UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 20-F



(Mark one)

| |  ̈ | REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
| | - | ----------------------------------------------------------------------------------------------



OR

| | x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
| | - | ------------------------------------------------------------------------------------



For the fiscal year ended March 31, 2017



OR

| |  ̈ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
| | - | ----------------------------------------------------------------------------------------



OR

| |  ̈ | SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
| | - | -------------------------------------------------------------------------------------------



For the transition period from __________ to
___________



Commission file number 001-35681



Amira Nature Foods Ltd

(Exact name of the Registrant as specified in
its charter)



British Virgin Islands

(Jurisdiction of incorporation or organization)



29E, A.U. Tower

Jumeirah Lake Towers

Dubai,

United Arab Emirates

(Address of principal executive offices)



Mr. Karan A. Chanana, Chief Executive
Officer
29E, A.U. Tower

Jumeirah Lake Towers

Dubai, United Arab Emirates
Telephone: +97144357303Facsimile: +97142387767

(Name, Telephone, E-mail and/or Facsimile Number
and Address of Company Contact Person)



Securities
registered or to be registered pursuant to Section 12(b) of the Act:



|Title of each class               |  | Name of each Exchange on which registered
|--------------------------------- |  | -----------------------------------------
|ORDINARY SHARES, PAR VALUE $0.001 |  | New York Stock Exchange                  



Securities
registered or to be registered pursuant to Section 12(g) of the Act:
None.



Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act:
None.



On March31, 2017, the issuer had 39,989,374 ordinary shares outstanding, including 7,005,434 ordinary shares issuable pursuant to
an exchange agreement described in detail in this report under the heading “Item 5. Operating and Financial Review and Prospects”
and 1,474,512 share options granted and vested through March 31, 2017.



Indicate by check mark if the registrant is a well-known seasoned
issuer, as defined in Rule 405 of the Securities Act.

| | Yes  ̈ | No x
| | ----- | ----



If this report is an annual or transition report, indicate by check
mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

| | Yes  ̈ | No x
| | ----- | ----



Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for
such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days.

| | Yes  ̈ | No x
| | ----- | ----



Indicate by check mark whether the registrant has submitted electronically
and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit and post such files).

| | Yes  ̈ | No  ̈
| | ----- | ----



Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “large accelerated
filer,“accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

| ̈         Large Accelerated filer | x           Accelerated filer |  ̈         Non-accelerated filer 
|--------------------------------- | ----------------------------- | --------------------------------
|                                  |                               | x        Emerging growth company



If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards† provided pursuant to Section 13(a) of the Exchange Act.         ̈



† The term “new or revised financial accounting standard” refers to any update issued
by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.



Indicate by check mark which basis of accounting the registrant
has used to prepare the financial statements included in this filing:

| ̈         US GAAP | x          International Financial Reporting Standards as issued by the International Accounting Standards Board |  ̈        Other
|----------------- | ---------------------------------------------------------------------------------------------------------------- | --------------



If “Other” has been checked in response to the previous
question, indicate by check mark which financial statement item the registrant has elected to follow.

| |  ̈ Item 17 |  ̈ Item 18
| | --------- | ---------





If this is an annual report, indicate by check mark whether the
registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

| | Yes  ̈ | No x
| | ----- | ----











TABLE OF CONTENTS



|          |                                                                              | Page
|--------- | ---------------------------------------------------------------------------- | ----
|          |                                                                              |     
|PART I.   |                                                                              |     
|ITEM 1.   | IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS                        | 3   
|ITEM 2.   | OFFER STATISTICS AND EXPECTED TIMETABLE                                      | 3   
|ITEM 3.   | KEY INFORMATION                                                              | 3   
|A.        | Selected Financial Data                                                      | 3   
|B.        | Capitalization and Indebtedness                                              | 6   
|C.        | Reasons for the Offer and Use of Proceeds                                    | 6   
|D.        | Risk Factors                                                                 | 6   
|ITEM 4.   | INFORMATION ON THE COMPANY                                                   | 24  
|ITEM 4A.  | UNRESOLVED STAFF COMMENTS                                                    | 41  
|ITEM 5.   | OPERATING AND FINANCIAL REVIEW AND PROSPECTS                                 | 41  
|ITEM 6.   | DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES                                   | 59  
|A.        | Directors and senior management                                              | 59  
|B.        | Compensation                                                                 | 61  
|C.        | Board Practices                                                              | 68  
|D.        | Employees                                                                    | 71  
|E.        | Share Ownership                                                              | 71  
|ITEM 7.   | MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS                            | 71  
|A.        | Major shareholders                                                           | 71  
|B.        | Related Party Transactions                                                   | 72  
|C.        | Interests of Experts and Counsel                                             | 73  
|ITEM 8.   | FINANCIAL INFORMATION                                                        | 73  
|A.        | Consolidated Statements and Other Financial Information                      | 73  
|B.        | Significant Changes                                                          | 73  
|ITEM 9.   | THE OFFER AND LISTING                                                        | 73  
|A.        | Offer and Listing Details                                                    | 73  
|B.        | Plan of Distribution                                                         | 74  
|C.        | Markets                                                                      | 74  
|D.        | Dilution                                                                     | 74  
|E.        | Expenses of the Issue                                                        | 74  
|ITEM 10.  | ADDITIONAL INFORMATION                                                       | 74  
|A.        | Share Capital                                                                | 74  
|B.        | Memorandum and Articles of Association                                       | 74  
|C.        | Material Contracts                                                           | 77  
|D.        | Exchange controls                                                            | 77  
|E.        | Taxation                                                                     | 77  
|F.        | Dividends and paying agents                                                  | 81  
|G.        | Statement by experts                                                         | 81  
|H.        | Documents on display                                                         | 81  
|I.        | Subsidiary Information                                                       | 82  
|ITEM 11.  | QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK                    | 82  
|ITEM 12.  | DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES                       | 82  
|          |                                                                              |     
|PART II.  |                                                                              |     
|ITEM 13.  | DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES                              | 82  
|ITEM 14.  | MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS | 82  
|ITEM 15.  | CONTROLS AND PROCEDURES                                                      | 82  
|ITEM 16A. | AUDIT COMMITTEE FINANCIAL EXPERT                                             | 83  
|ITEM 16B. | CODE OF ETHICS.                                                              | 83  
|ITEM 16C. | PRINCIPAL ACCOUNTANT FEES AND SERVICES                                       | 83  
|ITEM 16D. | EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES                   | 84  
|ITEM 16E. | PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS       | 84  
|ITEM 16F. | CHANGES IN REGISTRANT’S CERTIFYING ACCOUNTANT                                | 84  
|ITEM 16G. | CORPORATE GOVERNANCE                                                         | 84  
|ITEM 16H. | MINE SAFETY DISCLOSURE                                                       | 85  
|          |                                                                              |     
|PART III. |                                                                              |     
|ITEM 17.  | FINANCIAL STATEMENTS                                                         | 85  
|ITEM 18.  | FINANCIAL STATEMENTS                                                         | 85  
|ITEM 19.  | EXHIBITS                                                                     | 85  





1







CONVENTIONS USED IN THIS REPORT



In this annual report on Form 20-F (the “Annual
Report”), unless otherwise stated or unless the context otherwise requires, references to (i) ’‘we’’,
’‘us’’, ’‘our’’, ’‘the Company’’, “the Group”,
’‘our Company’’ or “ANFI” are to Amira Nature Foods Ltd, a British Virgin Islands business
company, including its subsidiaries; (ii) references to “Amira Mauritius” are solely to Amira Nature Foods Ltd, a Mauritius
company and ANFI’s wholly owned subsidiary; and (iii) references to “Amira I Grand Foods Inc. (BVI)” are to Amira
I Grand Foods Inc. a British Virgin Island business company and its subsidiaries, including Amira Grand I Foods Inc. and Amira
K.A Foods International DMCC and (iv) “APFPL” or “Amira India” are to Amira Pure Foods Private Limited,
and its subsidiaries, including Amira I Grand Foods Inc., Amira Food Pte. Ltd., Amira Foods (Malaysia) SDN. BHD., Amira C Foods
International DMCC, Amira Basmati Rice GmbH EUR (formerly known as Basmati Rice GmbH Europe), Basmati Rice North America LLC, Amira
G Foods Limited and Amira Ten Nigeria Limited.



In this report, references to “India”
are to the Republic of India, references to “BVI” are to the British Virgin Islands, and references to “Mauritius”
are to the Republic of Mauritius. References to “$”, “USD” , “dollars” or “U.S. dollars”
are to the legal currency of the United States and references to “Rs.”, “Rupees”, “INR” or
“Indian Rupees” are to the legal currency of India.



The audited consolidated financial statements
for the fiscal years ended March 31, 2017, 2016 and 2015 and notes thereto included elsewhere in this report have been prepared
in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting
Standards Board (the “IASB”). References to a particular “fiscal year” are to our fiscal year ended March 31
of that year. Our interim period ends on September 30. References to a year other than a “fiscal” are to the calendar
year ended December 31.



In this report, references to our “international
sales” are to those sales which are made to international markets outside of India. In this report, references to increase/
decrease in percent for the financial statement items have been computed based on absolute figures reported in “Item 18.
Financial Statements”. We also refer in various places within this report to earnings before interest, tax, depreciation
and amortization (EBITDA), adjusted EBITDA, adjusted profit after tax, adjusted earnings per share, adjusted net working capital
and net debt, which are non-IFRS measures and are more fully explained in the section titled “Non-IFRS Financial Measures”
in “Item 5. Operating and Financial Review and Prospects”. The presentation of this non-IFRS information is not meant
to be considered in isolation or as a substitute for our consolidated financial results prepared in accordance with IFRS as issued
by the IASB.



