PROCEDURES FOR RICE PROCESSING ORDERS

Non-negotiable Procedures for processing Orders:
Rice Authority follows a proven procedure which we believe is fair to both the
Buyer and the Seller and we will not deviate from it.
We act as a facilitator/mandate introducing REAL Buyers to REAL Suppliers.
Initially we negotiate the terms and procedures with the Buyer to achieve an
acceptable LOI, with every detail correct as required by the Supplier. We may
have to ask you to make minor amendments to your initial LOI to reach this
position. It should be noted that all LOI or ICPO should be on Buyer’s letterhead
and have complete details of the Buyer’s requirements including full banking
coordinates and details of his Confirming Bank. This will include details of the
product and specification required, total quantity and period of delivery,
destination port, target price per metric ton and validity of the LOI in days after
being issued. Once acceptable LOI and BCL are received, we will pass the deal
over to a selected Supplier and/or Manufacturer who will then contract direct with
you, the end Buyer.
Please note our non-negotiable procedure:
1. In response to the Buyer’s initial enquiry, we provide a Soft Offer for the
Buyer’s consideration.
2. The Buyer issues an Irrevocable Corporate Purchase Order (ICPO) or an
Irrevocable Letter Of Intent (LOI).
3. The Buyer issues a BCL detailing the contracted quantity, contract value and
monthly revolving amount and confirming the Buyer’s ability to finance the deal.
4. The Seller issues a Full Corporate Offer (FCO) to the Buyer.
5. The Buyer signs and seals approval of the FCO and returns.
6. The Seller issues a draft Contract to the Buyer.
7. The Buyer will electronically sign and seal the revised draft Contract and
return to the Seller via email, in Word Format
8. The Seller reviews and confirms any changes made in the draft contract by the
Buyer. If the Seller agrees to the changes made by Buyer, the Seller issues the
final binding contract via email, in Word Format.
9. The Buyer returns the final agreed contract duly initialled, signed and sealed
via email, in Word Format.
10. The Seller will then electronically seal or scan the fully signed, sealed and
initialled Contract and email the “Soft Copies” to the Buyer.
11. The Buyer immediately after the return of the final agreed Contract to the
Seller, sends to the Seller by email the draft verbiage of the payment instrument
(FFBG, FFSBLC or L/C) as provided by the Buyer’s Bank for the Seller’s approval.

17. Our minimum payment option is IRDLC revolving for one month’s shipment value. 13. Rice Authority offered payment method can greatly affect the price offered by the Seller. such as sugar. For larger contracts the seller is looking for one month’s shipment value held by the Seller as surety against the buyer dropping out. So what does all that mean? In the past a buyer would contract a quantity say up to 12 times more than the quantity they actually required. Very few sellers will offer this payment option anymore. advising that they are ready to proceed with the transaction 15. Irrevocable Letters of Credit give the seller the greatest protection. Having confirmed with the Seller that the verbiage is acceptable. Immediately upon receiving the Seller’s signed and sealed “Hard Copies” of the contract via courier the Buyer will personally sign and seal the 4 Hard Copies and immediately return two (2) originals by courier to the Seller.12. the more secure the payment the cheaper the price. please check our website for latest Top 50 list. they pay for 1 or 2 shipments and then drop out. Sellers are looking for more security in payment and because of high percentage of drop outs paying by ordinary DLC. issue Bank to Bank a Performance Bond two percent (2%) of the confirmed value of each shipment. The Seller will. Confirmed. Shipping of the Goods will commence within thirty (30) to forty-five (45) days from date of Seller’s receipt of the acceptable operative payment instrument. Once the Seller approves the payment instrument verbiage. since sellers can rely on the commitment of two banks to make payment. 16. along with the approved verbiage of the payment instrument. Payment options can vary with the commodity. after having obtained the benefit of a price offered for the much larger quantity. within 5 working days of receipt of an acceptable operative payment instrument. the Seller’s Bank then advises the Buyer’s Bank through a SWIFT Letter of Readiness that it is ready to accept their non-operative payment instrument. Our payment options will be clearly outlined in our Soft Offers. OUR PAYMENT OPTIONS Note all payments must be Confirmed by Top 50 Prime World Bank. 14. Also buyers would drop out of a contract because they had since found a seller with a cheaper price. the Buyer’s Bank then sends a SWIFT Pre-advice to the Seller’s Bank. The Seller will issue to the Buyer four (4) original “Hard Copies” of the contract via courier to Buyer’s address as stated in the contract. where payment may bemandatory by FFBG with some sellers. The confirming bank will pay even if the issuing bank cannot or will not honour the . Buyer and Seller exchange POP (Proof of Product) for non-operative L/C.

