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After completion of the case study, students will be able to understand the putty industry, consumer behaviour for putty, comparative advantage of putty to different industries and within industry and market entry strategy for newly introduced product.

Putty market in India grew at a compound annual growth rate of 15% over the period FY07–FY20. Many organized and unorganized players entered the putty market since its introduction. Putty was invented by cement companies to increase offtake of cement which otherwise declined owing to reduced use of marble. Painters are purchasing putty to be used before the paint to improve the texture of the walls and to fill cracks. Therefore, to take advantage of distribution channels and dealers’ network, paint companies introduced putty. Consumers, who use putty to improve aesthetics of their home, have very less knowledge about putty. They depend on painter or contractor for it. XYZ colourant company wanted to enter the white putty market to use the market opportunity along with coloured putty for economic project where cost is the constraint. This case study culminates with the probing question about the peculiarity of industry where two different industries are involved for the same product. This case study is designed to understand the target consumers’ behaviour and the entry decisions of the company to the growing market.

This case study is designed for use in second-year management programmes, especially for the students of strategic management and marketing strategy courses.

Teaching notes are available for educators only.

CSS 11: Strategy.

This case study will allow students to understand and analyse the process for conducting equity valuation by building a three-statement financial model, to understand and apply the workings of discounted cash flow (DCF) valuation methodology and its components, to apply the concepts related to the calculation of the weighted average cost of capital in the determination of discounting rate, to understand the terminal value calculation and assumptions thereof and to analyse the intrinsic valuation for the target company using the traditional multi-stage DCF model for investment decision-making.

In July 2019, Kapil Agarwal, an equity analyst operating out of Mumbai, India, was carefully looking over the financials of Asian Paints, a leading paints company in India. As an equity analyst, Kapil was constantly on the lookout for fundamentally strong but undervalued companies that could create long-term wealth for his equity fund. To decide upon the right valuation of Asian Paints, Kapil conducted fundamental analysis using the DCF method on the basis of available financial information. This case study puts students in an investment analyst role wherein they forecast financial statements and conduct DCF valuation for Asian Paints to discover potentially undervalued stocks for investment decision-making.

This case study is designed for use in an undergraduate or postgraduate programme in business management, particularly in a course on business valuation or investment management or security analysis.

Teaching notes are available for educators only.

CSS 1: Accounting and Finance.

The case has the following learning objectives: to understand the dilemmas that an emerging market MNC faces during pre-and post-acquisition scenarios; understand and appreciate the basic tensions that arise when two different companies with different cultural setups are integrated; understand the importance of creating a culture integration road map to leverage the synergies of two successful companies; and understand the role of leadership in leading and managing change.

Asian Paints Ltd. has been a market leader in the Indian paint market for over five decades (since 1967). Over the years, starting in 1978, the company has steadily spread its footprint in the international arena as well. As of 2017, Asian Paints was a leader in 10 overseas markets, one of the top 3 paint companies in the Middle East, the largest paint manufacturing company in South Asia, and served 60 markets across the world. The international business contributed to around 12% of the company’s group turnover. In line with its long-term vision and to consolidate its presence in emerging markets, the company acquired Causeway Paints, a leading paint company in Sri Lanka, in April 2017. Asian Paints had a presence in Sri Lanka since 1999. Mr. Jatin Upadhyay, International Business Unit Head for Asian Paints, had played significant roles in the past in such acquisitions and was well aware of the impending challenges that came with such acquisitions. How would the integration of the two distinct entities be made possible without losing the overarching objective? How would the transition be managed? How would the cultural transition take place? What and how would the role be handled by the General Manager (GM) of Causeway Lanka? How would the new organisational structure support the transition? The case illustrates the complex management challenges that arise when a leading enterprise from a different country (Asian Paints) acquires a leading company in a different country, in this case, Causeway Paints, Sri Lanka.

The target audience for this case study is the students pursuing a post-graduate programme in management or an executive post-graduate programme in management. The case can also be used for management development programmes for experienced participants who are interested in understanding the possible scenarios that may arise after an acquisition when managing an international subsidiary in a different cultural setting.

Teaching notes are available for educators only.

CSS 6: Human Resource Management.

The paper aims to investigate the effect of Degussa P-25 Titanium Dioxide (TiO₂) nanoparticles on hydrophobicity and self-cleaning ability as a single organic coating on glass substrate.

