Table 1: PESTEL ANALYSIS

ISSUESFACTORS AFFECTING REF

POLITICAL

Government review Government review of subsidies. 1

Govt. Stability Stability government within the country effect the sustainability of Tesco Plc. 87

Tesco enters Chinese marketChina has shake hands with WTO, and Chinese Govt. don’t see supermarket as heavy industry this gave opportunity to Tesco to expand in China.

88

influenced by the political and legislative conditions

Tesco operates in six countries in Europe in addition to the UK; the Republic of Ireland, Hungary, Czech Republic, Slovakia, Turkey and Poland

5

Strategic Stakes Tesco enters Czech Republic with joint venture strategy with Carrefour 89

ECONOMICAL

InflationHigh inflation have decreased profit margin for Tesco in order to keep up with competitive international market.

87

Dependency on European market

Though making good profit internationally Tesco is still dependent European market and this expose Tesco to market saturation

87

Large population in asian market

Weaker developing countries.7

Political interventionTesco enters South Korea.

Tesco acquires 36 hypermarkets in South Korea from Homever 6

Growing purchasing power From local market to supermarket. 7

SOCIALCustomer became more concerned health

Tesco have made available organic products on order to meet rising demand of the organic food.

92,89

High staff turnover Tesco employees students for part time at entrance level 93

Leveraging customer Intelligence to penetrate international market. 8

Demographic changesAging of population, rise in No. of females workers in UK have declined the meal preparation at home. Hence Tesco sites the opportunity and focused on added value product services.

94,95

TECHNOLOGICAL

Quick changes in TechnologiesWith rapid revolution in online purchasing innervations of customers company have launched Tesco Direct in year 2006

89

New technologies benefit customers and company

Rise in customers service, more goods are readily available, and launch of ECR (efficient customer response have made Tesco to satisfy its customer efficiently. 98,99

Variety of technological services.

Wireless devices, Intelligent scale, Electronic shelf labelling, Self check-out machine, Radio Frequency Identification (RFID). Are used by Tesco for increasing the efficiency of services.

99

Loyalty card

Tesco introduces club card to their customers, this provides loyalty bonus to consumer and in return provides information to company (about customer and about stock inventory). As customer purchase a product with scanning club card it reflects in company data.

97

ENVIORMENTAL

Global warmingInternationally Rules are being made for Less emission of CO2 gas, Tesco have set up a commission named environmental resource management in order to put track and control as per requirement.

100

climate changeThe climate change have very diverse effect on the sales of products, Hence Tesco keeps updating products at store as per requirement.

16,154

Investing in green revolutionTesco is investing in a straw-fired generator at Goole, delivering biomass combustion, steam cycle and steam turbine power.

100

LEGALNew laws safety laws New laws safety of employees in UK have lead extra burden of cost expenditure on

Tesco Plc.96

Empowerment of consumer protection act in UK

This have a diverse effect on supermarket industry thus affected Tesco as well. And hence company hence to invest in more customer care.

120

Table 2: PORTER’S FIVE FORCESThreat of New Entrants Facts & Figures Strength Ref

Huge Capital Investments High capital investment required to compete the big giants like High Barrier 108

1 LCA REF NO. 133183/261999 AR REF NO. 0977359/1

required ASDA.Low ThreatEconomies of Scale

neededCompeting in current retail industries will require to produce economies of scale which may be challenging for a new entrant initially

105,116

Supply Chain access Leading the industry Tesco’s may have an influence on the supply chain and the new entrant may find it difficult to access it

107,115

High Exit Cost High costs may always make the new entrant think again about the liquidation of assets in case of failure.

117

Threat of SubstitutesLess Substitutes

Low Threat

Price War Substitute products from other supermarket like ASDA; Sainsbury’s may drive their prices down as well. Therefore Substitutes are seen as a low threat for Tesco’s.

111

Substitute Products Being in the Retail industry all basic requirement are Tesco’s Products and other supermarkets deals with the same list. So as such there is no threat of substitute, as food and cloth are the basic requirements which cannot be substituted.

104

Bargaining Power of SupplierSupermarket Dictate prices

Substitute products from other supermarket like ASDA, Sainsbury may drive their prices down as well. Therefore Substitutes are seen as a low threat for Tesco.