Transferable. but the LC is guaranteed for 6 months value. Transferable. Bank Guarantee for 3 month value to be held by the Seller as security for payment.draft for any reason whatever. Auto-Revolving for one month’s shipment value. Documentary Letter of Credit.  FFDLC – (assured for 6 month contract value) Payment by Fully Funded. The Irrevocable Revolving Stand-by Letter of Credit should be issued. Confirmed by Top 50 prime world bank 100% at sight Port of Loading Basically with this payment there is an LC opened for 6 months value that is guaranteed by the Buyer’s bank for that amount. Irrevocable. confirmed. Documentary Letter of Credit.  FFSBLC . Revolving Stand-by Letter of Credit for the total value of the goods with one month face value. the payments are still paid one month at a time. Confirmed by Top 50 prime world bank 100% at sight Port of Loading. Transferable. Irrevocable. In the fifth month. there is another 6 month LC opened for the last batch of shipments. 100%at sight Port of Loading. Fully Funded. Confirmed and Guaranteed by a Top 50 Prime World Bank acceptable to the Seller. In accordance with the additional risk assumed by the banks. Here are several payment option preferred by our Sellers:  IRDLC . This Irrevocable. This LC is guaranteed by the Buyer’s bank for the full contract value. Transferable. This Bank Guarantee will be returned to the Buyer at the end of the contract period unencumbered. Confirmed by Top 50 Prime World Bank. Documentary Letter of Credit.  FFDLC – (assured for full 12 month contract value) Payment by Fully Funded.Confirmed and Guaranteed by Top 50 Prime World Bank acceptable to the Seller.  IRDLC + BG (3 month) – Payment by Irrevocable. Auto-Revolving for one month’s shipment value. . Transferable 3 month Bank Guarantee should be issued. irrevocable Letters of Credit are more expensive than unconfirmed Letters of Credit. Documentary Letter of Credit.Payment by Irrevocable. Auto-Revolving for one month’s shipment value. Auto-Revolving for one month’s shipment value. however. Each Shipment shall be paid for via Telegraphic Transfer within 24 hours of receiving the shipping documents. Confirmed by Top 50 Prime World Bank.  IRDLC + BG – Unconditional Bank Guarantee for one month’s shipment value held as security for payment and then monthly payments by Irrevocable.Payment by Irrevocable. Transferable. However. 100%at sight Port of Loading.

The Buyer’s bank is guaranteeing the funds for the full contract value. A BCL should list a description of the goods. There are other acceptable payment methods and also variations of these payment methods above applicable to certain commodities that we may accept. therefore with payment by BG means the buyer has the money sitting in an account.  Sinthwe Super 100% 6. however these will be advised in our Soft Offers.80. Also as payment is Confirmed by a Top 50 Prime World Bank this is virtually a guarantee of such payment as outlined.30 Per Metric Ton.5 mm IRRI Polish – $422.8 mm IRRI Polish – $688.50 Per Metric Ton. Myanmar Rice Prices  Emata 5% Broken Rice 6. Per Metric Ton. provided along with the LOI or ICPO.Payment by Bank Guarantee Confirmed by Top 50 Prime World Bank.  Emata Super 100% 6. BG or FFBG .5 mm IRRI Polish – $446.  Emata 10% Broken Rice 6.  Emata 15% Broken Rice 6. pledged – that is why it is called ‘Bank Guarantee’.  Emata 25% Broken Rice 6.5 mm IRRI Polish – $539.80 Per Metric Ton. PLEASE NOTE: We always require a BCL (Bank Comfort Letter) to confirm buyer’s ability to make the necessary payments.20 Per Metric Ton.  Paw San Super 100% Polish – $833. FOB from port Yangon or Pathine Cambodia Rice Prices  Jasmine Rice (Organic fragrant rice Neang Malis) $970 Per Metric Ton  Jasmine Rice 5% Broken Rice Sorted & Double Polished $930 Per MT . If a buyer will not provide a BCL it is an indication that he cannot finance the deal and/or the deal is not Confirmed by Top 50 Bank as required. the total contract value and the monthly revolving amount etc. the quantity.40. Per Metric Ton.30 Per Metric Ton. it is not recognition of a commitment to the contract in hand.5 mm IRRI Polish – $373.5 mm IRRI Polish – $407. Please clearly define your preferred payment when making your application for quotation. Whilst permission for a Soft Prove which may be offered in the LOI is nice. expressed in US Dollars. BCL with bank disclaiming any responsibility is totally unacceptable.