FORWARD-LOOKING STATEMENTS



This Annual Report contains statements of a
forward-looking nature. These statements are made under the “safe harbor” provisions of the U.S. Private Securities
Litigation Reform Act of 1995. You can identify these forward-looking statements by words or phrases such as “may,”
“will,” “expect ,” “anticipate,” “aim,” “estimate,” “intend,”
“plan,” “believe,” “is/are likely to,” “future” or other similar expressions. We
have based these forward-looking statements largely on our current expectations and projections about future events and financial
trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. These
forward-looking statements include, but are not limited to:



| | · | our goals and strategies;
| | - | -------------------------



| | · | our expansion plans;
| | - | --------------------



| | · | our future business development, results of operations and financial condition;
| | - | -------------------------------------------------------------------------------



| | · | our ability to protect our intellectual property rights;
| | - | --------------------------------------------------------



| | · | projected revenue, profits, adjusted profits, EBITDA, adjusted EBITDA, earnings, adjusted earnings and other estimated financial
information;
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------



| | · | our ability to maintain strong relationships with our customers and suppliers;
| | - | ------------------------------------------------------------------------------



| | · | governmental policies regarding our industry; and
| | - | -------------------------------------------------



| | · | the impact of legal proceedings.
| | - | --------------------------------



2







We would like to caution you not to place undue
reliance on forward-looking statements and you should read these statements in conjunction with the risk factors disclosed in “Risk
Factors” appearing elsewhere in this Annual Report. Those risks are not exhaustive. We operate in a rapidly evolving environment.
New risk factors emerge from time to time, and it is impossible for our management to predict all risk factors, nor can we assess
the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results
to differ from those contained in any forward-looking statement. We do not undertake any obligation to update or revise the forward-looking
statements except as required under applicable law.



| | ITEM 1. | IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
| | ------- | -----------------------------------------------------



Not applicable.



| | ITEM 2. | OFFER STATISTICS AND EXPECTED TIMETABLE
| | ------- | ---------------------------------------



Not applicable.



| | ITEM 3. | KEY INFORMATION
| | ------- | ---------------



| | A. | Selected Financial Data
| | -- | -----------------------



The following selected consolidated statements
of profit or loss data for each of the years ended March 31, 2017, 2016 and 2015 and selected consolidated statement of financial
position data as of March 31, 2017 and 2016 are derived from our audited consolidated financial statements included in this Annual
Report beginning on page F-1. The selected consolidated statements of profit or loss data for the fiscal year ended March 31, 2014
and 2013 and selected consolidated statement of financial position data as of March 31, 2014 and 2013 have been derived from our
audited consolidated financial statements of those respective years, which are not included in this Annual Report. Since October
15, 2012, when we completed our initial public offering, we own 80.4% of Amira India pursuant to the terms of a share subscription
agreement between Amira Mauritius and Amira India. We accounted for this combination using the “pooling of interest method,”
and accordingly, our consolidated financial statements included in this Annual Report include our and Amira India’s assets,
liabilities, revenues and expenses, which have been recorded at their carrying values and all periods in these financials have
been retrospectively adjusted as applicable. The remaining 19.6% of Amira India that is not owned by ANFI is reflected in our consolidated
financial statements as a non-controlling interest, and accordingly, the profit after tax attributable to equity shareholders of
ANFI is reduced by a corresponding percentage.



The following selected consolidated financial
statements data should be read in conjunction with “Item 5. Operating and Financial Review and Prospects” and our audited
consolidated financial statements and the related notes included elsewhere in this Annual Report. Our historical results for any
period are not necessarily indicative of results to be expected in any future period.



| | · | Statements of Profit or Loss Data
| | - | ---------------------------------



|                                               |  | March 31, 2017 |              |   | March 31, 2016 |   |              | March 31, 2015 |  |   | March 31, 2014 |   |  | March 31, 2013 |             
|---------------------------------------------- |  | -------------- | ------------ | - | -------------- | - | ------------ | -------------- |  | - | -------------- | - |  | -------------- | ------------
|Revenue                                        |  | $              | 551,830,966  |   |                | $ | 563,451,016  |                |  | $ | 700,044,891    |   |  | $              | 547,344,368 
|Other income                                   |  |                | 48,833       |   |                |   | 956,336      |                |  |   | 186,404        |   |  |                | 160,064     
|Cost of materials                              |  |                | (492,189,652 | ) |                |   | (432,030,831 | )              |  |   | (619,100,865   | ) |  |                | (454,123,161
|Change in inventory of finished goods          |  |                | 35,517,661   |   |                |   | (22,509,438  | )              |  |   | 63,181,906     |   |  |                | 39,859,583  
|Employee benefit expenses                      |  |                | (8,753,175   | ) |                |   | (12,884,266  | )              |  |   | (11,831,777    | ) |  |                | (11,642,833 
|Depreciation and amortization                  |  |                | (1,778,968   | ) |                |   | (2,061,698   | )              |  |   | (2,396,874     | ) |  |                | (2,064,264  
|Freight, forwarding and handling expenses      |  |                | (3,139,061   | ) |                |   | (9,082,563   | )              |  |   | (16,508,963    | ) |  |                | (23,359,177 
|Other expenses                                 |  |                | (14,905,710  | ) |                |   | (23,275,173  | )              |  |   | (24,609,109    | ) |  |                | (22,855,617 
|                                               |  | $              | 66,630,894   |   |                | $ | 62,563,383   |                |  | $ | 88,965,613     |   |  | $              | 73,318,963  
|Finance costs                                  |  |                | (29,272,826  | ) |                |   | (27,063,456  | )              |  |   | (34,988,422    | ) |  |                | (25,859,231 
|IPO expenses                                   |  |                | -            |   |                |   | -            |                |  |   | -              |   |  |                | -           
|Finance income                                 |  |                | 263,231      |   |                |   | 1,187,095    |                |  |   | 2,256,120      |   |  |                | 2,766,518   
|Other gains and (losses)                       |  |                | (1,512,928   | ) |                |   | 1,123,900    |                |  |   | 5,534,369      |   |  |                | (2,800,475  
|Profit before tax                              |  | $              | 36,108,371   |   |                | $ | 37,810,922   |                |  | $ | 61,767,680     |   |  | $              | 47,425,775  
|Income tax expense                             |  |                | (4,596,968   | ) |                |   | (4,897,325   | )              |  |   | (8,603,974     | ) |  |                | (9,293,071  
|                                               |  |                |              |   |                |   |              |                |  |   |                |   |  |                |             
|Profit after tax for the year                  |  | $              | 31,511,403   |   |                | $ | 32,913,597   |                |  | $ | 53,163,706     |   |  | $              | 38,132,704  
|Profit after tax for the year attributable to: |  |                |              |   |                |   |              |                |  |   |                |   |  |                |             
|Shareholders of the company                    |  | $              | 25,087,388   |   |                | $ | 25,791,973   |                |  | $ | 42,125,065     |   |  | $              | 29,956,327  
|Non-controlling interest                       |  | $              | 6,424,015    |   |                | $ | 7,121,624    |                |  | $ | 11,038,641     |   |  | $              | 8,176,377   
|                                               |  |                |              |   |                |   |              |                |  |   |                |   |  |                |             
|Earnings per share                             |  |                |              |   |                |   |              |                |  |   |                |   |  |                |             
|Basic earnings per share (1)                   |  | $              | 0.84         |   |                | $ | 0.90         |                |  | $ | 1.47           |   |  | $              | 1.04        
|Diluted earnings per share (1)                 |  | $              | 0.84         |   |                | $ | 0.90         |                |  | $ | 1.46           |   |  | $              | 1.04        










| | (1) | Basic earnings per share is calculated by dividing our profit after tax as reduced by the amount of a non-controlling interest
reflecting the remaining 19.6% of Amira India that is not owned by us, by the number of our weighted average outstanding ordinary
shares, during the applicable period. Diluted earnings per share is calculated by dividing our profit after tax, as reduced by
the amount of a non-controlling interest reflecting the remaining 19.6% of Amira India that is not owned by us, by the number of
our weighted average outstanding ordinary shares adjusted by the dilutive impact of the equivalent stock options granted. The dilutive
impact of total share options 1,465,183 granted to Mr. Karan A. Chanana in the years ended March 31, 2017, 2016, 2015, 2014 and
2013, (see heading “Item 18. Financial Statements”; under Note 29 “Earnings per share”) is anti-dilutive
(in FY2017) and not material in previous years and hence there is no change in the presented basic and diluted earnings per share
in the table above.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



3







| | · | Adjusted EBITDA, Adjusted profit after tax and adjusted earnings per share
| | - | --------------------------------------------------------------------------



For the fiscal year ended March 31, 2017, we
had adjusted EBITDA of $70.5 million, adjusted profit after tax of $35.1 million and adjusted earnings per share of $0.95. In the
following tables we have provided reconciliation of non-IFRS measures to the most directly comparable IFRS measure:



| | 1. | Reconciliation of profit
after tax to EBITDA and adjusted EBITDA(1):
| | -- | --------------------------------------------------------------------



|                                                                                    |  | Fiscal year ended March 31, |            |  |      | 
|----------------------------------------------------------------------------------- |  | --------------------------- | ---------- |  | ---- | 
|                                                                                    |  | 2017                        |            |  | 2016 | 
|                                                                                    |  | (Amount in $)               |           
|Profit after tax (PAT)                                                              |  |                             | 31,511,403 |  |      | 
|Add: Income tax expense                                                             |  |                             | 4,596,968  |  |      | 
|Add: Finance costs (net of finance income)                                          |  |                             | 29,009,595 |  |      | 
|Add: Depreciation and amortization                                                  |  |                             | 1,778,968  |  |      | 
|EBITDA                                                                              |  |                             | 66,896,934 |  |      | 
|Add: Non-cash expenses for share-based compensation                                 |  |                             | 1,312,250  |  |      | 
|Add: Onetime expenses related to proposed Senior Secured Second Lien Notes offering |  |                             | -          |  |      | 
|Add: One-time legal & professional charges                                          |  |                             | 2,295,995  |  |      | 
|Adjusted EBITDA                                                                     |  |                             | 70,505,179 |  |      | 



(1) Presented for annual periods
post the IPO in 2012.