Few OptionsLess Threat

110

Few options for the suppliers

Being in the Retail industry all basic requirement are Tesco’s Products and other supermarkets deals with the same list. So as such there is no threat of substitute, as food and cloth are the basic requirements which cannot be substituted.

116

Bargaining Power of BuyersLow SwitchingOptions

There is little threat from suppliers as Supermarkets usually dictates the prices they pay suppliers.

More OptionsHigh Threat

112

Price Sensitive If the Suppliers refuse to supply at demanded prices the suppliers will end up with no more options.

106

Competitive RivalryPrice War Buyers switch over to other supermarket with the slightest increase

in prices.Low BarrierHigh Threat

113, 109

Consumers are too price sensitive towards their shopping in supermarkets

Competitive rivalry is very high as competitors like ASDA; Sainsbury’s are providing the same services. A little price variance is enough for the consumer to switch over from Tesco to other Supermarket.

Table 3: SWOT ANALYSISStrength Ref Weakness Ref

Worldwide brand awareness with more than 5000 stores across 14 countries.

123 Largely depends mainly on the UK market.

Eco-friendly maintenance and running of various stores in Thailand and Czech Republic.

Sustainable business model through diversification and value orientation

124, 128

155

Failure in establishing business in USA under the banner of “Fresh & Easy”, which is still at breakeven point in sales and under target as set in 2007.

129

Financial support in Asian market from various financial bodies like Bank of China and Standard Chartered Bank.

125 Inability to convince investors regarding their international strategy, which led to depreciates it share prices.

130

Alliance and Joint Ventures with local entrepreneurs in developing nations to enhance business e.g.: with TATA group in India.

126 Strong reliance on mature domestic market 156

16 million members of club card is the indication of its popularity.

127

Opportunities Threats

Popularity in China is revealed by the sales figures of about 4 billion pounds in five years and 12 million customers per week.

131 Like-to-like sales of Tesco are lower than are rivals in domestic market and is facing the same problem in Japan, India and other Asian countries.

134,135

2 LCA REF NO. 133183/261999 AR REF NO. 0977359/1

International growth due to recovery in Asian economy in short term from recession.

132 Morrison’s in UK is gaining popularity in internet shopping.

136

Opportunity to grow more by making alliance with Tata and Ten Star in India.

132 Price wars between Asda, Tesco and Sainsbury. Intense competition affected the customer

retention adversely 157 Along with the food items, it has also plunged in

the non-food items like fashion, clothing and electrical appliances.

Walmart is also expanding in china and other 14 countries.

137

India opens doors for foreign supermarket to solve food crisis.

133 Focusing on local market instead of only international market as its rivals like Asda, Morrison’s and Sainsbury are gaining speed against it.

138

Table 4: VALUE CHAIN ANALYSISActivities Ref.

PR

IM

AR

Y A

CT

IV

IT

IE

S

Infrastructure

Tesco pushes further into China : with a joint venture to develop three shopping malls 38

Tesco have total of 4811 stores 59Technology

Network will enable centralisation to core business application 40

Project will deliver standard reporting functions across global business 40

Casing Drilling process to speed up drilling 20 to 30 % for oilfields 53

Human Resource

Follows reward strategy, employees get share as a reward for what they have performed. 18Tesco to manage work force with Red Prairie: to manage global stores staff of 350000 in 13 countries 39

£98 million of shares distributed to staff in UK 52

Procurement

Eqos' Global Sourcing, Supplier Quality Management and Critical Path Management systems. 9,4

Retek retail management software. 9,8

SE

CO

ND

AR

Y A

-CT

IV

IT

IE

S

Inbound Logistics

G-Log GC3 software for pricing resulting in improved on-time delivery, considerable costs savings, and reduced inventory levels.

10

Process/Operation

Critical path Management system 1

Tesco signals intention to grow non-food operations 42

Outbound LogisticsTesco turns wine to water: UK’s biggest supermarket backs Liverpool-Manchester water Shuttle 43

Marketing & Sales

Tesco brings club card points results high sells 15,

Tesco targets villages for Express expansion 44

Services

Insurance for Car, Home, Motorbike, etc. 45

Tesco Compare trials mobile services for insurance comparison, 300000 monthly unique visitors 45

Tesco Personal Finance has 15% of the pet insurance market since entered in 1999 46

References:1, Tesco plan for solar panels put on hold. Building design, 2/08/2011, Issue 1952, p 13-13.