Two methods have been used to enhance the hydrophobicity on glass substrates, namely, surface modification by using low surface energy isooctyltrimethoxysilane (ITMS) solution and construction of rough surface morphology using Degussa P-25 TiO₂ nanoparticles with simple bottom-up approach. The prepared sol was applied onto glass substrate using dip-coating technique and stoved in the vacuum furnace 350°C.

The ITMS coating with nano TiO₂ pigment has modified the glass substrate surface by achieving the water contact angle as high as 169° ± 2° and low sliding angle of 0° with simple and low-cost operation. The solid and air phase interface has created excellent anti-dirt and self-cleaning properties against dilute ketchup solution, mud and silicon powder.

Findings will be useful in the development of self-cleaning and anti-dirt coating for photovoltaic panels.

Sol method provides the suitable medium for the combination of organic–inorganic network to achieve high superhydrophobicity and optimum self-cleaning ability.

Application of blended organic–inorganic sol as self-cleaning and anti-dirt coating film.

The purpose of this study is to reduce the application of petroleum in automobile paint industry by replacing it with bio-based castor oil along with nano fillers to synthesize automobile base coat (BC).

Bio-based polyurethane (PU) coating applicable in automobile BC was synthesized by using modified castor oil incorporated with nano silica (NS) and titanium-based pigment particles. The influential characteristics of the coating was studied by carrying out cross-cut tape test, abrasion resistance, pencil hardness, lap-shear, thermo gravimetric analysis, differential scanning calorimetry, dynamic mechanical analysis and acid, alkali and oil resistance tests.

Incorporation of NS particles, along with titanium-based pigment particles in optimized ratio into the paint matrix, increases the mechanical, chemical and oil resistance properties and hydrophobicity of the BC, and the findings are compared with the petro-based commercial BC.

There is no significant improvement in thermal properties of the paint matrix, and it is less thermally stable than the commercial BC.

The paint developed through this study provides a simple and practical solution to reduce the petro-based feed-stock in automobile paint industry.

The current work which reports the use of ecofriendly PU BC for automobile paint applications is novel and findings of this study are original.

Titanium dioxide (TiO₂) has high opacity, high brightness and whiteness, owing to its high refractive index value. It is mainly used in the coating industry and continuous efforts have been made to replace some of the TiO₂ in paint with new pigments. This study aims to replace part of TiO₂ pigment with various percentages of BaSO₄, CaCO₃ and kaolin in styrene butyl acrylate-based paint formulations, without changing the properties of paints using only titanium dioxide.

To determine the optimum use rate of new pigment mixing, opacity, gloss, scrub resistance and weather resistance properties have been investigated in the water-based paint formulation. The morphological properties of these samples were examined by scanning electron microscopy analysis.

In the total color change (ΔE) measurements, it was observed that the sample coded 85Ti/15Ba produced extremely similar results to the situation when TiO₂ was used alone. It was seen that the best results were obtained when 85Ti/15Ba was used instead of TiO₂.

Comparison research on the impact of replacing TiO₂ with BaSO₄, CaCO₃ and kaolin on the performance characteristics of water-based styrene butyl acrylate-based paint formulations has not been done in the literature, according to the literature search.

This study aims to explore the managerial conception of the determinants and barriers of sustainability integration into management control systems (MCS) of manufacturing companies in Sri Lanka. Although existing literature has explored the factors that influence the adoption of specific management controls to handle environmental and social issues, the role of management conception has been underrepresented. Specifically, literature is scarce in identifying contextual and organisational factors that influence corporates beyond mere adoption of controls but to integrate with regular controls, especially in developing countries such as Sri Lanka.

A multiple case study approach has been used to identify the management conception of barriers and enablers for sustainability control integration. The analysis is conducted based on a theoretical framework extending the work of Gond et al. (2012) and George et al. (2016). To obtain an in-depth and multifaceted view, semi-structured interviews were conducted with managers in charge of different functional departments of five manufacturing companies.

The findings identified managers’ perceived factors, such as environmental impact, stakeholder pressure (customer, competitor and regulatory authorities) and top management commitment, showing a clear difference between strongly and weakly integrated companies. Contrary to the literature, domestic regulatory pressure and multinational ownership do not sufficiently drive MCS sustainability integration.

The findings have implications for managers and practitioners to anticipate the potential barriers and determinants of sustainability integration and provide guidance to take proper measures to deal with them when designing and implementing their MCS.

The study adds value to the literature by presenting a theoretical framework based on the triangulation of different theories to recognise the significance of management idea in sustainable integration. Furthermore, because sustainable integration of MCS is a novel idea, this research is one of the earlier attempts to highlight problems from the perspective of developing countries.

