An independent audit commissioned by NCDEX to verify the quality of coriander stocks deposited in the approved warehouses in Kota and Ramganj Mandi has revealed that 12% of the stocks in the warehouses here were damaged and discoloured.
An independent audit commissioned by NCDEX to verify the quality of coriander stocks deposited in the approved warehouses in Kota and Ramganj Mandi has revealed that 12% of the stocks in the warehouses here were damaged and discoloured. Both these warehouses belong to National Bulk Handling Corporation (NBHC). The exchange has taken cognisance of the findings and has instructed NBHC to immediately remove the defective stocks from the approved warehouses, a statement issued by exchange said.
Responding to the concerns around quality of the coriander stocks deposited in the approved warehouses, NCDEX conducted a 100% sampling and audit of the stocks deposited at the NBHC warehouses at Kota and Ramganj Mandi. Testing of all the 2,240 mt has shown that 1,410 mt conforms to the exchange’s specifications on all parameters. Of the remaining 830 mt, 270 mt failed on the parameter of damaged/discoloured seeds and 10 mt had splits above the acceptable level, while 10 mt had weevilled seeds marginally above 0.5%. The balance stocks of 540 MT showed moisture slightly exceeding permissible level of 9%.
Higher moisture in these stocks, deposited during June to August 2016, can be attributed to the ambient moisture in the atmosphere during the monsoon season. Kota district has received 900 mm rainfall this season, 17% higher than last year. Traditionally, the moisture level in the coriander stocks drops after monsoon recedes. Participants taking delivery of coriander on the exchange platform can utilise the remat assaying facility being offered by the exchange to verify the quality goods received in delivery on the exchange platform, the statement said. Any variance of quality from that specified by the Exchange is fully compensated.
“We remain vigilant about the stocks deposited in our warehouses and have suitable checks and controls in place to ensure adherence to our norms. There is absolutely nothing to worry for the buyer on the quality front. Having completed the independent audit, we find that there isn’t a quality issue at the level as it as was made out to be. We have found some issues which we will ensure will get addressed through the remat testing process of the buyers,” said Samir Shah, MD & CEO.