Farida Group

Madras Management Association,Chennai holds every month a meeting on the topic Success stories. How it was done?

This is usually a presentation cum talk lasting about 2 hours, by the CEO/founder CEO.

On 17-10-2008 at the meeting held in GRT Convention Centre,Chennai,Mr.Rafeeque Ahmed Chairman of Chennai based Farida Group shared the secret of their success.

Some of the highlights :

1.Farida Group- a family owned business,founded in 1957 by his father late

Haji Mecca Abdul Majid at Ambur for finished leather to be sold in the domestic market.

2.Mr Rafeeque joined the family business in 1964 with his father .

3.Farida, today, has expanded to 12 plants. Reached self sufficiency in sourcing of raw materials like finished leather and other shoe components and sub-assemblies from own sources.

4.Employs about 6,000 people directly. Some plants are run by women.

5.Facilitated the seasoned and skilled work men in setting up small units and become vendors to the Farida Group.

6.Farida group has grown steadily and the turnover stands at Rs.650 Crores.

For all the success and achievements the credit goes to the 5 principles the Farida Group follows.

They are:

1.Be Pro active.

2.Aim for excellence

3.Be fair

4.Be humble

5.Socail and legal compliance.

In addition to the 5 principles, personal quality of his father Hajee Mecca Abdul Majid has helped all through, i.e., be the first to greet and keep smiling.

Future plans of Farida Group:

1.Esatblih own premium brand in Europe.

2.Establish 160 stores in Germany.

3.Enter domestic retail market.

N.Subramani

http://chennaiakamadras.blogspot.com

http://studychoices.blogspot.com

Balance Transfer

Free Credit.Yes,Credit card issuing banks do offer a period of free credit on the balance transferred from one card issuer to another.
One can avail this benefit by resorting to what is called as Balance Transfer facility.
This is a boon,in a situation where the interest rates are high as 3.5% p.m.It is advisable
to avail BT as a cost cutting measure.

Assuming one has carried over a balance of Rs.50,000/- in card A,then he can bring down interest card
by availing a BT offered by bank C.
Usually the this transfer will be done at Zero % interest.But the interest free period will be only 3 months.There are BT offers which carry interest,when one opts for a longer period.
Of course,a transaction fee is levied on the BT amount as a %.

It is a good way of saving interest cost.

Here are a few tips:

1.Maintain card account in good status.
2.Avail a BT
3.Pay off the BT value within the Zero % interest period.
4.Ensure to avoid late fee,penalty levy in your card account(s)

Try it.One can make sizable savings in interest cost.


N.Subramani
www.gradtophd.com