NCMSL, incorporated in India in 2004 was a Mumbai-based Collateral Management (CM) services organisation that was facing a dilemma in expanding its operations. It was set up with the objective of empowering stakeholders mainly in agricultural commodities business to deal with various risks. Its major businesses were managing warehouses and providing collateral management services. It provided CM services to its clients that lent based on collaterals (warehoused non-perishable commodities). Competitors included National Bulk Handling Corporation among others, who provided similar offerings in the market. Banks were its major clients. The assets under NCMSL’s management and income varied considerably over the last four financial years (FY 2008–12). Mr Sanjay Kaul, NCMSL’s MD & CEO was wondering whether investing in an own-warehousing network would make business sense. He was exploring whether increasing the bank network for business expansion would bear any fruit. He anticipated answers to his questions from the data available.