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{{Short description|Food Processing & Distributing Company}}
{{Infobox company
| name = Amira Nature Foods Ltd
| logo = Amira Nature Foods Logo.png
| type = [[Public company|Public]]
| traded_as = {{OTC Expert|ANFIF}}<br>(formerly {{NYSE was|RYCE}}, delisted on August 18, 2020)
| company_slogan =
| foundation = 1915
| founder = B.D. Chanana
| location_city = [[Dubai]]
| location_country = [[United Arab Emirates]]
| locations =
| area_served = Worldwide
| key_people = [[Karan A. Chanana]] <br/> <small>(Chairman)</small>
| num_employees = 27
| parent =
| industry = [[Agribusiness]]
| products = Rice, organic ingredients, pulses, oil, spices
| revenue = {{loss}} $64.4 million [[United States dollar|USD]] (2019)<ref name="2019financial">[https://www.sec.gov/Archives/edgar/data/1552448/000147793220005055/ryce_20f.htm"] [[Business Wire]], July 29, 2016.</ref>
| net_income = {{loss}} $-357.88 million [[United States dollar|USD]] (2019) <ref name="2019financial"/>
| homepage = {{URL|www.amira.net}}
}}

'''Amira Nature Foods Ltd''' is a food company primarily engaged in the distribution of [[basmati]] rice and related food products.

Amira is a [[public company]] trading [[Over-the-counter_(finance)|over the counter]] since it was removed from public listing on the [[New York Stock Exchange]] in August 2020. The company was delisted after repeatedly missed deadlines for filing its financial reports with the [[U.S. Securities and Exchange Commission]].

Amira Nature Foods Ltd is a [[parent company]], registered in the [[British Virgin Islands]] and headquartered in [[Dubai]], [[United Arab Emirates]]. The parent company wholly owns multiple [[subsidiary]] companies engaged in global rice distribution. The company owns 49.8% of Amira Pure Foods Private Limited (referred to as "Amira India"), after a [[debt restructuring]] agreement with the company's [[creditors]] in November 2018 reduced Amira's ownership stake from 80.4%.<ref name="20f2019">{{cite web |title=SEC Filing - 2019 Annual Report |url=https://www.sec.gov/Archives/edgar/data/1552448/000147793220005055/ryce_ex81.htm |website=SEC Filing |access-date=5 February 2021}}</ref> Amira India produces basmati rice by ageing and processing rice.

==History==

Amira Nature Foods Ltd was founded in 1915 under the name Nav Bharat by B.D. Chanana, is as a trading house that buys and sells locally grown beans.<ref name="cdulaney">Chelsey Dulaney, [https://www.wsj.com/articles/amira-nature-foods-posts-strong-profit-revenue-1409257806 “Amira Nature Foods Posts Strong Profit, Revenue,”] ''The Wall Street Journal'', August 28, 2014.</ref><ref name="raddy">Rod Addy, [http://www.foodmanufacture.co.uk/Business-News/Rice-firm-boosts-supermarket-presence “Amira G Foods targets foodservice next,”] Food Manufacture, October 13, 2014.</ref><ref name="100years">[http://www.inpursuitofthepalate.com/amira-foods-amira-group-100-years/ “The First 100 Years,”] {{webarchive |url=https://web.archive.org/web/20151122040810/http://www.inpursuitofthepalate.com/amira-foods-amira-group-100-years/ |date=November 22, 2015 }} In Pursuit of the Palate. Accessed November 12, 2015.</ref> The company was later taken over by B.D. Chanana's son, Karam Chanana. In 1968, the third generation of the family, Anil Chanana, joined the company, changed the name to Amira, and began focusing on exporting.<ref name="100years"/><ref>[https://www.amira.net/distributor/about-amira/history/ History], amira.net. Accessed November 12, 2015.</ref> Karan A. Chanana, the current chairman, is the fourth generation of his family to run the company.<ref>[https://www.globalbankingandfinance.com/karan-a-chanana-profile/ "KARAN A. CHANANA – PROFILE,"] globalbankingandfinance.com, January 28, 2015</ref>

