 Good day fellow investors. What a crazy week with Anfi. So let's explain what happened, why it happened, what is going on. Let's read the report. Let's go through the report that Anfi surprisingly published. They didn't publish quarterly reports for about two years now and now they published it. So a lot of news with Amira and I want to discuss what happened, the report and the risk reward that was in place for the last eight months. Why I said in the last video that I sold eight months ago at earnings date because I didn't like the risk reward and now you see what is the risk that I didn't like. However, there is more about and let's see what you are interested in is going forward. So let's see what can happen going forward and Amira. Let's start with the report. All right. So earnings per share for the nine months it is 55 cents which would be price earnings ratio four, five or even lower given there is another three months. However, the revenue is 10% up, EBITDA is up. So better numbers, everything looks better. What I'm interested in is the change in inventory of finished goods is 71 million. How they account for that, that's always questionable and it might be that they make it so that to have profits stabilized. I don't know that. That's something we'll have to leave as a question mark. I wanted to see some cash. That was my initial thesis, but the cash is not there and this magnified the risk in the past and lowered the reward because if Amira, the only thing that can save it now as a catalyst is a dividend, but as the company is continuing to invest in their working capital in financing their suppliers and crediting the customer. So I don't know why Amira does that, perhaps they think they gained something, but it's a very risky business model as at least from a Wall Street perspective and leads to very, very low cash amounts and cash is down 8 million, which is okay logical because it's in the midst of the petty procurement season. So they should be low on cash. Nevertheless, this is also something advanced to suppliers 68 million. So that would be 68 million in cash if they wouldn't be advancing to suppliers. So the company is intentionally deliberately keeping a low cash amount to perhaps gain some advantages elsewhere. And as the company says, historically, our cash requirements have mainly been for working capital and adjusted net working capital is 564 million, which is huge. If you divide it, but the 40 million diluted in shares, you get to working capital per share of $14, which is some simply immense value, but more on that risk reward later in the video. The past due credit looks better. It was 43 million for three months, so it was a little bit higher now. The past due credit is lower, which signals that there won't be an issue with the trade receivables, which was one of my big concerns because it could break a company like Amira. So that is going better. They are resuming growth. They hope to resume growth, so that's a good sign when I read that and we currently expect to resume our growth. And that's why there is the intensive investment in the working capital. The procurement of PADD is from September to March, which is logical then that we have high inventories. On the land, they have approximately converted 70 wholly owned acres of real estate from factory to residential use. They will probably sell it and they will buy additional 86 acres of land for about 64 million to build a new processing factory in Karnal, Haryana, India. So that's the plan for the company. If they manage to sell the land, get good money, they will be able to build and finance a new platform where they will be managing to increase the production from 24 tons per hour to 60 tons per hour, which is very good. So on the report, stable report, small increases I expected in the past, bigger jumps, better profits, better cash flows. But Amira is, let's say, keeping it stable and increasing at 10% per year, which is amazing in this environment and amazing for such a company. The debt is a little bit higher, but that's always Amira. High debt, very stretched financially, low cash. They have been doing that for the past six years. So they are continuing to do that. And there is something very interesting. The CEO is guaranteeing personally 239 million in debt that Amira has. So where can you find the company where the CEO is personally guaranteeing all the debt that the company has, probably which shares with everything that he has? So that's, again, a good sign. Let's say a good report from Amira, but there is always a big but with Amira. Well, let's say the credit tightness that they are keeping doesn't work. If there is a default of some kind, then they are in trouble. If the accounting is not proper, if suddenly those inventories show up as, let's say, a little bit worked out to not find a better word. If they are cooking the books, if somebody comes out with a report that they are cooking the books, then it will be terrible for Amira. We don't know, we should go there to, or we should have management do a conference call where they explain better how they account for those inventories and what are the actual tons there and what is the actual profits. So that's always but ownership management. They have been diluting a little bit. The owner has