 Thai Pathumthani Fragrant Rice $928 Per Metric Ton. .  Thai Hom Mali Rice Grade A (54/55) $1097 Per Metric Ton.1 Super $594 Per Metric Ton.  Thai Hom Mali Fragrant Rice 100% single polish $1090 Per Metric Ton  Thai Hom Mali Fragrant Rice 100% single polish $1080 Per Metric Ton  Thai Hom Mali Broken Rice A. Ginger Rice 5% Broken Rice Sorted & Double Polished $690 Per MT  Neang Minh Rice 5% Broken Rice Sorted & Double Polished $580 Per MT  Jasmine Rice 100% Broken Rice $550 Per MT  White Rice 5% Broken Rice $560 Per Metric Ton  White Rice 15% Broken Rice $540 Per Metric Ton  White Rice 25% Broken Rice $520 Per Metric Ton  White Broken Rice 100% Broken Rice $440 Per MT Vietnam Rice Prices  White long grain 5% broken US$ US$ 428 / MT  White long grain 25% broken US$ 405 / MT  White long grain 100% broken US$ 350 / MT  White medium grain 5% broken US$ 610 / MT  Fragrant grain 5% broken US$ 665 / MT  Japonica type rice US$ 860 / MT  Jasmine Rice 5% Broken US$ 595 / MT  Glutinous Rice 10% Broken US$ 695 / MT All prices are based FOB. shipload Thailand Rice Prices  Thai Hom Mali Rice ( Thai Basmati Rice ) Grade A (53/54) $1115 Per Metric Ton. HCMC Port.  White Rice 25% $544 Per Metric Ton.  White Rice 5% $549 Per Metric Ton.  White Rice 100% Grade B $565 Per Metric Ton.

64.USD 430 PER METRIC TON  LONG GRAIN PARBOILED RICE 30% BROKEN – USD 425 PER METRIC TON  LONG GRAIN PARBOILED RICE 35% BROKEN – USD 420 PER METRIC TON  LONG GRAIN RAW WHITE RICE 5% BROKEN – USD 430 PER METRIC TON  LONG GRAIN RAW WHITE RICE 10% BROKEN – USD 425 PER METRIC TON  LONG GRAIN RAW WHITE RICE 15% BROKEN – USD 420 PERMETRIC TON  LONG GRAIN RAW WHITE RICE 20%BROKEN – USD 415 PER METRIC TON  LONG GRAIN RAW WHITE RICE 25%BROKEN.  BPT-5204 ( Samba Mahsuri/Sona Mahsuri) superfine rice Price Upon Request  LONG GRAIN PARBOILED RICE 5% BROKEN – USD 450 PER METRIC TON  LONG GRAIN PARBOILED RICE 10% BROKEN – USD 445 PER METRIC TON  LONG GRAIN PARBOILED RICE 15% BROKEN – USD 440 PER METRIC TON  LONG GRAIN PARBOILED RICE 20% BROKEN – USD 435 PER METRIC TON  LONG GRAIN PARBOILED RICE 25% BROKEN. India Rice Prices  Sarna Parboiled Rice 10% broken $395 Per Metric Ton  IR 8 . 16.  Thai Red Rice FOB $905 Per Metric Ton. 32. FOB Prices quoted include a single white woven polypropylene (PP) bag each of 50 kg.$1000 Per Metric Ton  BASMATI Rice: – $1000 Per Metric Ton  Non – Basmati – Organic rice $1000 Per Metric Ton CIF to any sea port in your country.USD 410 PER METRIC TON  Basmati 1121 Golden Rice $840 Per Metric Ton .  Parboiled Rice 100% $575 Per Metric Ton.  White Glutinous Rice 10% $915 Per Metric Ton.1 Super $532 Per Metric Ton. Rice:. White Broken Rice A.$530 Per Metric Ton  PUSA Rice: – $840 Per Metric Ton  1121 Rice:.

