fixed expenses to keep it below the norms of 25%. He was sounding confident about the next quarter and showed that order booking was quite good and sales could improve if the production could maintain the target for the month. 
Mr. Dasgupta was his usual jovial self. He started his presentation by congratulating all his team members for over achieving the target for the month. Benaras has a sales figure of 158 lacs. They have witnessed an increase in the generic business as well as in the intermediates.  But the fixed expenses of the unit were quite high at 540 lacs year to date figure. This is in the back drop of total YTD sales of 820 lacs which was almost lowest in the country. Benaras presentation was also conspicuous with zero domestic sales. The business is exposed to export uncertainties.
Kamlesh of Noida started his presentation highlighting the 76% YTD contribution achieved by Noida unit against the expected norms of 45%. Their YTD sales were at 974 lacs. The fixed expenditure was on the higher side at 535 lacs. Still they were able to generate a positive EBT of 7.4 %. Their sales for October were 112 lacs and the contribution was 63.3 %. Though the percentage contribution was good but it was less compared to their YTD performance which stood at 76. Fixed expenses were real high for Noida at 78.2 % of sales and EBT for the month was finally negative at 42.9. Kamlesh stressed on the depressed domestic market condition. He also mentioned about cancellation of good number of orders from EU. The currency fluctuation had a bearing on the export business.  
Finally the floor was taken by Delhi. Sachin Gulati comes forward and with his acumen towards numbers started his delivery without looking at the slides. Delhi’s YTD sales were 876 lacs. They are heavily depended on domestic market. Delhi had a high rate of contribution at 68.4 %.  Fixed expenses were high at 52.1 % with EBT at 11.7 %. ROCE was good at 20.8 %. In the month of October, the sales were at 127 lacs maintaining a contribution of 71. 4%. EBT improved to 20 lacs as percentage sales at 15.9 %. They are the only division to have a positive earning in October. 
Throughout the meeting only one person is allowed to use his laptop that is Ravi; Executive Assistant to Jai. He compiles all the slides and knows the preferred format of boss. Sanjay compiled all the presentations in single sheets and submits the folder to Jai.
Post lunch when all the team mates reassemble, Jai sat with all his divisional heads. This session is Jai’s session and mostly his eye is glued on the folder prepared by Ravi. Following are the compiled figures made by Ravi:
Now it was time for Jai to discuss the performance of each division. “As you all know” he said to his managers “we drive our company through norms set for contribution %, fixed expense % and ROCE %”. “We believe that irrespective of businesses you are involved, you will take necessary strategic decisions to achieve these norms. My board is expecting 30% return on their capital employed (ROCE) and that is very important”, said Jai. 
“Our Benaras division has achieved its sales target but I am concerned about its ROCE of (–) 22.4%. How are you going to achieve this target in next quarter? I expect Mr. Dasgupta to submit his plan by this weekend.”
“I must congratulate Kamalesh for achieving 76% contribution although fixed expenses is high at 54.9%. Kamalesh can suggest what he plans to do to reduce fixed expenses that can help him to improve the bottom line.”
“Sanjay has very good control on fixed expenses but can you increase the final selling price so that contribution can improve, as it is only 18%? I know that White Seal is a matured product but we cannot sell it at price that is not profitable for us. Can we target the niche market with improved products so that we can get premium price? Please submit your plan how you want to improve contribution. ” 
“I must congratulate Rabin for overall performance and achieving contribution norm of 45%. I am sure Rabin can reduce fixed costs to achieve 25% norm. Since the order book is good, can Rabin start an incentive plan for early payment to resolve payment problem?”
“Sachin is running a very profitable business as the contribution is 68.4% although fixed expense is very high at 52%. Can I request Sachin to submit a plan how he plans to reduce expenses or increase selling price to improve bottom line?” 
The meeting concluded early as Jai had to take an evening flight to London. He made a promise that he will visit all the manufacturing site at least once before the end of next quarter.
On his way to the airport, Jai pondered how can this monthly management meeting help the company to achieve short term targets and long term strategic goals? 
Senior management is accountable for the efficient operation of the organization. It is customary for any organization to have periodic review meetings, LIG Chemicals being no exception. There are multiple units in the LIG with different sets of processes and targets. The market condition and constraints vary typically from one unit to the other. But the performance norms remain the same for all the units. The case info presents five sets of figures presented by 5 divisional heads of the company’s units in Lucknow, Kanpur, Benaras, Noida and Delhi. The company is manufacturing different types of chemicals in different units but trying to extract same level of contribution margin, while keeping the cost under control. Finally all the performances are measured against the return on capital employed (ROCE). The case makes us understand that while achieving sales target is important, it is even more important to gain desired contribution. In the ultimate analysis the figures are weighted through the prizm of the CEO’s perspective who reports to the board about the performance of the organization. The case highlights the relevance of the monthly meeting and weighs checks and balances which one needs to exercise for running a multiple unit organization. Finally it keeps the reader thinking about the strategies the unit heads may adopt.
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