credited, has taken shares at the low prices. So they are taking advantage a little bit. So there is always buts and with such buts and with no communication from the management, no conference calls, we don't know what is the guidance, what will happen, what are their plans? Will they screw small investors or no? So that's the risk that affects the stock and puts pressure on the stock. But on the other hand, if everything that they show is legit, then we are looking at a $15, $20 value per share, which is crazy when you compare it to the price now of $2. The problem is that we don't know when this will unlock its value, whether it will unlock its value. The smartest thing, if I would be the management, I would buy out the old shareholders and say goodbye. What, you don't need that much money, $7 million times $3, you need $20 million. That's the loan that the management has towards the company, convert it into share, pay off the shareholders. I would do that. I would do that immediately. Sorry, because that's the smartest thing to do from a management perspective. I don't know why they are not doing that. Perhaps that's an idea. So the risk is there, the reward is also perhaps theirs. But it is always a risk is a function of price. So you have to see how this risk at this price is very little looks in relation to your potential reward in comparison to your portfolio. So I think I explained good what are the risks and what are the potential rewards? What happened? Let's say one month change, we are down 27%. In April, the stock started drifting. After earnings, it stabilized around 4, 4.30 and then it started slowly drifting, drifting, drifting until panic came in this week. And on first day, it simply started selling off, selling off in panic. There have been comments about liquidity crunches, defaults, delisting and that simply on such thinly traded stocks creates a panic sale where not even that much volume lowers immensely the stock price. And you can see the next day, the volume exploded. It was seven times higher than the previous day in the first 15 minutes because those who held and those reacted in the next day started selling and somebody fortunately started buying at prices below 260, 250 which was the higher volume. So huge volume. I think that after eight, six months, seven months of radio silence, investors, mostly retail investors started panicking and then as the price declined, declined, declined, declined and then there were no news, nobody knew what was happening. Was it actually something that they will report or it was a fraud or something or a short seller attack? Nobody knew and panic started creeping into people and they started selling like crazy. The next day, the report came out. Okay, they said something, the management said something which gave confidence and the stock is a little bit higher. But let me show you this from the report. The company is stating how the decrease in other expenses was primarily due to a decrease in legal and professional expenses as we reach successful conclusion of multiple legal sanctions as well as lower communication expenses and lower commissions, claims and compensation. So the management is happy about lower communication. I will look forward to reading your comments what do you think about that because they are happy that they saved in communicating with us. It's their choice. The triggers, Iran sanctions. So Iran is the biggest Basmati rise buyer. Trump turns the sanctions crew on Iran. So that might be a trigger that further intrigued panic and selling. Another thing that's not that positive is Basmati prices are down from the 1,100 something to 1,176 is not that 1,015 April is not that big but still a little bit ways on Amira. Then Ashkai Jack-Dale from Jeffries said he's reiterating his buy and $6 price target. I must agree with him from risk reward perspective but you never know what will happen with Amira because Amira is a crazy stock and it will continue to be Amira. So there we are. That is still there. Receivables are a little bit better. EBIT is a little bit better. Revenues a little bit better. The company is looking like it's preparing with higher inventories for a big jump in the future and continuous growth. We will see if that will happen. The market should reward that if there is better communication. So if they instate a conference call in July then it would be very, very good if it becomes a more investor friendly company which would be an important catalyst. If cash comes, then if a dividend comes then we will see, I don't know, 10, 12. If the management buys out the company they could buy it at two and that's it. So that's the risk reward even lower. So you might always think if it is a fraud total loss. So that's the risk reward you have to see. When will those catalysts unlock? I don't know. You can read a chapter in my book how to avoid value traps which is key to understanding such a company as Amira. So disclaimer, I am long amphi. I bought a little bit during these days so I did well as always with amphi but I know the company I have been following the company for three years now and I know how the stock breeds. So that's also key when analyzing such companies. Thank you for watching. Looking forward to comments and I'll see you in the next video.