USD 450 PER METRIC TON  LONG GRAIN PARBOILED RICE 30% BROKEN – USD 430 PER METRIC TON  LONG GRAIN PARBOILED RICE 35% BROKEN – USD 425 PER METRIC TON  LONG GRAIN PARBOILED RICE 100% BROKEN – USD 355 PER METRIC TON  LONG GRAIN RAW WHITE RICE 5% BROKEN – USD 465 PER METRIC TON . – Price Upon Request  PARBOILED RICE – Price Upon Request Pakistan Rice Prices  LONG GRAIN PARBOILED RICE 5% BROKEN – USD 475 PER METRIC TON  LONG GRAIN PARBOILED RICE 10% BROKEN – USD 470 PER METRIC TON  LONG GRAIN PARBOILED RICE 15% BROKEN – USD 465 PER METRIC TON  LONG GRAIN PARBOILED RICE 20% BROKEN – USD 460 PER METRIC TON  LONG GRAIN PARBOILED RICE 25% BROKEN. Basmati 1121 Creamy Rice $820 Per Metric Ton  Basmati Pusa Creamy Rice $740 Per Metric Ton  Basmati Pusa Golden Rice $760 Per Metric Ton  White Long Grain Rice with 5% broken $460 Per Metric Ton  White Long Grain Rice with 25% broken $415 Per Metric Ton  Basmati 1121 Sella Rice – Price Upon Request  Basmati 1121 Golden Rice – Price Upon Request  Basmati 1121 Steam Rice – Price Upon Request  Basmati Pusa Sella Rice – Price Upon Request  Basmati Pusa Golden Rice – Price Upon Request  Basmati Pusa Steam Rice – Price Upon Request  Basmati IR-64 Sella Rice – Price Upon Request  Long GRAIN WHITE RICE 5-25% BROKEN – Price Upon Request  SHARBATI SELLA RICE Price Upon Request  NR-106 SELLA RICE – Price Upon Request  NR-11 SELLA RICE – Price Upon Request  PARIMAL RICE.

 Long Grain Par-boiled IRRI-6 Rice Silky Double Polished. 25% Broken $380 Per Metric Ton. Color Sortexed $550 Per Metric Ton. 5% Broken.  Long Grain PK-385/D98 Basmati Rice Silky Double Polished.  15% Broken Rice U$ 525 Per Metric Ton. Brazil Rice Prices  5% Broken Rice U$ 550 Per Metric Ton. Max.USD 350 PER METRIC TON  Super Kernel Basmati Rice Silky Double Polished.  100% Broken Rice Silky Double Polished. Max. 5% Broken.  Parboiled Rice U$ 550 Per Metric Ton. Packed in Standard 50KGs nett Jute/PP Bags.  10% Broken Rice U$ 540 Per Metric Ton. 1% Broken. Color Sortexed $360 Per Metric Ton.  Super Kernel Par-boiled Basmati Rice (Sella) Silky Double Polished.USD 435 PER METRIC TON  LONG GRAIN RAW WHITE RICE 100%BROKEN. Max. Max.  Long Grain IRRI-6 Rice Silky Double Polished. 1% Broken. Max. Color Sortexed $950 Per Metric Ton.  Paddy Rice U$ 324 Per Metric Ton. Max. Color Sortexed $460 Per Metric Ton.  Long Grain IRRI-9 Par-boiled Rice Silky Double Polished. 1% Broken. 5% Broken. LONG GRAIN RAW WHITE RICE 10% BROKEN – USD 460 PER METRIC TON  LONG GRAIN RAW WHITE RICE 15% BROKEN – USD 455 PERMETRIC TON  LONG GRAIN RAW WHITE RICE 20%BROKEN – USD 445 PER METRIC TON  LONG GRAIN RAW WHITE RICE 25%BROKEN. Max.  10% Broken Rice U$ 515 Per Metric Ton. All Prices are Basis FOB KARACHI. Color Sortexed $750 Per Metric Ton. USA Rice Prices  5% Broken Rice U$ 530 Per Metric Ton. Color Sortexed $1050 Per Metric Ton. . Color Sortexed $450 Per Metric Ton.  Long Grain IRRI-6 Rice Single Polished.

5% of broken U$ 470. Paraguay Rice Prices  Long grain parboiled rice 7.00 Per MT  Long grain White 7.5% of broken U$470. 15% Broken Rice U$ 505 Per Metric Ton.  Paddy Rice U$ 280 Per Metric Ton.  Parboiled Rice U$ 600 Per Metric Ton.00 Per MT .