4







| | 2. | Reconciliation of profit
after tax to adjusted profit after tax (excluding IPO-related expenses)(1):
| | -- | ----------------------------------------------------------------------------------------------------



|                                                                                    |  | Fiscal year ended March 31, |            |  |      | 
|----------------------------------------------------------------------------------- |  | --------------------------- | ---------- |  | ---- | 
|                                                                                    |  | 2017                        |            |  | 2016 | 
|                                                                                    |  | (Amount in $)               |           
|Profit after tax (PAT)                                                              |  |                             | 31,511,403 |  |      | 
|Add: IPO-related expenses                                                           |  |                             | -          |  |      | 
|Add: Non-cash expenses for share-based compensation                                 |  |                             | 1,312,250  |  |      | 
|Add: Onetime expenses related to proposed Senior Secured Second Lien Notes offering |  |                             | -          |  |      | 
|Add: One-time legal & professional charges                                          |  |                             | 2,295,995  |  |      | 
|Adjusted profit after tax                                                           |  |                             | 35,119,648 |  |      | 



(1) Presented
for annual periods post the IPO in 2012



| | 3. | Reconciliation of earnings
per share and adjusted earnings per share(1):
| | -- | ------------------------------------------------------------------------



|                                                                                         |  |                 |  | Fiscal year ended March 31, |            |  |      | 
|---------------------------------------------------------------------------------------- |  | --------------- |  | --------------------------- | ---------- |  | ---- | 
|                                                                                         |  |                 |  | 2017                        |            |  | 2016 | 
|                                                                                         |  |                 |  | (Amount in $)               |           
|                                                                                         |  |                 |  |                             |            |  |      | 
|Profit after tax (PAT)                                                                   |  |                 |  |                             | 31,511,403 |  |      | 
|Profit attributable to Shareholders of the company                                       |  | (A)             |  |                             | 25,087,388 |  |      | 
|Weighted average number of shares (for Basic earnings per share)                         |  | (B)             |  |                             | 29,822,470 |  |      | 
|Weighted average number of shares (for diluted earnings per share)                       |  | (C)             |  |                             | 29,822,470 |  |      | 
|Basic earnings per share as per IFRS                                                     |  | (A) ÷ (B)       |  |                             | 0.84       |  |      | 
|Diluted earnings per share as per IFRS                                                   |  | (A) ÷ (C)       |  |                             | 0.84       |  |      | 
|                                                                                         |  |                 |  |                             |            |  |      | 
|Share Issuable under share exchange agreement for non-controlling interest               |  | (D)             |  |                             | 7,005,434  |  |      | 
|Number of shares outstanding including shares for non-controlling interest-fully diluted |  | (E) = (C) + (D) |  |                             | 36,827,904 |  |      | 
|                                                                                         |  |                 |  |                             |            |  |      | 
|Profit after tax (PAT)                                                                   |  |                 |  |                             | 31,511,403 |  |      | 
|Add: IPO-related expenses                                                                |  |                 |  |                             | -          |  |      | 
|Add: Non-cash expenses for share-based compensation                                      |  |                 |  |                             | 1,312,250  |  |      | 
|Add: Onetime expenses related to proposed Senior Secured Second Lien Notes offering      |  |                 |  |                             | -          |  |      | 
|Add: One-time legal & professional charges                                               |  |                 |  |                             | 2,295,995  |  |      | 
|Adjusted profit after tax                                                                |  | (F)             |  |                             | 35,119,648 |  |      | 
|                                                                                         |  |                 |  |                             |            |  |      | 
|Adjusted earnings per share                                                              |  | (F) ÷ (E)       |  |                             | 0.95       |  |      | 



(1) Presented
for annual periods post the IPO in 2012



5







| | · | Statements of Financial Position Data
| | - | -------------------------------------



|                              |  | As at March 31, |            
|----------------------------- |  | --------------- | -----------
|                              |  | 2017            |            
|Cash and cash equivalents     |  | $               | 16,831,655 
|Total current assets          |  |                 | 552,972,603
|Total assets                  |  |                 | 574,605,215
|Total equity                  |  |                 | 303,224,421
|Debt (Long term & Short term) |  |                 | 224,440,023
|Total liabilities             |  |                 | 271,380,794
|Total equity and liabilities  |  |                 | 574,605,215



| | · | Capital stock (excluding long-term debt and redeemable preferred stock) and number of shares as adjusted to reflect changes
in capital
| | - | --------------------------------------------------------------------------------------------------------------------------------------



Described in detail in this report under the
heading “Item 18. Financial Statements”; under Note 18 “Equity”.



| | B. | Capitalization and Indebtedness
| | -- | -------------------------------



Not applicable.



| | C. | Reasons for the Offer and Use of Proceeds
| | -- | -----------------------------------------



Not applicable.



| | D. | Risk Factors
| | -- | ------------



We are subject to certain risks and uncertainties
described below. The risks and uncertainties described below are not the only risks we face. Additional risks and uncertainties
that are not presently known or are currently deemed immaterial may also impair our business and financial results.



Risks
Related to Our Business



We face significant competition from both
Indian and international producers of Basmati and other rice and food products.



We compete for customers principally on the
basis of product selection, product quality, reliability of supply, processing capacity, brand recognition, distribution capability,
and pricing. With respect to our Basmati rice, we compete with numerous types of competitors in the fragmented and unorganized
Basmati rice market, from other large Indian processors to smaller businesses in India and around the world. Basmati rice has historically
only been grown successfully in certain states in North India and in a part of the Punjab region located in Pakistan, which have
climates conducive to growing Basmati rice. In addition, our Basmati rice competes with a type of rice grown in California and
Texas, among other places, which is marketed as Basmati rice to compete with our products.



Many of our competitors in the markets for our
rice and other food products have a broader product selection, greater processing capacity, brand recognition advantages in certain
Indian and international markets, and significantly greater financial and operational resources than we have. Also, since there
are no substantial barriers to entry to the markets for our rice and other food products, increased consolidation and, particularly,
a more organized Basmati market could decrease our market share or result in lower selling prices of our products or result in
higher costs of our raw materials, thereby reducing our earnings.



Our growth significantly depends on our ability
to penetrate and increase the acceptance of our Basmati rice and other products in new Indian and international markets.



Our growth will significantly depend on our
ability to penetrate and increase the acceptance of our Basmati rice and other products in new Indian and international markets.
This will require some customization of our products to different geographical markets having distinct tastes and preferences,
and may also require that we implement new sales strategies and practices. The strategies we adopt may not be appropriate or adequate,
or we may not be able to efficiently implement such strategies, which may require us to alter our growth plans, resulting in substantial
loss of investment in terms of time and capital and harm to our financial condition and results of operations. In addition, we
may not be able to successfully implement our new initiatives, such as our ready-to-eat meals or efforts to further penetrate Indian
modern retail and international markets, or realize the anticipated benefits from such initiatives. Any unforeseen costs or losses
could harm our business, reputation and financial condition.



6







Our inability to manage our growth
could harm our business, results of operations and financial condition.



Our business and operations have grown significantly
in recent years and we currently expect to expand the number of our employees and the scope of our operations. To effectively manage
this anticipated growth, we must continue to enhance our managerial, operational, financial and reporting systems, and expand our
facilities. We expect that these measures will require significant expenditures and will demand the attention of management. Our
failure to manage our growth effectively may result in our over- or under-investing in our operations; weaknesses in our infrastructure,
systems and controls; and operational inefficiencies, including loss of business opportunities, loss of employees, and reduced
productivity among remaining employees. Our expected growth will require significant capital expenditures and investments in inventory,
and may divert financial resources from other projects, such as the development of new products. If our management is unable to
effectively manage our expected growth, our expenses may increase more than expected, our revenue could decline or grow more slowly
than expected and we may be unable to implement our business strategy, any of which could harm our business, results of operations
and financial condition.



Our historic compound aggregate growth results
and trends are not indicative of our future results and may not be sustainable for the future.



We have grown our sales, adjusted EBITDA and adjusted net profit
at growth rates in excess of 15% annually between 2010 and 2017. Our historic compounded annual growth rates, or CAGRs as indicated
elsewhere in this Form 20F cover a nearly seven-year period where we benefited from particularly favorable conditions which resulted
in strong volume growth, favorable industry pricing dynamics and an improvement in mix. As a result, the historic CAGR data and
trends set out elsewhere in this Form 20F are not indicative of our future results and may not be sustainable for the future. In
particular, our future growth CAGRs may increase at a lower rate or may not increase at all, which in turn would have a negative
impact on our business, results of operations and financial condition. In fact, the Company had a particularly challenging year
during its fiscal year ended March 31, 2017 where it had declines to its financial results due in part to challenging industry
conditions, including the impact of currency exchange fluctuations on its business in India and lower industry pricing, as well
as certain business disruptions that management believes were short term in nature.



We have a substantial amount of indebtedness, which
could have a material adverse effect on our financial health and our ability to obtain financing in the future.



We have incurred a substantial amount of debt
totaling $224.4 million, $209.4 million and $211.0 million as of March 31, 2017, 2016 and 2015, respectively. The aggregate amount
outstanding under our various financing arrangements as of March 31, 2017 was $224.4 million, of which $0.05 million consisted
of our non-current (long-term) debt and $224.39 million consisted of our current (short-term) debt, comprised primarily of our
secured revolving credit facilities.