2, By Andrea Felsted Tesco finds thriving market and launch pad for China Published: November 10 2010,. F.T.com 2011

3, By Jonathan Birchall in New York,. Walmart’s Asian growth sets trend for empire Published: December 30 2010 F.T.com

4, Datamonitor.com swot analysis, strength, page no 6., Publication Date: 13 Aug 2010

5, Datamonitor.com swot analysis, weakness, page no 10, Publication Date: 13 Aug 2010

6, Datamonitor.com swot analysis, opportunities, page no 11, Publication Date: 13 Aug 2010

7 Susan Vonsild how to brand in China, Tesco in china, 10 jan 2008 pg no 37. 8, Marketwatch: food, jan2010 vol-9 Issue 1 p47-529, By Will Hadfield 2005, Computer Weekly, week-6, Reed Business Information UK, Ltd.

10, Ross Perich PR Newswire g-log.com Feb 13, 2003

11,Leigh Sparks, Wal-Mart's entry to the U.K, Vol. 39 pp: 114-129 No. 2 Emerald Group Publishing Ltd Year: 2011

12, Burt, S.L, Sparks, L. (2001), "The implications of Wal-Mart's takeover of Asda", Environment & Planning A, Vol. 33 No.8, pp 1463-87. Emerald Group Publishing Ltd

13,Whysall,P.2005,International Review of Retail, Distribution Consumer 14, Felsted, Andrea, Tesco pushes into northern California, Academic

3 LCA REF NO. 133183/261999 AR REF NO. 0977359/1

Research,Vol.15 No.2,pp.111-24.Emerald Group Publishing OneFile, The F. Times, March 2011, p1815, Andrea Felsted, Tesco experiments with Club card , The Financial Times (Sept 9, 2010): p18

16, Tesco Corporation SWOT Analysis, p1-9, 9p, 2 Charts, p5 DATAMONITOR: Sep2010

17, Julia Finch, City editor, Tesco spends £1bn on store acquisitions in South Korea, The Guardian, Thursday 15 May 2008

18, Our strategy, core uk, Looking after our people, pg 1, tescoPLC.com

19, By Sarah Garrod, Tesco Cuts Prices, Offers Vouchers if Goods Are Cheaper at Asda, 16 Jun 2010 www.bloomberg.com

20, By Sarah Garrod, Sainsbury's follows Tesco in being hit by low food price inflation, 16, Jun 2010, www.bloomberg.com

21, By Elizabeth Rigby, Tesco in aggressive price-cutting drive, February 26 2009, www.bloomberg.com

22, Tesco set to take crown as UK's largest non-food retailer. MarketWatch: Food Sep2006, Vol. 5 Issue 9, p14-15 Business Source Premier.

23, By Ladka Bauerova and Sarah Shannon, Tesco’s Acquires 128 Czech Convenience Stores for $52.8 Million Dec 23, 2010, www.blooomberg .com

24, By Kerry Capell, Tesco: 'Wal-Mart's Worst Nightmare strategies December 29, 2008, www.businessweek.com

25, By Andrea Felsted, Britons biggest retailer Tesco, The Financial Times (Nov 14, 2009): p17.

26, Zoe Wood, Tesco backs Fresh & Easy by opening a dozen new stores in California shows faith in its loss-making US chain, Thursday 3 March 2011 , guardian.co.uk

27, Fiona Walsh, Tesco expands in China, Tuesday 12 December 2006 14.40 GMT, guardian.co.uk

28, By Andrea Felsted, Tesco to stress organic growth for bank plan, Published: Nov. 13 2009, F.T.com

29, World Trade; Britain's Largest Retailer to Open Shop in India, Oct2008, Vol. 21 Issue 10, p14-14, 1/8p BSP

30, Anonymous on http://www.oppapers.com/ essays/Swot-Pestel-Analysis-Tesco/122055 10 March 2011

31. Graham Snowdon, Guardian.co.uk, 13-01-2011. 32. Rosie Baker, Marketingweek.co.uk, 02-12-2010, mktweek-733. Bernard Molloy, Logistics & Transport Focus, 01-04-2008. 34. Zoe Wood, Guardian.co.uk, 13-01-2011. (Business Source Premier)35. Julia Kollewe, Guardian.co.uk, 24-02-2011, 11.44 GMT 36. Julia Kollewe, Business>Inflation, Guardian.co.uk, 15-02-2011, 6.00

