NCDEX audit finds 12% coriander stock in Kota and Ramganj warehouses damaged

KOCHI: The independent audit commissioned by NCDEX to verify the quality of coriander stocks has found that 12% of the stocks deposited in the approved warehouses in Kota and Ramganj Mandi were damaged and discoloured. Both these warehouses belong to National Bulk Handling Corporation (NBHC).

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.

The exchange has taken cognizance of the findings and has instructed NBHC to immediately remove the defective stocks from the approved warehouses. “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 said in a statement.

Testing of all the 2240 tonnes showed that 1410 tonnes conformed to the exchange specifications. Out of the remaining 830 tonnes, 270 failed on the parameter of damaged / discolored seeds and 10 tonnes had splits above the acceptable level, while 10 tonnes had pest-ridden seeds marginally above 0.5%. The balance 540 tonnes showed moisture slightly exceeding permissible level of 9%. Higher moisture in these stocks deposited during the period June to August 2016, can be attributed to the ambient moisture in the atmosphere during the monsoon season, NCDEX statement added.