Our significant amount of debt could limit our
ability to operate our business and impair our competitive position. For example, it could:



| | · | limit our ability to refinance our indebtedness on terms acceptable to us or at all;
| | - | ------------------------------------------------------------------------------------



| | · | require us to dedicate a significant portion of our cash flow from operations for paying the principal of and interest on our
indebtedness, thereby reducing funds available for other corporate purposes; and
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | make us more vulnerable to economic downturns and limit our ability to withstand competitive pressures.
| | - | -------------------------------------------------------------------------------------------------------



As of March 31, 2017, our outstanding current
(short-term) debt, amounting to $224.4 million and comprising substantially all of our debt, bears interest at floating rates.
Any upward movements in these interest rates would increase the interest costs of such loans and could harm our financial condition.



The
agreements and instruments governing our debt place specified limitations on incurrence of additional debt. Despite current indebtedness
levels, we and our subsidiaries may be able to incur substantial additional indebtedness in the future. However, if new debt is
added to our and our subsidiaries’ current debt levels, the related risks would intensify.



7







We may not be able to generate sufficient cash to
service all of our indebtedness and may be forced to take other actions to satisfy obligations under our indebtedness, which may
not be successful.



Our
ability to make scheduled payments on or to refinance our debt obligations depends on our financial condition and operating performance,
which is highly sensitive to prevailing economic and competitive conditions and to certain financial, business and other factors
beyond our control. We cannot assure you that we will maintain a level of cash flows from operating activities sufficient enough
to permit us to pay the principal, premium, if any, and interest on our indebtedness. If our cash flows and capital resources are
insufficient to fund our debt service obligations, we may be forced to reduce or delay investments and capital expenditures or
to sell assets, seek additional capital or restructure or refinance our indebtedness. These alternative measures may not be successful
and may not permit us to meet our scheduled debt service obligations. If our operating results and available cash are insufficient
to meet our debt service obligations, we could face substantial liquidity problems and might be required to dispose of material
assets or operations to meet our debt service and other obligations. We may not be able to consummate those dispositions or to
obtain the proceeds that we could realize from them, and these proceeds may not be adequate to meet any debt service obligations
then due. Any future refinancing of our indebtedness may not be on favorable terms and could be at higher interest rates and may
require us to comply with more onerous covenants which could further restrict our business operations.



The terms of our existing debt agreements
may restrict our ability to operate and grow our business.



Our agreements with certain banks and financial
institutions for short-term and long-term debt contain restrictive covenants, including, but not limited to, requirements that
we obtain consent from the lenders prior to altering our capital structure or Amira India’s organizational documents, effecting
any merger or consolidation with another company, restructuring or changing our management, declaring or paying dividends under
certain circumstances, undertaking major projects or expansions, incurring further debt, undertaking guarantee obligations which
permit certain lenders to claim funds invested in us by our management or principal shareholders, entering into long-term or otherwise
material contractual obligations, investing in affiliates, creating any charge or lien on our assets or sale of any hypothecated
assets or undertaking any trading activities other than the sale of products arising out of our manufacturing operations. Also,
we are required to maintain a current ratio (the ratio of the book value of our current assets to our current liabilities outstanding,
including current debt as per statutory requirements) of at least 1.33 during the term of our secured revolving credit facilities
for Amira India. Certain of our other credit facilities also include various financial covenants, but such facilities are not material.
We may not be able to comply with such financial or other terms or be able to obtain the consents from our lenders necessary to
take the actions that we believe are required to operate and grow our business.



We require substantial working capital
and as a result, may seek additional financing in the form of debt or equity to meet our working capital requirements.



Our business requires substantial working capital,
primarily because Basmati rice must be aged for approximately as much as 12 months or more before it reaches premium quality. Accordingly,
we need to maintain a sufficient stock of Basmati paddy and rice at all times to meet processing requirements, which leads to higher
inventory holding costs and increased working capital needs. In addition, we may need additional capital to develop our new processing
facility and additional company-managed distribution centers in India and across the world.



We meet our working capital requirements largely
by debt incurred under our revolving credit facilities, which we typically need to renew in a year or less. Sources of financing
have historically included commercial banks under such credit facilities and equity investments. If we decide to incur more debt,
our interest payment obligations will increase and our lenders may impose additional restrictions on our business which could result
in reduced cash flows. If we decide to issue equity, the new equity will dilute the ownership interest of our existing shareholders.



We may not be able to raise adequate financing
on acceptable terms, in time, or at all. Since the second half of fiscal 2008, disruption in the global financial markets has made
obtaining additional financing in India more difficult. For example, due to inflation in India, the Reserve Bank of India has raised
interest rates multiple times since 2011, thereby substantially increasing our borrowing costs. Moreover, restrictions on foreign
investment in India may limit our ability to obtain financing for Amira India. See “Restrictions on foreign investment in
India may prevent us and other persons from making future acquisitions or investments in India, which may harm our results of operations
and financial condition” in this section. Our failure to obtain sufficient financing or maintain our existing credit facilities
could harm our results of operations and financial condition and result in a reduction in our operations and the delay or abandonment
of our development plans.



8







Our inability to meet the quality
requirements of our customers or to anticipate and adapt to changes in the market demand for our products could reduce demand for
our products and harm our sales.



Our results of operations and growth strategy
depend upon the demand for Basmati rice and our other food products in the Indian and international markets. Demand for our products
depends primarily on consumer-related factors such as demographics, local preferences and food consumption trends and macroeconomic
factors such as general economic condition and the level of consumer confidence. We are also subject to regulation by the countries
or regions where our customers are located, such as the European Union (“EU”) and the United States (“US”
or the “U.S.”), relating to the quantity, quality, characteristics and variety of the Basmati rice and other food products
sold there. Authorities may upgrade or change these regulations from time to time. Our international customers often require that
the rice we sell matches their quality standards and conduct sample checks on our products. The results from their sample checks
may not reflect the quality of the rice we deliver to them and the rice we sell to them may not comply with their quality specifications
or requirements. If our customers’ sample checks identify any deficiencies in our rice, they will generally have the right
to return the entire batch we sold to them. Consumer preferences often change over time, and, if we are not able to anticipate,
identify or develop and market products that respond to changes in consumer preferences, demand for our products may decline. We
must, on a regular basis, keep pace with the quality requirements and consumer preferences of our Indian and international customers,
invest continuously in new technology and processes to provide the desired quality product and continually monitor and adapt to
the changing market demand. Any failure to meet the quality requirements of our customers or to anticipate and adapt to changes
in market demand could harm our business, results of operations and financial condition.



We face risks associated with our
international business.



In fiscal 2017, 2016 and 2015, we generated
50.1%, 56.4% and 59.0%, respectively, of our revenue outside India and we expect to increase our international presence over time.
We currently have international offices in Malaysia, Singapore, the United Arab Emirates (“UAE”), the United Kingdom,
the United States and Germany, and we sell our products throughout Asia Pacific, EMEA and North America. Our existing and planned
international business operations are subject to a variety of risks, including:



| | · | difficulties in staffing and managing foreign and geographically dispersed operations;
| | - | --------------------------------------------------------------------------------------

| | · | compliance with various foreign laws, including local labor laws and regulations, where we operate throughout the world (as
applicable);
| | - | ----------------------------------------------------------------------------------------------------------------------------------------

| | · | government expropriation of assets;
| | - | -----------------------------------

| | · | changes in or uncertainties relating to foreign rules and regulations that may harm our ability to sell our products;
| | - | ---------------------------------------------------------------------------------------------------------------------

| | · | tariffs, export or import restrictions, restrictions on remittances abroad, imposition of duties or taxes that limit our ability
to move our products out of these countries or interfere with the import of essential materials into these countries;
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | increase in withholding and other taxes, or limitations on remittances and other payments by foreign subsidiaries or strategic
partners;
| | - | ----------------------------------------------------------------------------------------------------------------------------------------

| | · | varying and possibly overlapping tax regimes, including the risk that the countries in which we operate will impose taxes on
inter-company relationships;
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | economic, political or social instability in foreign countries;
| | - | ---------------------------------------------------------------

| | · | the enforceability of legal agreements and judgments in foreign countries;
| | - | --------------------------------------------------------------------------

| | · | an inability, or reduced ability, to protect our intellectual property; and
| | - | ---------------------------------------------------------------------------

| | · | government subsidies or other incentives that favor local competitors.
| | - | ----------------------------------------------------------------------



We currently expect to expand in our existing
and additional target international markets, but our expansion plans may not be successful. Failure of, or delay in, our expansion
plans could significantly harm our business, reputation and financial condition.



We may not be successful in identifying and
acquiring suitable acquisition targets or making strategic investments, which could adversely affect our growth.



We have in the past expanded, and intend to
expand in the future, our operations and markets through acquisitions or strategic investments. The identification and completion
of such acquisitions or investments are dependent upon various factors, including satisfactory completion of due diligence, negotiation
of definitive agreements and our ability to compete with other entities to acquire attractive targets. There is no assurance that
in the future we will be able to identify and acquire appropriate acquisition targets on commercially acceptable terms, if at all,
or will have sufficient capital to fund such acquisitions or investments. Failure to identify and acquire suitable acquisition
targets or to make strategic investments in the future could adversely affect our growth.



9







Adverse conditions in the global economy and
disruption of financial markets may prevent the successful development and commercialization of our products, as well as significantly
harm our results of operations and ability to generate revenue and become profitable.