The company is headquartered in [[Dubai, United Arab Emirates]],<ref name="msorensen">Maddie Sorensen, [http://www.dakotafinancialnews.com/amira-nature-foods-upgraded-to-buy-by-zacks-anfi/338583/ “Amira Nature Foods Upgraded to Buy by Zacks,”] {{webarchive |url=https://web.archive.org/web/20150913031155/http://www.dakotafinancialnews.com/amira-nature-foods-upgraded-to-buy-by-zacks-anfi/338583/ |date=September 13, 2015 }} Dakota Financial News, August 10, 2015.</ref> with additional offices in [[India]], [[Germany]], the [[United Kingdom]] and the [[United States]] and Canada.<ref name="jblank">John Blank, [http://www.zacks.com/stock/news/164073/my-findings-on-the-amira-anfi-debacle “My Findings on the Amira (ANFI) Debacle,”] Zacks, February 11, 2015.</ref><ref>[https://www.amira.net/amira-signs-public-as-advertising-and-branding-agency/ “Amira Signs ‘Public’ as Advertising and Branding Agency,”] Amira.net, April 2, 2015.</ref>

Since 2008, the company has been selling products under its Amira brand.<ref name="jblank"/>

Amira Nature Foods Ltd went public on the [[New York Stock Exchange]] in October 2012.<ref name="cdulaney"/> In December 2013, in an effort to further expand into the European market, Amira announced a deal to purchase Basmati Rice GmbH, a Germany-based distributor of rice, primarily basmati. It was the company's first acquisition since going public.<ref>Marilyn Much, [http://news.investors.com/011514-686481-amira-nature-foods-grows-in-basmati-rice-market.htm?ven=djcp&src=aurlabo “Amira Nature Foods Makes Its Name On A Grain Of Rice,”] Investors.com, January 15, 2014.</ref>

In 2014, Amira Pure Foods announced an e-retailing partnership with [[Snapdeal]] to sell its basmati rice online.<ref>[https://web.archive.org/web/20141024232734/http://articles.economictimes.indiatimes.com/2014-10-21/news/55279723_1_basmati-rice-brand-premium-range “Amira rice ties up with Snapdeal for e-retailing,”] ''[[The Economic Times]]'', October 21, 2014.</ref>

===Recent history and financial difficulties===

In March 2018, the company recognized an [[Impairment (financial reporting)| impairment]] of $134 million USD as a result of quality deterioration of stored rice.

Until 2018, Amira Nature Foods Ltd was the parent company of Amira Pure Foods, an Indian company that operates a 310,000 square-foot processing and milling facility in basmati rice paddy-producing regions of [[North India]].<ref name="jblank"/><ref> [http://topics.nytimes.com/top/news/business/companies/amira-nature-foods-ltd/index.html Profile of Amira Nature Foods Ltd.], ''[[The New York Times]]''. Accessed November 12, 2015.</ref> In November 2018, Amira Nature Foods Ltd reduced its ownership of subsidiary company Amira India from 80.4% to 49.8%. This [[debt restructuring]] reduced Amira India's indebtedness from $250.23 million USD to $35.08 million. As a result of the reduction in ownership below 50%, Amira India is no longer a subsidiary of Amira Nature Foods Ltd and is not included in the [[consolidated financial statement]]. This significant change in the company structure saw the total assets of Amira Nature Foods Ltd decrease from $512.8 million in 2018 to only $26.2 million in 2019, and accordingly the financial results from 2019 onwards are not comparable with the results from previous years.

In its regulatory filings for March 2019 (published 19th August 2020), Amira reported revenues of $64.4 million USD and losses of $-357.88 million USD.<ref>{{Cite web|last=|first=|date=|title=SEC Filing|url=https://www.sec.gov/Archives/edgar/data/1552448/000147793220005055/ryce_20f.htm|access-date=|website=}}</ref> The company's [[auditor]] indicated "substantial doubt" as to Amira's ability to continue as a [[going concern]]. The company reported that it was being pursued in the Indian courts under section 9 of the Insolvency and Bankruptcy Code, with a lender seeking repayment of a loan of $14.1 million. Amira cited the cause as being an inability to serve its debts and pay the liabilities.