GMT37. Capell Kerry, Business Week Online, 30-12-2008, p1-1, 1p (Business Source Premier)

38. Rose Jacobs, Ft.com, 28-02-2011, 9.45 am

39. In Brief, Apparel Magazine, 15432009, oct2008. Vol 50, Issue 2. (Business Source Premier)

40. Kamath, John-Paul, Computer Weekly, 06-03-2008, p1-1. 2/3p (Business Source Premier)

41. Rosie baker, Marketingweek.co.uk, 02-12-2010, mkt week-7 (Business Source Premier)

42. Rosie Baker, Marketingweek.co.uk, 02-Dec-10

43. Molloy Bernard, Logistics & Transport Focus, April 2008, vol.10 Issue 4, p56-57

44. Brownsell, Alex, Marketing (00253650), 18-11-2009, p1-1, 1/3p (Business Source Premier)

45. Alex Farber, Business Source Premier, New Media Age, 05-02-2009, p09-09, 1/4p

46. Marketwatch: Financial Services. Oct 2004, vol. 3, Issue 10 (Business Source Premier)

47. www.Tescoplc.com , About Us, Our Strategy, Core UK, 25-02-2011 48. www.Tescoplc.com, 25-02-2011 (note: same ref link as 47)49. Euromonitor April 2010 50. www.Tescoplc.com, Our Strategy, Retailing Services, 25-02-201151. Banking at the checkout, European Retail Digest, 1-12-2007 52. Tesco CSR Report 201053. www.Tescocorp.com, what we do, casing drilling, 25-02-2011 54. Osiris Report 2010 on Tesco Plc.55. Osiris Report 2010 on Carrefour. 56. Suh, Yong-Gu, Howard, Asia Pacific Business Review, Jan2009, vol 15,

Issue 1, p29-40,12p57. Osiris Report 2010 on Wal-Mart. 58. Annual Report 2010, www.walmartstores.com, Investors, Financial

Report 201059. Annual Report 2010, www.Tescoplc.com, Investors, 60. Marketwatch, Financial Services, Jan2010, vol9, issue 1, p6-7, 2p61. Company Profile, Global Company Profile, 04-05-2010. GMID 62. Rupert Steiner, Dailymail.co.uk, 02-03-201163. Barnes, Rachel, Marketing (00253650), 2-9-2005, p5-5, 1/6p 64. Retailing China, Country Reports, Country Market Insight, 01-05-2011.

GMID65. Retailing US, Country Report, Country Market Insight, 11-01-2011. GMID 66. Retailing India, Country Report, Country Market Insight, 29-01-2010.

GMID67. Retailing UK, Country Report, Country Market Insight, 03-09-2010. GMID 68. Marketwatch, Global Round-up, jan2010, vol9, issue 1, p120-12169. Sarah Shearman, ‘Tesco launches official page on facebook’, Marketingmagazine.co.uk, 14-03-2011, 9:20 am

70. TGI, Brandrepublic.com, ‘BRICing? The significant of brand…’08-03-2011, 08:00 am

71. Joe Fernandez, ‘Tesco focus moves on low price…’, marketingweek.co.uk, 22-04-2010, page 5

72. Jo Roberts and Rosie Baker, ‘Tesco kicks off world cup…’, marketingweek.co.uk, 08-04-2010, vol33, issue 15, page 5

73. New Media Age, 11/18/2010, p03-03, 1/3p 74. MarketWatch: Food Date: September 1, 2008, vol 7, issue 9, p16-16, 1p75. Economist, ‘Setting up shop in India.’ 00130613, 11/4/2006, Vol. 381, Issue 8502, p73-74

76. ‘Top 20 own-label brands’. Marketing (00253650), 00253650, 8/16/2006, Business Source Premier

77. Simms, Jane. Marketing (00253650), 2/9/2005, p36-38, 3p, 4 Colour Photographs, 1 Chart, 3 Graphs, BSP

78. Marcus Leroux Retail Correspondent, ‘International focus........retailer’, The Times (London, England) (June 9, 2010): p43.