As a global company, we are subject to the risks
arising from adverse changes in global economic and market conditions. The worldwide economy has been experiencing significant
economic turbulence, and global credit and capital markets have experienced substantial volatility and disruption. These adverse
conditions and general concerns about the fundamental soundness of Indian and international economies could limit our existing
and potential partners’ and suppliers’ ability or willingness to invest in new technologies or capital. Moreover, these
economic and market conditions could negatively impact our current and prospective customers’ ability or desire to purchase
and pay for our products, or negatively impact our operating costs or the prices for our products. Changes in governmental banking,
monetary and fiscal policies to address liquidity and increase credit availability may not be effective. Significant government
investment and allocation of resources to assist the economic recovery of various sectors which do not include the food industry
may reduce the resources available for government grants and related funding that could assist our expansion plans or otherwise
benefit us. Any one of these events, and continuation or further deterioration of these financial and macroeconomic conditions,
could prevent the successful and timely development and commercialization of our products, as well as significantly harm our results
of operations and ability to generate revenue and become profitable.



We derive a significant portion of our income from
international sales of Basmati rice, other specialty rice and other food products, which may be dependent upon the economies and
government policies of the key countries to which we sell our products; any unfavorable change in such economies or government
policies may harm our business.



We sell Basmati rice, other specialty rice and
other food products to customers across five continents with significant portions of our international sales to Asia Pacific, EMEA
and North America. We currently plan to expand our international operations into additional countries in the near future. For fiscal
2017, our international revenue accounted for 50.1% of our total revenue. If an economic slowdown or other factors adversely affect
the economic health of the countries to which we sell, our international customers may reduce or postpone their orders, which may
in turn lower the demand for our products and harm our revenue and profitability. In addition, uncertainty surrounding the potential
exit of the United Kingdom from the European Union may have a significant impact on the global economy and foreign exchange rates
which could have a negative impact on our financial condition.



Our rice may not comply with the applicable
policies of the countries where we sell it and be returned to us. For instance, a change to a more stringent EU standard on the
level of the pesticide isoprothiolane in Basmati rice in September 2008 led to a significant overall decrease in sales of Basmati
rice to the EU. In November 2012, the EU standard reverted to the 2008 level.



In addition, any change in government policies
and regulations, including any ban imposed on a particular variety of rice by a government, or any duties, pre-conditions or ban
imposed by a country to which we sell our products, might harm our international sales. The loss of any significant international
rice market because of such events or conditions could harm our business, results of operations and financial condition. Our international
sales are also exposed to certain political and economic and other related risks inherent to exporting products, including exposure
to potentially unfavorable changes in tax or other laws, a reduction in import subsidies, partial or total expropriation and the
risks of war, terrorism and other civil disturbances in our international markets. Our insurance coverage may not be sufficient
to protect us against all such risks.



We may also be subject to certain sanctions
imposed on, or reductions in import subsidies by, the countries or regions where our international customers are located. Further,
we provide credit to our customers in connection with most of our international sales of Basmati rice, so, if any sanctions are
imposed on the countries to which we sell, our collection of international receivables may be significantly delayed. Import subsidies
may be removed by, and international sanctions may be imposed on, any Basmati importing countries in the future, and we may have
reduced sales or not be able to collect revenue from all sales made there on a credit basis, which could harm our business, results
of operations and financial condition.



We are exposed to foreign currency exchange
rate fluctuations and exchange control risks, which may harm our results of operations and cause our financial results to fluctuate
between periods.



Our operating expenses are denominated primarily
in Indian Rupees; however, 50.1% of our total revenue for fiscal 2017 was denominated in other currencies, typically in U.S. dollars
and occasionally in Euros, GBP and UAE Dirham, due to our international sales. In addition, some of our capital expenditures, and
particularly those for equipment imported from international suppliers, are denominated in foreign currencies and we expect our
future capital expenditure in connection with our proposed expansion plans to include significant expenditure in foreign currencies
for imported equipment and machinery. A significant fluctuation in the Indian Rupee and U.S. dollar and other foreign currency
exchange rates could therefore have a significant impact on our results of operations. The exchange rate between the Indian Rupee
and these currencies, primarily the U.S. dollar, has fluctuated in the past and any appreciation or depreciation of the Indian
Rupee against these currencies can impact our profitability and results of operations. Such fluctuations have affected our results
of operations in the past and may do so again in the future. For example, the Indian Rupee has depreciated against the U.S. dollar
over the past three years, which may affect our results of operations in future periods. Any amounts we spend to hedge the risks
to our business due to fluctuations in currencies may not adequately protect us against any losses we incur due to such fluctuations.



10







We may be unable to adequately protect or
continue to use our intellectual property; failure to protect such intellectual property may harm our business.



The success of our business, in part, depends
on our continued ability to use the “Amira” name and other intellectual property to increase awareness of the “Amira”
name. We attempt to protect our intellectual property rights through available copyright and trademark laws. Despite these precautions,
existing copyright and trademark laws afford only limited practical protection in certain countries, and the actions taken by us
may be inadequate to prevent imitation by others of the “Amira” name and other intellectual property. In addition,
if the applicable laws in these countries are drafted or interpreted in ways that limit the extent or duration of our rights, or
if existing laws are changed, our ability to generate revenue from our intellectual property may decrease, or the cost of obtaining
and maintaining rights may increase. We also distribute our Amira branded products in some countries in which there is no trademark
protection. As a result, it may be possible for unauthorized third parties to copy and distribute our Amira branded products or
certain portions or applications of our Amira branded products, which could have a material adverse effect on our business, prospects,
results of operations and financial condition. If we fail to register the appropriate trademarks or our other efforts to protect
relevant intellectual property prove to be inadequate, the value of the Amira name could decrease, which could harm our business
and results of operations.



We have also initiated legal proceedings against
certain parties for infringement of our intellectual property rights. For instance, Amira India has filed multiple legal proceedings
before various courts and forums in India against a number of third parties for infringement of the trademarks “Amira”
and “Guru.” Amira India has successfully sought injunctive relief against a party from deceptively using our trademark
“Guru” in one of the cases and in some cases has sought rectification of the register of trademarks to restrain the
third parties from using any mark or label that is identical or deceptively similar to Amira India’s registered trademarks.



In the future, additional litigation may be
necessary to enforce our intellectual property rights, to determine the validity and scope of the proprietary rights of others
or to defend against claims of infringement or invalidity. Regardless of the validity or the success of the assertion of any claims,
we could incur significant costs and diversion of resources in enforcing our intellectual property rights or in defending against
such claims, which could harm our business and results of operations.



We are a holding company and are dependent
on dividends and other distributions from our subsidiaries, particularly Amira India, which we do not wholly own, and which will
not pay us 100% of any dividend it declares, and whose ability to declare and pay dividends is restricted by loan covenants and
Indian law.



We are a holding company and currently have
no direct operations. As a result, we are dependent on dividends and other distributions from our subsidiaries (in particular,
Amira India) for our cash requirements, which would include funds to pay dividends and other cash distributions to our shareholders.
We currently intend to retain all available funds and any future earnings for use in the operation and expansion of our business
and neither ANFI nor Amira India anticipates paying any cash dividends for the foreseeable future. Investors’ ownership of
us represents a smaller corresponding indirect ownership interest of Amira India. Should we decide to pay dividends to our shareholders
in the future, our ability and decision to pay dividends will depend on, among other things, the availability of dividends from
Amira India. However, under the terms of some of Amira India’s current secured revolving credit facilities (representing
less than 10% of our total debt outstanding as of March 31, 2017), we need the consent of lenders under our current secured revolving
credit facilities to declare dividends for any year except (i) out of profits relating to that year after meeting all the financial
commitments to the bank(s) and making all other due and necessary provisions and (ii) that no default had occurred in any repayment
obligations during the year. Amira India has not paid or declared any cash dividends on its equity. The declaration and payment
of any dividends by Amira India in the future will be recommended by its Board of Directors and approved by its shareholders at
their discretion. Under Indian law, a company declares dividends upon a recommendation by its Board of Directors and approval by
a majority of the shareholders at the annual general meeting of shareholders. However, while final dividends can be paid out by
a company only after such dividends have been recommended by the Board of Directors and approved by shareholders, interim dividends
can be paid out with only a recommendation by the Board of Directors. The shareholders have the right to decrease but not to increase
any dividend amount recommended by the Board of Directors.



11









Amira India does not intend to pay dividends
to its shareholders, including Amira Mauritius, in the foreseeable future, and may be prevented from doing so by certain restrictions
on paying dividends under Indian law. Amira India may not have sufficient profits in any year or accumulated profits to permit
payment of dividends to its shareholders. We do not own 100% of Amira India, therefore any dividend payment made by Amira India
to us will also involve a payment to the other shareholders of Amira India, including Mr. Karan A. Chanana, our Chairman and Chief
Executive Officer, and his affiliates.



Insiders have substantial control
over us; ownership by insiders of our ordinary shares and ownership by our Chairman and Chief Executive Officer of direct and indirect
equity interests in Amira India give rise to conflicts of interest with our public shareholders.



Mr. Karan A. Chanana, our Chairman and Chief
Executive Officer, and his affiliates, including various companies controlled by him and direct members of his family, and certain
of our other directors, directly or indirectly hold approximately 66.0% (including share options granted and vested) of the outstanding
ordinary shares of ANFI as on March 31, 2017. Accordingly, these shareholders are able to control all matters requiring approval
by holders of a majority of our outstanding ordinary shares, including the election of all the members of our Board of Directors
(which allow them day-to-day control of our management and affairs), amendments to our memorandum and articles of association,
our winding up and dissolution, and other significant corporate transactions. Specifically, they are able to approve any sale of
more than 50% in value of our assets, and certain mergers or consolidations involving us, a continuation of the company into a
jurisdiction outside the British Virgin Islands where we are currently domiciled, or our voluntary liquidation. As a result, Mr.
Chanana and his affiliates can cause, delay or prevent a change of our control, and generally preclude any unsolicited acquisition
of us, even if such events would provide our public shareholders with the opportunity to receive a premium for their ordinary shares,
or are otherwise in the best interests of our public shareholders.