On August 18, 2020, Amira Nature Food Ltd's ordinary shares were suspended from trading on the New York Stock Exchange due to non-timely filing of the company's 2019 and 2020 [[annual report]].<ref name=20F2019>{{cite web | title = RYCE 20F | url = https://www.sec.gov/Archives/edgar/data/1552448/000147793220005055/ryce_20f.htm | page = 32 | publisher = [[U.S. Securities and Exchange Commission]] | accessdate = September 9, 2020}}</ref>

The company's shares were permanently removed from listing and registration on the New York Stock Exchange on December 29 2020. The NYSE determined that the company was not suitable for listing because of delays and non-publication of its 2019 and 2020 annual reports. Amira Nature Foods Ltd had appealed the August 18 notice, but formally withdrew their appeal on December 14, 2020.<ref>{{Cite web|last=|first=|date=|title=SEC Filing for permanent delisting of Amira Nature Foods Ltd|url=https://www.sec.gov/Archives/edgar/data/876661/000087666120001226/0000876661-20-001226.txt|access-date=4 February 2021|website=SEC.gov}}</ref> While the company had filed its 2019 report, its 2020 Report remains unpublished and the company has failed to publish any annual reports since.

==Products==
Amira sells [[basmati]] rice grown at the foothills of the [[Himalayas]], purchased from [[smallholding|smallholder]] farmers in India. Following harvest, the rice is typically aged for a year in burlap sacks to help bring out the rice's aromatic flavor, after which the grain's husk is removed.<ref name="snassauer">{{cite web|first1=Sarah|last1=Nassauer |url=https://www.wsj.com/articles/white-red-black-or-wildwhich-kind-of-rice-is-your-favorite-1413315691 |title=White, Red, Black or Wild – Which Kind of Rice Is your Favorite? |work=[[The Wall Street Journal]]|date=2014-10-15 |accessdate=2021-02-06 |url-access=subscription}}</ref><ref>Ruth Taber, [http://www.elpasotimes.com/living/ci_28584987/basmati “Basmati has long reputation for pleasing foodie palates,”] {{Webarchive|url=https://web.archive.org/web/20150808110021/http://www.elpasotimes.com/living/ci_28584987/basmati |date=2015-08-08 }} ''[[El Paso Times]]'', August 5, 2015.</ref> The rice is then processed in [[Delhi, India]], by Amira India, before being distributed, marketed and sold at retail and wholesale chains worldwide.<ref name="raddy"/><ref name="msorensen"/><ref name="et120814">[http://articles.economictimes.indiatimes.com/2014-12-08/news/56839651_1_basmati-rice-organic-rice-organic-products “Amira group ties up with 7,500 farmers for organic crops,”]{{dead link|date=October 2024|bot=medic}}{{cbignore|bot=medic}} ''The Economic Times'', December 8, 2014.</ref>

The company's basmati, sold in metallic gold packaging, is said to have "a strong floral, nutty scent and flavor after cooking."<ref name="snassauer"/> Other products include specialty and organic rice, cooking oil, spices, flour and organic wheat, barley and legumes.<ref name="cdulaney"/><ref name="raddy"/><ref name="et120814"/>
==Financial performance==
Amira Nature Foods Ltd publishes annual financial reports with the [[U.S. Securities and Exchange Commission]] in [[Form 20-F]].

{| class="wikitable"
|+ US Dollars (Millions)
|-
!
!March 31, 2021!! March 31, 2020 !! March 31, 2019 !! March 31, 2018 !! March 31, 2017 !! March 31, 2016
!March 31, 2015
|-
| '''Revenue'''
|''Filing overdue''|| ''Filing overdue'' || $64.4 || $413.9 || $551.8 || $563.5
|$700.0
|-
| '''Profit/Loss'''
|''Filing overdue''|| ''Filing overdue'' || -$357.9 || -$93.6 || $31.5 || $32.9
|$53.2
|}

Note: Following the deconsolidation of Amira India from Amira Nature Foods Ltd, financial performance since 2019 is no longer comparable with pre-2019 financial years. The total assets of Amira Nature Foods Ltd decreased from $512.8 million in 2018 to only $26.2 million in 2019 as a result of the deconsolidation of Amira India.