79. Management Today, Dec2010, p41-41, 1/2p 80. Economist, ‘A grocer goes.’ 6/12/2010, Vol. 395 Issue 8686, p74-74, 1/2p, 1 Colour Photograph

81. Watson, Elaine. ‘ Tesco Suppliers feel….’ Food Manufacture, Feb2008, Vol. 83 Issue 2, p4-4, 1/3p

82. Lisanti, Tony. ‘Sir Terry's 10 Tips’ License! Global, Jan/Feb2010, Vol. 13 Issue 1, p10-10, 1p BSP

83. Thomas, Daniel. ‘Performance-related bonuses ……pay packet’, Computer Weekly, 5/25/2004, p5-5, 1/3p BSP

84. Computer Weekly, ‘The £2.2m IT chief’, 6/6/2006, p5-5, 1/8p, 1 Colour Photograph BSP

85-G Carone – 2001, Reforms in tax-benefit systems in order to increase, employment incentives in the EU, page 11

86- Tim ALLEN Taxation trends in the EU, Euro stat Press Office http://europa.eu/rapid/

87 Combatting Fraud & Error,public sector,government cut oct 2010 88 Supermarkets: Tesco finds thriving market and launch pad for China By Andrea Felsted ,Published: November 10 2010 http://www.ft.com/cms/s/0/c0ab4740-eb8a-11df-bbb5-00144feab49a.html#axzz1Hzguhedq

89 tesco annual report 2010 http://www.tescoplc.com/plc/about_us/tesco_story/

90 World economy: Credit crunch fallout begins to spreadBy Nick Beams 24 August 2007 http://www.wsws.org/articles/2007/aug2007/cred-a24.shtml

91 Determinants of Migration see Lucas (2005); Bauer and Zimmerman (1999). worldbank.org.

92 http://www.organicauthority.com/blog/organic/high-demand-for-organic-products-in-2009/

93tesco annual report 2009 http://www.tescoplc.com/plc/media/pr/pr2009/2009-09-17/

94 Tesco annual report 2011 http://www.tesco.com/talkingtesco /p/inc/TalkingTesco.pdf

95 crcnetbase tesco compny profile 96 David frost http://www.lbro.org.uk/docs/from-the-business-end-of-the-

4 LCA REF NO. 133183/261999 AR REF NO. 0977359/1

telescope.pdf97 tesco compny profile from orisis 98 This article was first published in "Executive Outlook" of March 2001

by Joost W. van der Laan, Retail economicshttp://www.retaileconomics.com/aboutpub2.htm

99 by one of Ivory Research’shttp://www.ivoryresearch.com/sample5.php

100tesco plc climate change carbon footprint http://www.tesco.com/climatechange/carbonFootprint.asp

101 Environmental Resources Management Limited, May 2007 http://www.tescoplc.com/plc/ir/pres_results/results/ r2009/2009-04-21/2009-04-21.pdf

102 Tesco annual report 2011http://www.tesco.net/terms_conditions.asp

103 Anonymous on http://www.mindtools.com/pages/article/newSTR_93.htm 104 "Morrison’s sets sights on online grocery market." Independent [London, England] 11 Mar. 2011: 30. UK

105 Adopted from ‘Quarterly reports’ available at www.investor.chevron.com 106 Nelson, Dean. "India set to open doors for foreign store giants; Tesco to benefit as New Delhi looks abroad to solve food crisis." Daily Telegraph [London, England] 28 Jan. 2011: 8. UK Newspapers Online. Web

107 Leadership lacking in retail crisis, By Sunny Bindra, 12 July 2010. www.thecitizen.co.tz

108 Osborne, Alistair. "M&S poaches Tesco high-flyer to grow its online sales." Daily Telegraph [London, England] 8

109 Executive profile, Tony Hayward, Bloomberg Business Week, www.investing.businessweek.com

110 Cooper, Rachel. "Ocado in peak form as it delivers for investors; MARKET REPORT." Daily Telegraph[London, England] 10 Feb. 2011: 7. UK Newspapers Online. Web. 13 Mar. 2011.

111 "Value packs 'misleading'; In Brief." Daily Telegraph [London, England] 25 Feb. 2011: 12. UK Newspapers Online. Web. 13 Mar. 2011.

112 Adopted from, third quarter 2010 results and interim dividend announcement, available on www.teco.com

113 Felsted, Andrea. "New Tesco chief faces a world of tough challenges." Financial Times 26 Feb. 2011: 15. UK Newspapers Online. Web. 13 Mar. 2011.