In addition, Mr. Karan A. Chanana and certain
of his affiliates, including various companies controlled by him and certain members of his family, hold a significant minority
equity interest in Amira India, an entity through which we conduct a significant portion of our operations. These shareholders
may have conflicting interests with our public shareholders. For example, if Amira India indirectly makes distributions to us,
Mr. Karan A. Chanana and his affiliates will also be entitled to receive distributions pro rata in accordance with their percent
of ownership in Amira India, and their preferences as to the timing and amount of any such distributions may differ from those
of our public shareholders. In addition, the structuring of future transactions may take into consideration tax or other ramifications
to Mr. Karan A. Chanana and these affiliates even where there would be no similar implication to us or our public shareholders.



Mr.
Karan A. Chanana and Ms. Anita Daing (a former Director of Amira Pure Foods Private Limited “APFPL”) have also issued
personal guarantees of $238.0 million in favor of lead banks or lenders of certain of our credit facilities; in the event of a
default under these credit facilities, the lenders may seek payment from Mr. Chanana and/ or Ms. Daing. As a result of these guarantees,
Mr. Chanana and Ms. Daing may have a conflicting interest with our shareholders and/or other creditors of the Company which may
not be resolved in our best interest. However, ANFI has indemnified its present and former directors and officers, including Mr.
Chanana and Ms. Daing, in accordance with its Amended and Restated Memorandum and Articles of Association and indemnification agreements
entered into with such directors and officers. Such indemnification includes indemnification for Mr. Chanana’s and Ms. Daing’s
personal guarantees described above.



If the transfer pricing arrangements we have
among our subsidiaries are determined to be inappropriate, our tax liability may increase.



We
have transfer pricing arrangements among our Indian, Dubai, UK, Germany, and U.S. subsidiaries. U.S. and Indian transfer pricing
regulations, as well as regulations applicable in other countries in which we operate, require that any international transaction
involving associated enterprises be on arm’s length terms. We consider the transactions among our subsidiaries to be on arm’s
length terms. If, however, a tax authority in any jurisdiction reviews any of our tax returns and determines that the transfer
prices and terms we have applied are not appropriate, or that other income of our affiliates should be taxed in that jurisdiction,
we may incur increased tax liability, including accrued interest and penalties, which would cause our tax expense to increase,
possibly materially, thereby reducing our profitability and cash flows.



We could be subject to tax risks attributable
to previous tax assessment periods.



We
could accrue unanticipated tax expenses in relation to previous tax assessment periods which have not yet been subject to a tax
audit or are currently subject to a tax audit. In such tax audits, the tax laws or relevant facts could be interpreted by the tax
authorities in a manner deviating from the relevant company’s view. As a result, the tax authorities could revise original tax
assessments, which would cause our tax expense to increase, possibly materially, thereby reducing our profitability and cash flows.



12







Risks Related to our
Business and Operations in India



A substantial portion of our business and
operations are located in India; we are subject to regulatory, economic, social and political uncertainties in India.



A substantial portion of our business and employees
are located in India and we intend to continue to develop and expand our business in India. Consequently, our financial performance
and the market price of our ordinary shares will be affected by changes in exchange rates and controls, interest rates, changes
in government policies, including taxation policies, social and civil unrest and other political, social and economic developments
in or affecting India.



The Government of India has exercised and continues
to exercise significant influence over many aspects of the Indian economy. Since 1991, successive Indian governments have generally
pursued policies of economic liberalization and financial sector reforms, including by significantly relaxing restrictions on the
private sector. Nevertheless, the role of the Indian central and state governments in the Indian economy as producers, consumers
and regulators has remained significant and we cannot assure you that such liberalization policies will continue. The present government,
formed in May 2014, has announced policies and taken initiatives that support the continued economic liberalization policies that
previous governments have pursued. The rate of economic liberalization could change, and specific laws and policies affecting food
companies, foreign investments, currency exchange rates and other matters affecting investments in India could change as well.
Further, protests against privatizations and government corruption scandals, which have occurred in the past, could slow the pace
of liberalization and deregulation. A significant change in India’s policy of economic liberalization and deregulation or
any social or political uncertainties could significantly harm business and economic conditions in India generally and our business
and prospects.



The Reserve Bank of India and the Ministry of Finance of the Government
of India withdrew the legal tender status of INR 500 and INR 1,000 currency notes pursuant to notification dated November 8, 2016.
The short-term impact of these developments has been, among other things, a decrease in liquidity of cash in India. There is uncertainty
on the long-term impact of this action. The short- and long-term effects of demonetization on the Indian economy and our business
are uncertain and may have a negative effect on our business, results of operations and financial condition.



The Government of India has previously banned
the export of certain of our products, and future changes in the regulation of our sales to international markets may harm our
results of operations and financial condition.



We generated 50.1% of our revenue in fiscal
2017 from products we sold outside India. As such, a portion of such international revenue are subject to the Government of India’s
export control laws. Unfavorable changes in, or interpretations of, existing Indian laws, rules and regulations, or the adoption
of new Indian laws, rules and regulations applicable to us and our business, may harm our results of operations and financial condition.
Such unfavorable changes could decrease our ability to supply our products, increase our costs or subject us to additional liabilities.
For example, from October 2007 to September 2011, the Government of India prohibited the export of non-Basmati rice from India.
In addition, the Government of India has in the past and may in the future impose export duties or other export restrictions on
our products that could harm our business and financial condition. The Government of India also determines the Minimum Export Price
(“MEP”), which is the minimum price below which rice (except Basmati rice) cannot be exported from India, and so could
at any time increase the prices at which we may sell our non-Basmati rice products outside India. While the Government of India
terminated the MEP for Basmati rice in July 2012, the Government of India may in the future reinstitute the MEP for Basmati rice.
Any increase or reinstitution of the MEP above our then current prices could decrease our international sales and harm our results
of operations and financial condition. In addition, any other duties or tariffs, adverse changes in export policy or other export
restrictions enacted by the Government of India and related to our international business could harm our results of operations
and financial condition.



As the Indian market constitutes a significant
source of our revenue, a slowdown in economic growth in India could cause our business to suffer.



In fiscal 2017, we derived 49.9% of our revenue
from sales in India. Based on latest information from the CIA World Factbook, estimates for consumer inflation in India was 5.2%
in 2016 and 4.9% in 2015. The performance and growth of our business are necessarily dependent on economic conditions prevalent
in India, which may be significantly harmed by political instability, regional conflicts and economic slowdown elsewhere in the
world or otherwise. The Indian economy also remains largely driven by the performance of the agriculture sector which depends on
the quality of the monsoon, which is difficult to predict. Although the Indian economy has grown significantly, any future slowdown
in the Indian economy could harm the demand for the products we sell and, as a result, harm our results of operations and financial
condition. India’s trade relationships with other countries and its trade deficit may significantly harm Indian economic
conditions. If trade deficits increase or are no longer manageable, the Indian economy, and therefore our business, our financial
performance and the price of our ordinary shares could be significantly harmed. India also faces major challenges in sustaining
its growth, which include the need for substantial infrastructure development and improved access to healthcare and education.
If India’s economic growth cannot be sustained or otherwise slows down significantly, our business and prospects could be
significantly harmed.



13







Restrictions on foreign investment in India
may prevent us and other persons from making future acquisitions or investments in India, which may harm our results of operations
and financial condition.



India regulates ownership of Indian companies
by foreigners and, although some restrictions on foreign investment and borrowing from foreign persons have been relaxed in recent
years, these regulations and restrictions may still apply to acquisitions by us or our affiliates, including Amira Mauritius and
other affiliates which are not resident in India, of shares in Indian companies, or the provision of funding by us or any other
entity which is not resident in India to Amira India. Under current Indian regulations, transfers of shares between non-residents
and residents are permitted (subject to certain exceptions) if they comply with, among other things, the pricing guidelines and
reporting requirements specified by the Reserve Bank of India. If the transfer of shares is not in compliance with such pricing
guidelines or reporting requirements, or falls under any of the exceptions referred to above, then the prior approval of the Reserve
Bank of India is required. We may not be able to obtain any required approval from the Reserve Bank of India or any other Indian
regulatory authority on favorable terms or at all.



Further, under its consolidated foreign direct
investment policy, the Government of India has set out additional requirements for foreign investments in India, including requirements
with respect to downstream investments by Indian companies owned and controlled by non-resident entities. Amira Mauritius, which
is considered a non-resident entity under applicable Indian laws, directly holds a majority of Amira India’s equity shares.
Accordingly, any downstream investment by Amira India into another Indian company will have to comply with conditions applicable
to such Indian entity, in accordance with the consolidated foreign direct investment policy. While we believe that these regulations
will not have any material impact on our operations in India, these requirements, which currently include minimum valuations for
Indian company shares and restrictions on sources of funding for such investments, may restrict our ability to make further equity
investments in India, including through Amira Mauritius and Amira India.



Natural or man–made calamities and health
epidemics could have a negative impact on the Indian economy and cause our business to suffer.



A substantial portion of our operations, employees
and customers are located in India, which has historically experienced natural or man-made calamities such as earthquakes, tsunamis,
floods, climate change and drought. In December 2004, Southeast Asia, including both the eastern and western coasts of India, experienced
a massive tsunami, and, in October 2005, the State of Jammu and Kashmir experienced an earthquake, both of which caused significant
loss of life and property damage. The extent and severity of these natural or man-made disasters determines their impact on the
Indian economy. Natural or man-made disasters may occur in the future and may have an adverse effect on our business.