This research aimed at lowering the non-volatile matter (NVM) of long oil alkyd (LOA) resin to meet the resin requirements in producing Hi-gloss paints. The research also aimed to assist Hi-gloss paint manufacturers who require solid resin content below 70%.

The research utilised both the document review and experimental methods. The experimental method, which involved the blending process, was used in lowering the NVM of LOA resin, whereby eight experiments were conducted as reputations to obtain accurate data and results. A factorial design was used in the design of the experiment (DOE), where three factors were required to be evaluated: specific gravity, viscosity and NVM and two levels were required: weight of LOA and white spirit.

The NVM of LOA resin was successfully lowered, and different shades of paint were produced for reliability testing. The quality parameters of Hi-gloss paints that used the modified LOA were all found within the company's specifications compared to those with unmodified LOA, where some parameters were either above or below the specifications. However, all samples with the NVM of LOA used below 50% were found to be poor in terms of quality during the reliability testing. So, if the company had used the modified LOA resin in the production of Hi-gloss paints, it would have potentially saved 18,925.2 kg and 9,446.4 kg, respectively, of LOA just in producing Hi-gloss black and white paints only. Moreover, the cost of 1 kg of LOA is $2.3, which is equal to Tanzanian Shillings (Tshs) 5,290. The company would have potentially saved Tshs 100.114 million Tshs and Tshs 49.97 million Tshs in producing Hi-gloss black and white paints, respectively, making a total of Tshs 150.08 million per year. This was counted as a loss during that year because they did not use LOA resin with 50% NVM in production.

This study focused on LOA resin used in producing Hi-gloss paints. The study also did not consider other categories of alkyd resins used in producing paints and varnishes e.g. epoxy resin and short and medium oil alkyd resins.

This is probably the first alkyd resin improvement study conducted using white spirit as Tanzania's main agent or material. The study utilised vegetable oils such as coconut, sunflower and tobacco seeds.

The pursuit of manufacturing new inks with low financial cost is an urgent economic demand. Thus, the purpose of this paper is to synthesize some new pigments derived from Lithol Rubine (LR) via a successful simple route and to investigate their physicochemical properties for usage in the inks industry.

Two novel pigments were generated during the reaction of LR with Mn(II) and Co(II) salts in ethanolic solutions. The obtained pigments were isolated as solid compounds and characterized through elemental analysis, UV–vis, Fourier transform infrared, 1H NMR spectra, oil absorption, specific gravity, melting point, molar conductivity and magnetic moment measurements. Their dyeing and durability characteristics were examined using American Standard Testing Methods. The synthesized pigments were then applied in inks formulation.

The printing inks containing the two new pigments (LR–Mn and LR–Co) were compared to (GF 59-606 and GF 59-616), respectively. The results of this study showed that the performance of newly prepared pigments was comparable to that of commercial pigments currently in use in the inks industry.

LR and its new derivative pigments can be used in other different applications such as paper coating, crayon, rubber and paint industries.

The authors designed an efficient synthesis for some novel pigments. The synthesis technique is featured by a short reaction time, high yields and ease of use. The pigments developed would be good and cost-effective substitute for the original commercially available and expensive pigments used in the inks industry.

This paper aims to prepare new modified alkyd resins and use it as an antimicrobial binder for surface coating applications.

Various modified alkyd resins were prepared by partial replacement of 3,6-dichloro benzo[b]thiophene-2-carbonyl bis-(2-hydroxy ethyl)-amide as a source of polyol with glycerol and confirmed by acid value, FT-IR, 1H-NMR. The modified alkyd resins were covering a wide range of oil lengths and hydroxyl content (0%, 10%, 20% and 30% excess-OH). The antimicrobial activity of the prepared alkyds was also investigated. The coatings of 60 ± 5 µm thickness were applied to the surface of glass panels and mild steel strips by means of a brush. Physico-mechanical tests, chemical resistance and antimicrobial activities were investigated.

The obtained results illustrate that the introduction of benzo[b]thiophene derivative as a modifier polyol within the resin structure improved the film performance and enhanced the physico-mechanical characteristics, chemical resistance and the antimicrobial activities.

The modified alkyd resins can be employed as antimicrobial binders in paint compositions for a variety of surfaces, particularly those that are susceptible to a high number of bacteria.

Modified alkyd resins based on antimicrobial heterocyclic compounds have the potential to be promising in the manufacturing of antimicrobial coatings and development of paints, allowing them to function to prevent the spread of microbial infection, which is exactly what the world requires at this time. Also, they can be applied in different substrates for industrial applications.