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Amira Nature Foods Ltd. (ANFIF)

Other OTC - Other OTC Delayed Price. Currency in USD
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3.57500.0000 (0.00%)
As of 11:55AM EDT. Market open.
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  • S
    SING
    Good luck with the earning report...!
  • H
    Hrdwkgdog
    What happened...?...... Did they discover some white elephants in the inventory ?
  • P
    Peter
    Cautionary Statement and Note on Forward-Looking Statements

    As previously reported by the Company on Form 6-K filed with the SEC on March 18, 2019, in the second half of fiscal year 2019, the Company announced the conversion of the outstanding debt of Amira Pure Foods Private Limited, ("Amira India") a partially-owned subsidiary of Amira Mauritius, the Company’s subsidiary, into equity (the "Deconsolidation"). This Deconsolidation resulted in Amira Mauritius’ ownership of Amira India being reduced from 80.4% to 49.8%. As a result, Amira India and its wholly owned subsidiaries will no longer be consolidated line item level) for purposes of preparing the Company’s consolidated financial statements which would be included in the Company’s Form 20-F for the year ended March 31, 2019 which was not been filed with the SEC as of July 31, 2019, its prescribed due date or the date hereof. As a result of the Deconsolidation, the Company’s operating and financial results for fiscal 2019, (reflecting the Deconsolidation), will materially differ from those of prior periods and will reflect a material reduction of the Company’s revenues, assets and liabilities in comparison to all prior years reported by the Company on Form 20-F.
  • P
    Peter
    No product available for sale, no earnings report, no shareholder AGM, no press releases, no "going concern" certification from auditors...
  • P
    Peter
    Can shareholders of this company please explain to me why they aren’t concerned about the following:

    - the complex corporate structure, with the Majority shareholder of the parent company also owning 20% of the subsidiary? (The subsidiary being the part of the company that actually has any operations)
    - the majority shareholder having a $16million loan to the company, with an 11% interest rate that compounds *daily*, is redeemable at any time, and puts him as a creditor ahead of any shareholders in the event of bankruptcy?
    - the majority shareholder, chairman, and CEO having given personal financial guarantees to the company’s debtors for around $250million of debt; which the company has then granted full indemnity to the CEO.
    - almost the whole of the company’s inventory is pledged as collateral against the company’s debt, meaning in the event of the company being unable to meet their obligations, almost the entire book value will go to creditors and the shareholders will be left with nothing.
    - the company’s auditors raised concerns about the solvency of the company and could not certify it as a going concern.

    If any of this comes as a surprise, please read the most recent annual report in full.

    The attraction of this company is that its equity is priced below its book value. However, the annual report makes clear that the book value is almost entirely pledged to the company’s creditors. In the event of insolvency or a dissolution of the company, the shareholders will be left with almost nothing - *apart from* the majority shareholder who has an outstanding loan which extracts 11% dividend from the company, compounded every single day, which puts him ahead of all the other shareholders when dividing the company’s assets.

    Please explain how none of this concerns you and you think there is any residual value in what is, at best, a poorly run commodity company which seems to be solely designed to transfer wealth from international investors to the pockets of the majority shareholder, chairman and CEO.
  • J
    John
    I keep hoping for some news here but they will most likely push out until the last minute as usual. I believe this is a $8-12 stock with clean books, timely reporting and improved liquidity. There may be a scenario where there isn't fraud but they simply are having difficulty verifying the inventory because it is a bulk product and maybe pre-purchased done on consignment. I don't know anything about rice but am familiar with accounting for other bulk materials. Auditors are better at verifying products with a perpetual inventory which ANFI does not use. My impression is that that expense their purchases and then add or subtract quantities from their previous inventory balances. This is labeled "change in inventory" on their income statement. The key here is to verify that the inventory quantities have increased and the only way to do this is by physical count. I'm holding with the hope that there is no fraud and that counting several boat loads of rice is the hold up.
  • M
    Marvin
    They need to face the music and sell. Not enough working capital, debt too expensive and too high. They should sell for 7.50usd per share. I would expect an announcement in this regard any day now.
  • J
    John
    Just venting while waiting to see what happens today. Hard to believe that it's been four and a half months and they still can't close the books. I get that sec reporting can be onerous but a good bit of the filing is boilerplate stuff. Yet at the same time they disclose rezoning of a parcel of property, like this is more important than their core business. Something is amiss with this company. I'm eagerly awaiting to see if they file anything today or are locked at an impasse with their auditor. This is often the problem with closely held companies, they don't recognize the rights of others when it comes to investments in business..
  • g
    gabriel
    Decent return so far. I got in at .62, .67. Holding well in the mid/high .70's on low volume. If we have any news, a high volume day could push this to the mid 80's and then over $1. Who's in still?
  • N
    Not a very good investor
    Well I'm afraid I sold this morning. Bought at just under 6, sold at $1.79 - an expensive education but hopefully I will learn from it :-). I've still got my call options, so if they do put a report out before 15th I should see some of the upside. And if they don't then it's good bye from me.
  • H
    Hrdwkgdog
    "The conversion of the real-estate asset from factory to residential will require the Company’s existing lenders to amend and/or refinance their existing debt to include the repurposed collateral. The Company has begun those discussion with existing lenders. There can be no assurance the existing lenders will agree to amend or refinance the existing debt on terms acceptable to the Company, and the Company may need to seek additional sources of financing. The Company is actively considering its options with regards to financing."

    Wow..........they have 17 acres..........My property is larger than that..........May be I should lease it to them to process rice.... Anyway..........I hope they don't come up with a stock offering to replace the loans............if the lenders send them out to pasture.
  • B
    Bjarke
    From their filing: 40.1 A new company named Amira International Finance B.V. has been incorporated in Netherlands on July 30, 2018. Amira International Finance B.V. is a 100% owned subsidiary of Amira Nature Foods Limited.
    Anybody know what they do? I hope they are working on getting better loan-terms.
  • A
    Anthony
    whoa why the after market price surge?
  • J
    John
    Did some quick checking. RYCE is now considered a late filer and has an .LF designation on the NYSE. Sounds like they have 12 months to cure but not sure from what date.
  • t
    tom
    Working capital $564,186, 768. That is HUGE.
  • j
    jolla
    Apparently there is a manufacturing facility at 21st Milestone, Pataudi Road, Harsaru District Gurgaon- 123505, Haryana, India. Don't know if it's the one being re-purposed but it doesn't look like they would get that much if it was sold. Check satellite view. You might be able to see a few farm animals roaming around.
  • c
    chas
    6k issued yesterday. Amira removed previous guidance. Going to be materially less. Blames Coronavirus. CEO was given over 678,000 shares at $6.16 per share in lieu of past deferred compensation. Hopefully he knows the shares are worth something. I know the public shareholders whose value has been destroyed hope they are worth something.
  • P
    PSG
    What is future for this stock in your opinion? Are we going to lose our entire investment in this?
  • D
    David
    new investor. hoping there are more to follow. we're on the radar...
  • t
    tom
    We're back ! Congrats to all longs.