In recent years, certain regions of the world,
including India and several other countries in which we operate, have experienced outbreaks of swine flu caused by the H1N1 virus.
Any future outbreak of swine flu or other health epidemics may restrict the level of business activity in affected areas which
could adversely affect our business.



Adverse weather, disease, pests and over farming
in India could reduce the general availability of paddy, which may affect our operations and growth plans.



Although
Basmati rice is not entirely dependent upon a successful monsoon, the consistent failure of monsoons in India, extreme flooding,
adverse weather or other natural calamities may harm the production of Basmati and other paddy. In addition paddy farmers could
shift their production to other crops, resulting in a drop in paddy production. Such adverse weather and supply conditions may
occur at any time and create volatility for our business and results of operations. Crop diseases and pest infestations may also
affect production; such events may vary in severity, depending on the stage of production at the time of infection or infestation,
the type of treatment applied and climatic conditions. Major diseases and pests such as leaf blight, sheath blight, smut, blast,
rice tango virus and stern borer affect our suppliers’ production. The costs to control these diseases and other infestations
vary depending on the severity of the damage and the extent of the plantings affected. The available technologies to control such
diseases and infestations may not continue to be effective. Furthermore, the continued use of intensive irrigated rice-based cropping
systems in producing paddy may cause deterioration of soil health and productivity. Any of these risks can affect the availability
and current and future cost of paddy. The future growth of our business depends upon our ability to procure quality paddy on a
timely basis. We may not be able to procure all of our paddy requirements, and our failure to do so would harm our business, results
of operations and financial condition.



14







Water or power shortage or other interruptions
in utility supply issues in India could disrupt our processing and harm our business, results of operations and financial condition.



Our processing facility and our storage and
distribution facilities require a continual supply of utilities such as water and electricity. Our processing facility and most
of our storage and distribution facilities are located in India, and the Indian authorities may ration the supply of utilities.
Interruptions of water or electricity supply could result in temporary shutdowns of our storage, processing, packaging and distribution
facilities. Any major suspension or termination of water or electricity or other unexpected service interruptions could significantly
harm our business, results of operations and financial condition.



Terrorist acts and other acts of violence
involving India or other neighboring countries could significantly harm our operations directly, or may result in a more general
loss of customer confidence and reduced investment in these countries that reduces the demand for our products.



Terrorist attacks and other acts of violence
or war involving India or other neighboring countries may significantly harm the Indian markets and the worldwide financial markets.
The occurrence of any of these events may result in a loss of business confidence, which could potentially lead to economic recession
and generally cause significant harm to our business, results of operations and financial condition. In addition, any deterioration
in international relations may result in investor concern regarding regional stability, which could decrease the price of our ordinary
shares.



South Asia has also experienced instances of
civil unrest and hostilities among neighboring countries from time to time. There have also been incidents in and near India such
as terrorist attacks in Mumbai, Delhi and on the Indian Parliament, troop mobilizations along the India and Pakistan border and
an aggravated geopolitical situation in the region. Such military activity or terrorist attacks in the future could significantly
harm the Indian economy by disrupting communications and making travel more difficult. Resulting political tensions could create
a greater perception that investments in Indian companies involve a high degree of risk. Furthermore, if India were to become engaged
in armed hostilities, particularly hostilities that were protracted or involved the threat or use of nuclear weapons, we might
not be able to continue our operations. Our insurance policies may not be sufficient to protect us from terrorist attacks or business
interruptions caused by terrorist attacks, violence, acts of war, civil unrest, hostilities or other reasons.



Stringent labor laws in India may harm our
ability to have flexible human resource policies; labor union problems could negatively affect our processing capacity and overall
profitability.



India has stringent labor legislation that protects
the interests of workers, including legislation that sets forth detailed procedures for dispute resolution and employee removal
and imposes financial obligations on employers upon employee layoffs. These laws may restrict our ability to have human resource
policies that would allow us to react swiftly to the needs of our business, discharge employees or downsize our operations. We
may also experience labor unrest in the future, which may delay or disrupt our operations. If such delays or disruptions occur
or continue for a prolonged period of time, our processing capacity and overall profitability could be negatively affected. For
instance, in May 2005, certain workers at our processing facility declared a strike to demand higher wages and enhanced labor policies,
and to protest certain workforce reductions. The strike was called off in 2006, but certain of such workers’ claims are currently
pending adjudication before the Gurgaon Labour Court and the outcome of such adjudication may not be favorable to us. We also depend
on third party contract labor. It is possible under Indian law that, despite our having made appropriate payment to the contractors,
we may be held liable for wage payments to these laborers if their contractors default on payments to the laborers. Liability for
any non-payment by contractors may harm our business and results of our operations. In addition, an industrial court or tribunal
in India could direct us to absorb our contract workers as permanent employees and the government of a state in India may prohibit
the employment of contract labor. If we are required to employ contract workers on the same terms as our permanent employees, this
may increase our costs.



Changing tax laws, rules and regulations and legal
uncertainties in India, including adverse application of tax laws, may adversely affect our business and financial performance.



The regulatory and policy environment in which
our business in India operates is evolving and subject to change. Such changes, including the few instances (which are only illustrative
and not exhaustive) briefly mentioned below, may adversely affect our business, financial condition, results of operations and
prospects, to the extent that we are unable to suitably respond to and comply with such changes in applicable law and policy:



| | · | The General Anti Avoidance Rules, are scheduled to come into effect from April 1, 2017. The intent of this legislation is to
prevent business arrangements set up with the intent to avoid tax incidence under the IT Act. In the absence of any precedents
on the subject, the application of these provisions is uncertain.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | The Government of India has issued revised Income Computation and Disclosure Standards (“ICDS”) that will be applied
in computing taxable income and payment of income taxes thereon, applicable with effect from the assessment period for the Fiscal
Year 2017. ICDS shall apply to all taxpayers following an accrual system of accounting for the purpose of computation of income
under the heads of “profits and gains of business or profession” and “income from other sources”. Such specific
standards for computation of income taxes in India are relatively new, and the impact of the ICDS on our results of operations
and financial condition is uncertain.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



15







| | · | The Indian Parliament has recently approved the adoption of a comprehensive national goods and services tax (“GST”),
regime that will combine taxes and levies by the central and state governments into a unified rate structure. It is not clear,
however, how the GST will be applied and implemented, and there can be no assurance that the GST will not result in significant
additional taxes being payable, which in turn, may harm our results of operations and financial conditions.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | The Government of India has also amended its rules which determine the ‘tax residency’ of a company in India with effect from
April 1, 2017. Previously, a foreign company could be a tax resident of India only if its control and management was situated wholly
in India. Under the amended rules, a company will be treated as tax resident of India if (i) it is an Indian company; or (ii) its
place of effective management (“POEM”) is in India. POEM is defined in the Income Tax Act, 1961, to mean a place where
key management and commercial decisions that are necessary for the conduct of the business of an entity as a whole are, in substance,
made. The Government of India has also issued the final guidelines for determining the POEM of a company on January 24, 2017. The
applicability of the amended rules and the treatment of our subsidiaries under such rules is uncertain.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



The impact of any or all of the above changes
to Indian legislation on our business cannot be fully determined at this time. Uncertainty in the applicability, interpretation
or implementation of any amendment to governing law, regulation or policy may impact the viability of our current business or restrict
our ability to grow our business in the future. Further, if we are affected, directly or indirectly, by the application or interpretation
of any provision of such laws and regulations or any related proceedings, or are required to bear any costs in order to comply
with such provisions or to defend such proceedings, our business results of operations and financial condition may be adversely
affected.

Risks
Related to Our Operations



Any decline in the market price of Basmati
rice while held by us for aging could harm our results of operations and financial condition.



The Basmati rice industry is cyclical and dependent
on the results of the Basmati paddy harvest, which occurs for only seven months of the year (September to March). We purchase Basmati
paddy from farmers through government regulated agricultural produce markets or through licensed procurement agents and then process
it throughout the year. A unique feature of Basmati rice is that its quality is perceived to improve with age. Our Basmati rice
is sold as much as 12 months or more after harvesting and generally commands a price premium. As a result, we typically allow our
Basmati paddy to age from six to eight months and our processed Basmati rice to age for an additional four to six months before
we sell it. If there is any fall in the price of Basmati rice during the time we hold it for aging, we may not be able to recover,
or generate the same margins from, our investment in Basmati paddy or processed rice, which may harm our results of operations
and financial condition.



The price we charge for our Basmati rice depends
largely on the prevailing wholesale market price; lower market prices may harm our results of operations and financial condition.



Numerous factors affect the wholesale price
of Basmati rice, including weather, government policies such as the reintroduction of minimum support prices and minimum export
prices, changes in prices of other staples, seasonal cycles, pest and disease problems and balance of demand and supply. Furthermore,
the highly fragmented nature of the Basmati rice industry in India limits the pricing power of individual companies. Any prolonged
decrease in Basmati rice prices could harm our results of operations and financial condition. Currently, we are not able to hedge
against such price risks since Basmati rice futures do not actively trade on any commodities exchange.



Due to the seasonality of our business,
our operating results may vary over interim periods.



Our revenue is typically higher from October
through March than from April through September. We procure most of our Basmati paddy between September and March. Our business
requires a significant amount of working capital primarily due to the fact that a significant amount of time passes between when
we purchase Basmati paddy and sell finished Basmati rice. Accordingly, we maintain substantial levels of working capital indebtedness
that is secured by our inventory. Therefore, our revenues and cash flows are affected by seasonal cyclicality.



16







We rely on agents to procure sufficient
Basmati paddy of the proper quality for our processing requirements.