==Company structure==
Amira Nature Foods Ltd is a [[holding company]] with no direct operations. The company owns a number of subsidiary and associate companies.<ref>{{Cite web|last=|first=|date=|title=SEC Filing - Amira Subsidiaries March 2019|url=https://www.sec.gov/Archives/edgar/data/1552448/000147793220005055/ryce_ex81.htm|access-date=5 February 2021|website=}}</ref>

{| class="wikitable"
|+ Amira Nature Food Ltd's Subsidiaries
|-
! Name of company !! Country of incorporation or establishment !! Equity interest held
|-
| Amira Nature Foods Ltd (“Amira Mauritius”) || Mauritius || 100% by Amira Nature Foods Ltd
|-
| Amira International Finance B.V. || Netherlands || 100% by Amira Nature Foods Ltd
|-
| Red Reinel Limited || Mauritius || 100% by Amira Mauritius
|-
| Amira I Grand Foods Inc. || British Virgin Islands || 100% by Amira Mauritius
|-
| Amira Basmati Rice GmbH EUR || Germany || 100% by Amira Mauritius
|-
| Basmati Rice North America LLC || United States || 100% by Amira I Grand Foods Inc. (BVI)
|-
| Amira K.A. Foods International DMCC || United Arab Emirates || 100% by Amira I Grand Foods Inc. (BVI)
|-
| Amira G Foods Limited || United Kingdom || 100% by Amira I Grand Foods Inc. (BVI)
|}

{| class="wikitable"
|+ Amira Nature Foods Associate Companies
|-
! Name of company !! Country of incorporation or establishment !! Equity interest held
|-
| Amira Pure Foods Private Limited (“Amira India”) || India || 49.8% by Amira Mauritius
|}

==Ownership==
Karan A. Chanana is the [[majority shareholder]] of Amira Nature Foods Ltd, owning 65% of the ordinary shares.{{Citation needed|date=July 2021}}

==Financial allegations==

In February 2015, a [[short selling]] firm alleged that Amira had overstated its revenue. Amira filed a lawsuit against the short selling firm later in 2015, calling its reports factually inaccurate and false.<ref>Hannah Abdulla, [http://www.just-food.com/news/amira-files-lawsuit-for-damages-against-prescience-point_id130823.aspx “Amira files lawsuit for damages against the short-selling firm,”] just-food.com, August 12, 2015.</ref><ref>Greg Hazley, [http://www.odwyerpr.com/story/public/4050/2015-02-12/fti-aids-amira-as-rice-exporter-boils-over-fraud-report.html “FTI Aids Amira as Rice Exporter Boils Over ‘Fraud’ Report,”] ''[[J. R. O'Dwyer Company|O'Dwyer's]]'', February 12, 2015.</ref> In April 2017, Amira announced a settlement was reached in the lawsuit filed against the short selling firm, related entities and individuals.<ref>[https://www.reuters.com/article/brief-amira-nature-foods-says-reached-se/brief-amira-nature-foods-says-reached-settlement-in-lawsuit-against-short-selling-firm-idUSFWN1HF0TE?type=companyNews,"BRIEF-Amira Nature Foods says reached settlement in lawsuit against short-selling firm"] Reuters, April 7, 2017.</ref>

Following the allegations in 2015, two proposed shareholder class action lawsuits (which were subsequently consolidated into one) were filed against Amira in the United States. The company contested the allegations in the Class Action and filed a motion to dismiss the Class Action. On 22 August 2016, Amira announced that the United States District Court for the Central District of California had granted the company's motion to throw out the lawsuit.<ref>Dean Best, [http://www.just-food.com/news/amira-nature-foods-sees-us-court-dismiss-lawsuit_id134186.aspx "Amira Nature Foods sees US court dismiss lawsuit,"] just-food.com, August 22, 2016.</ref>

==See also==
* [[List of rice cultivars]]
* [[Al Nassma Chocolate]]

==References==
{{Reflist|30em}}

==External links==
* {{official website|http://www.amira.net}}
* [https://www.sec.gov/cgi-bin/browse-edgar?CIK=1552448 SEC Filings: Amira Nature Foods Inc]

[[Category:Rice in India]]
[[Category:Rice organizations]]
[[Category:Food and drink companies based in Dubai]]
[[Category:Companies formerly listed on the New York Stock Exchange]]
[[Category:Food and drink companies established in 1915]]
[[Category:Agriculture companies of the United Arab Emirates]]
[[Category:Indian companies established in 1915]]
[[Category:Agriculture companies established in the 1910s]]
[[Category:Companies established in 1915]]

Amira Nature Foods - Revision history

StaciWinslow: started first data needs work!