 Good day, fellow investors. I think everybody will be expecting my take on Amira's earnings. Now, this is a really great example of how I approach investments. You find something, you expect something. If it fits your expectations, you make a lot of money. If it doesn't meet your expectations, you don't lose a lot. The first time I recommended Amira on this channel was at 4.75. When I really thought, okay, at this price, Amira, there is little room for losses, and there is a potential for a huge gain if the increase in Basmati prices reflects onto the financials. That, unfortunately, in this first six months didn't happen. Is this possible that due to the seasonality of the business, Amira's earnings improve significantly in the next six months? However, we will know that first time somewhere in May when the company announces their full year results and then really see it in the audited report coming out at the end of July. So that is six months from now or eight months till the audited report in between. There perhaps will be some financing, but don't expect much. There is little probability of catalysts coming up in the next eight months, which could make Amira a value trap. So let's first dig into the earnings and then I'll discuss my view on what's going on. Revenue increased 8%, but I expected much, much more. The 8% will just be from rise increases, which means they didn't sell much more. The margin is always the healthy margin of 14.7, which is okay. Profit after tax in line with previous earnings, which means that really wasn't an improvement. Even if we'll see later in the balance sheet, there should have been. I really expected higher revenue, at least 25% from the sales. Then I expected higher cash. This was really my catalyst, much more cash on the balance sheet coming from profitable revenues, profitable sales. That again didn't happen. If we look at the revenue, it did increase from 210 to 228 million. What increased significantly and what I expected to increase was the change in inventory of finished goods. So the value of the inventory due to the seasonings, the aging of the paddy increased from 12 million, the benefit to 36 million, of course, in relation to higher prices. However, this means that if there wouldn't be the change in inventory benefit, there wouldn't be profitability for Amira. So you really have to see from different perspectives those basic earnings per share of 9 million or 30 cents, 29 cents. This is my biggest worry and something I really don't like. It could really be due to demonetization in India. But nevertheless, in the previous quarter, past due, trade receivables were 43 million. Now those 43 million are still there. Okay, six months has passed, which means there have been some payments from the past due receivables. But now the past due for more than three months and less than six months are 45 million, which means that the company like Amira that really depends on the trade receivables has 78 million past due. 78 million is $2 per share, almost, which would completely change how Amira looks. This is a catalyst to look at in the next earnings. If Amira manages to get paid in time, the debt would be much lower, the debt cost would be much lower, profitability would be much higher alongside the debt financing. So I really don't like the earnings. I hoped it would be better and that would that better debt growth has been my catalyst for holding Amira. Such catalyst didn't happen. I will be researching other stocks. I will be looking at other stocks. I will be keeping an eye on Amira to see what happens. If the stock price goes significantly down, creating another bargain, I will look to open another position looking into July 2018. However, there is still plenty of time from there. The risks have increased because of the past due trade receivables, which could really put in Joe Party the whole company possibly, because the inventories guarantee Amira's debt. If Amira loses those inventories to guarantee its debt, it cannot sell. It cannot make sales. A very, very tricky situation can arise. From my perspective, even if it looks like financials have improved, everything has grown a little bit. From my perspective, the company is much, much more riskier now. So it didn't work out, let's say. We'll keep an eye, we'll keep adjourned and that's the story. That's how investing goes. I hope you're not disappointed. Well, I think a lot of you will be disappointed, but that's how investing is. Thank you for watching. I hope to see you in the next video and I'm looking forward to your comments. It's a great learning opportunity, so we'll see how it works out. And that's it.