114 Hall, James. "TESCO UPS STAKES IN ASDA PRICE WAR." Sunday Telegraph [London, England] 27 Feb. 2011: 2. UK Newspapers Online. Web. 13 Mar. 2011.

115 "Philip Clarke Chief executive, Tesco." Independent [London, England] 1 Mar. 2011: 32.UK Newspapers Online. Web. 13 Mar. 2011.

116 Cooper, Rachel. "Tesco wins on returns; MARKET REPORT." Daily Telegraph [London, England]1 Mar. 2011: 7. UK Newspapers Online. Web. 13 Mar. 2011.

117 Felsted, Andrea. "Tesco pushes into northern California." Financial Times 4 Mar. 2011: 18. UK Newspapers Online. Web. 13 Mar. 2011.

118 Adopted from http://ar2010.tescoplc.com/~/media/Files/T/Tesco-Annual-Report-2009/Attachments/pdf/downloads/A%20growth %20business% 20for%20a%20new%20decade.pdf on 13 march 2011

119 Ahsan Majeed on http://www.oppapers.com/essays/Swot-Analysis-Tesco-Plc/60872 13 march 2011

120 Datamonitor http://people.exeter.ac.uk/wl203/BEAM011/ Materials/Lecture%204/TESCO%20Company%20Profile.pdf 13 march 2011

121 Tim Maton http://www.marketwatch.com/story/ supermarkets-to-target-non-food-sales 13 march 2011

122 IGD Retail Analysis, Tesco Trade Briefing 2011, London , 5 March

123 Independent “UK News paper online” 22 Nov’ 2010. Page 38 [London]. 124 Jeffery Ball clean technology insight, 24 September’ 2009 [New York].125 Internet: www.tescoplc.com/plc/media/pr/pr2011/-02-08 126 Daily telegraph 28 Jan 2011, [London]127 Felsted, A. Tesco finds thriving market and launch pad for China. “Financial Times” 11 November, 2006. Page 6

128 Ft.com 21 March,2011

129 Wood, Z. www.guardian.co.uk. [2010] 130 Fletcher, R. International plans for group expansion. “Daily Telegraph”. 13 Sep 2010

131 Fletcher, R. Daily Telegraph, 23 Nov 2010 [London]. 132 The Times, 22 Nov, 2010. [London].133 Daily Telegraph, 28 Jan, 2011 [London]. 134 The Times. 22 Nov, 2010135 Walsh, K. The Sunday Times, 10 Oct, 2010[London]. 136 Zoe Wood, www.guardian.co.uk. 10 March 2011137 Birchall, J. The Financial Times, 6 Jan 2011 138 Mishkin, S. The Financial Times. 6 Dec, 2010139 Wall mart annual report 2008 140 Wall mart annual reports 2009.141 Wall mart annual report 2010 142 Wall mart global sustainability report 2009143 Tescoplc.com, Annual Report 2010 144 Wall mart global sustainability report 2010145 Tesco PLC Company profile from OSIRIS, 2010 146 CARREFOUR Company profile from OSIRIS, 2010147 Tescoplc.com, Annual Report 2009 148 Walmart Company Profile from OSIRIS, 2011

149 Fat prophets in RDF 10, Monday 10/11/2010150 By Suh, Yong-Gu, Howard, Elizabet, Asia Pacific Business Review; Jan2009, Vol. 15 Issue 1, p29-40, 12p

151 bbc news, Tuesday, 25 April 2008, 08:10 gms 09:10152 inspired by burt and sparks(2002), corporate branding, retailing, and retail internationalization, page 200

153 By ching-wei ho, Tesco’s market entry in Taiwan: consumer experiences in the uk and Taiwan compared, retail digest; fall2009, p24-29,

154 Zoe Wood, Guardian .co.uk, 13-01-2011 (Business sourec premium)

155. Datamonitor.com swot analysis, strength, page no 6., Publication Date: 13 Aug 2010

156. Company Profile, Global Company Profile, 04-05-2010. GMID

157. Datamonitor.com swot analysis, threats, page no 13., Publication Date: 13 Aug 2010

158. Annual Report (2009). Tesco PLC. Retrieved January 21, 2010

5 LCA REF NO. 133183/261999 AR REF NO. 0977359/1