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- Warehouse Operations
Warehouse Operations - Depository
- Commodities trading on the Exchange
- Soya beans
- Pigeon Peas
- Sugar beans
- White Haricot beans
- Red Kidney beans
- Cow Peas
- The Exchange Warehouses to date
- The exchange will continue to open new warehouses across the country to the convenience of its Clients and Members.
- Transport Service Provision
- Facilitating transport service provision to those Clients & Members who don’t have transport by those who have through credit and debt synchronization.
- By collaborating with Registered Transport Associations and Cooperatives.
- Re-bagging Service Provision.
- The Exchange shall outsource the service of Re-bagging to a third party.
- The Exchange shall have standardized bagging requirements as specified in the contracts; for instance it will be a requirement for all commodities to be packed in clean and sound 50 kg bags.
- All Depositors shall be expected to bring their commodities in good quality bags not used more than once prior to deposits.
- Depositors who will bring bags that will not meet the requirements of the Exchange, the Exchange will help the Depositor on re-bagging at a fee agreed between the Depositor and the Service Provider.
- Commodity sampling and grading
- All commodities shall be sampled and graded before being accepted by the Exchange’s warehouses. Sampling will be in line with the Exchange’s requirements as indicated in those specific contracts.
- The Exchange will charge a handling fee of K4000 per Deposit and storage fee of K30 per M/t per day.
- After sampling Grading will follow; this will also be in line with the specifications stipulated in respective contracts. For example grades will be based on parameters like, Impurities, Moisture, Broken kernels, Foreign Matters and others.
- After Sampling and Grading the Depositor in unanimity with the W/House Supervisor and the Grading specialist will confirm and acknowledge the assigned Grades by signing the Grade Sheet.
- If the Depositor does not accept the Grading and Sampling Results he/she may appeal in order to have his commodity reassessed and re-graded.
- After all these processes the information will then be entered into the system.
- Choosing a member
- There may be cases where some Clients may not have Members through which they can Trade on the platform. The Exchange shall provide information to all the Clients regarding the same. All warehouses shall have all registered Members for the good of the Clients.
- Client registration and opening of bank account
- The warehouse will capture all the information for the new clients as is required on that Sample of Client Registration Form or Client (Organisation) registration form.
- After Registration and recording of the vehicle details the warehouse shall offload the commodities, have them weighed and stack according to AHCX inventory management.
- The Exchange shall assist to ensure that every Client Depositor opens an account with a Financial Bank before Trade takes place.
- Accepting a commodity deposit (CDA)
- After the sampling, grading, Client registration, offloading and weighing of the commodity, the warehouse shall finally produce a Commodity Deposit Acknowledge, (CDA).
- The Warehouse Supervisor and the Depositor will both sign the CDA to finalize the warehouse transaction on the deposits. Each will get a copy of the same.
- Issuing of warehouse receipts
- The warehouse shall then electronically transmit the CDA to the Central Depository Where upon approval it will be changed into a Warehouse Receipt in readiness for Trading.
Warehouse Operations - Delivery
- The Buying Member shall indicate to the Exchange when he/she shall collect the bought commodities from the warehouse through a Delivery Intention Notice (DI).
- The Exchange shall then transmit the same information to its respective warehouse, where upon production of ID the warehouse shall be able to identify the Buyer and give him/her the commodities.
- The Exchange will then produce a Commodity Handover Acknowledgement, (CHA) which will be signed by both the Depositor and the Warehouse Manager to seal the delivery deal.
- The Warehouse will on a daily basis give the Exchange Central Depository the dayâ€™s deposits and withdrawals, and opening and closing inventory balances.
- Partial collection of purchased commodities is allowed. Nonetheless the whole consignment should be collected within the period specified in the contract specification.
- A late pick-up penalty will be charged to the buyer for failure to collect purchased commodities within the period specified period.
- Commodities can then only be collected after settling accumulated penalty charges to the Exchange.