We are largely dependent on agents known as
“pucca artiyas” who are authorized to make purchases of Basmati paddy (or rough, unprocessed Basmati rice) in the organized
and government-regulated agricultural produce markets in India known as “mandis.” These agents may not be able to procure
the quantities required for our business while maintaining our quality standards. We have adopted standard operating procedures
with respect to purchases, which include training and monitoring the performance of these agents, but we have no direct control
over their purchasing activities. Any failure by these agents to deliver the right quantities or quality of Basmati paddy at the
right price could harm our results of operations and financial condition. In addition, we typically enter into oral, non-binding
agreements with these agents for the services they provide, and we may not be able to maintain these arrangements on substantially
the same terms, if at all, which could harm our business, results of operations and financial condition.



In addition, despite the recent trend of consolidation
in the Indian market for Basmati rice, the Basmati paddy market remains relatively fragmented and includes organized and unorganized
suppliers such as small family owned farms. We expect this fragmentation to continue for the foreseeable future. These smaller
companies may not be able to maintain a required flow of Basmati paddy to us should our volume requirements rapidly increase. If
we are unable to buy from these agents sufficient Basmati paddy which meets our quality requirements, we may not be able to process
and sell as much finished rice as we planned or promised to our customers, which could harm our reputation with these customers,
as well as our business and results of operations.



We currently rely on our one processing and
packaging facility and a limited number of third party processing facilities. An interruption in operations at our facility or
in such third party processing facilities could inhibit our ability to fill orders for our products.



We operate a single processing and packaging
facility in Gurgaon, near New Delhi, India. Any significant disruption at this facility for any reason, including regulatory requirements,
the loss of certifications or approvals, technical difficulties, labor disputes, war or civil disorder, power interruptions or
other infrastructure failures, fires, earthquakes, hurricanes or other force of nature, could disrupt our ability to supply our
products and significantly harm our business, results of operations and financial performance. We also heavily depend upon a limited
number of third party processing facilities to produce products responsible for substantial portions of our revenue, some of which
facilities are owned by our competitors. These facilities are subject to their own unique operational and financial risks, which
are out of our control. We have no production agreements with these third party processing facilities, and can provide no assurance
that we will be able to use their processing capacity to produce our products. If any of these processors choose not to provide
us processing services, we may need to find and enter into arrangements with one or more replacement processors. Finding alternate
processing facilities could involve significant delays and other costs and these sources may not be available to us on reasonable
terms or at all. Any disruption of processing or packaging could delay delivery of our products, which could harm our business,
results of operations and financial condition.



We generally do not enter into long-term or
exclusive supply contracts with our Basmati rice and other customers or with our distributors. Failure to receive timely repeat
orders from our customers or our distributors may harm our business.



We generally do not enter into long-term supply
contracts with most of our customers. Our customers instead submit purchase orders from time to time, which are short-term commitments
for specific quantities of Basmati rice and other products at an agreed price. In addition, we typically complete the paddy procurement
process two to six months before we receive purchase orders from customers, forcing us to rely primarily on historical trends,
other market indicators and management estimates to predict demand, which is particularly difficult as we expand into new markets.
We usually expand our procurement operations based on a trend of historical growth and delivery, but we may not receive purchase
orders commensurate with our expanded operations on substantially the same terms, or at all, and we may not get expected repeat
orders from our customers. As a result, we are vulnerable to volatility in market demand, which could harm our business and results
of operations.



In addition, we typically do not enter into
long-term or exclusive arrangements with our distributors. If we are not able to supply our distributors the quantities of our
products that we have historically supplied them, they may place orders with and even move some or all of their business permanently
to our competitors. In addition, our distributors could change their business practices or seek to modify the terms under which
we usually do business with them, including the amount and timing of their payments to us. Further, we rely upon our distributors
to assess the demand for our products in their market based on their interactions with retailers and consumers. If our distributors
do not accurately predict the demand for our products, delay in placing orders with us, fail to market our products successfully
or choose to market the products of our competitors instead, such actions could harm our business growth and prospects, financial
condition and results of operations. Further, our inability to maintain our existing distributors or to expand our distribution
network in line with our growth strategy could harm our business, results of operations and financial condition.



17







We derived 24.0% of our total revenue from
our top five customers and distributors in fiscal 2017; the loss of the revenue from any such customer would harm our results of
operations and financial condition.



Our top fivecustomers and distributors
accounted for 24.0%, 30.4% and 29.9% of our total revenue for fiscal 2017, 2016 and 2015, respectively. We anticipate that this
concentration of sales among customers may continue in the future. Although we believe we have strong relationships with certain
of our key customers, we do not have any long-term supply contracts with these customers obligating them to buy product from us.
Our inability to maintain or further develop our relationships with our key customers and distributors would harm our results of
operations and financial condition. Moreover, changes in the strategies of our largest customers, including a reduction in the
number of brands they carry or a shift to competitors’ products, could harm our sales.



Production of paddy is subject to
risks related to potential climate change such as global warming.



Agriculture
is extremely vulnerable to climate change, including large-scale changes such as global warming. Global warming is projected to
have a significant impact on conditions affecting agriculture, including temperature, carbon dioxide concentration, precipitation
and the interaction of these elements. Higher temperatures may eventually reduce yields of desirable crops while encouraging weed
and pest proliferation. Increased atmospheric carbon dioxide concentration may lead to a decrease in global crop production. Changes
in precipitation patterns increase the likelihood of short-run crop failures and long-run production declines. While crop production
in the temperate zones may reap some benefit from climate change, crop production in the tropical and subtropical zones appears
more vulnerable to the potential effects of global warming. Even a high degree of farm-level adaptation by the suppliers of our
paddy may not entirely mitigate such negative effects. All of our paddy is grown in tropical and subtropical areas. As a result,
all of our suppliers’ production is particularly susceptible to climate change in these areas. Rapid and severe climate change
may decrease our suppliers’ crop production, which may significantly harm our business, results of operations and financial
condition.



Improper storage, processing and handling
of our paddy or rice could damage our inventories and, as a result, harm our business and results of operations.



We typically store paddy in covered warehouses
or in bags placed on open-air, raised plinths (or platforms) and processed rice in covered warehouses. In the event our paddy is
not appropriately stored, handled and processed, spoilage may reduce the quality of the paddy and the resulting processed rice.
Even if paddy is appropriately stored on open-air plinths, above-average rains may still harm the quality and value of paddy stored
in this manner. In addition, the occurrence of any mistakes or leakage in the rice storage process may harm the yield, quality
and value of our rice, leading to lower revenue.



The development of our new processing facility
is subject to various risks; we may not be able to complete the facility as planned or on schedule.



As part of our growth strategy, we intend
to develop a new processing facility in India. We estimate the cost to be approximately $64 million in total and we intend to
rely on outside funding for this facility. Our plans remain subject to certain potential problems and uncertainties,
including availability of financing, increased costs of equipment or manpower, completion delays due to the need to find an
appropriate location for the facility at acceptable costs, a lack of required equipment, financing permits or approvals or
other factors, defects in design or construction, changes in laws and regulations or other governmental action, cost
overruns, accidents, natural calamities and other factors, many of which may be beyond our control. Any delays in completing
this facility could result in our loss or delayed receipt of revenue, as well as increases in financing and construction
costs. Our proposed expansion will also require significant time and resources from our management team. Any failure by us to
meet revenue or income targets may require us to reconsider our development plans. If these plans do not proceed as planned,
our business, results of operations and financial condition may be harmed. Even if completed, our new processing facility may
not yield the expected or desired benefits in terms of process and cost efficiencies, or an expansion in our business. We
will also incur additional fixed costs from the new facility, and may not be able to timely reduce these or other fixed costs
in response to a decline in revenue, which would harm our results of operations and profitability.



We rely upon independent third party transportation
providers for substantially all shipments through our supply chain and are subject to increased shipping costs as well as the potential
inability of our third party transportation providers to deliver on a timely basis.



We currently rely upon a network of independent
third party transportation providers for substantially all of our shipments of paddy and rice to storage, processing, packaging
and distribution facilities, as well as from distribution facilities to market. These transportations are primarily made by trucks
within the same country and by ship between countries. Our use of these delivery services for our shipments subjects us to many
risks, including increases in fuel prices, which would increase our shipping costs, and employee strikes and inclement weather,
which may impact our shippers’ ability to provide delivery services that adequately meet our shipping needs. If we change
the shipping companies we use, we could face logistical difficulties that could delay deliveries, and we would incur costs and
expend resources in connection with such change. Moreover, we may not be able to obtain terms as favorable as those received from
our current independent third party transportation providers, which in turn would increase our costs.



18







Employee shortages and rising employee
costs may harm our business and increase our operation costs.



As of March 31, 2017, we employed 236 persons
(including 38 employees in locations outside of India) to perform a variety of functions in our daily operations. Lower labor costs
in India provide us with a cost advantage. However, we have observed an overall tightening of the employee market and an emerging
trend of shortage of labor supply. Failure to obtain stable and dedicated employee support may cause disruption to our business
that harms our operations. Furthermore, employee costs have increased in India in recent years and may continue to increase in
the near future. To remain competitive, we may need to increase the salaries of our employees to attract and retain them. Any increase
in employee costs may harm our results of operations and financial condition.



Loss of key personnel or our inability to
attract and retain additional key personnel could impair our ability to execute our growth strategy, harm our product development
effort and delay our launch of new products.



Our business involves operations spanning a
variety of disciplines and demanding a management team and employee workforce that is knowledgeable in many areas necessary for
our operations. While we have been successful in attracting experienced, skilled professionals, the loss of any key member of our
management team, or operational or product development employees, or the failure to attract and retain additional such employees,
could slow the execution of our business strategy, including expansion into new target markets, and our development and commercialization
of new products. If we are not able to attract and retain the necessary personnel to accomplish our business objectives, the resulting
staffing constraints will harm our ability to expand, satisfy customer demands for our products and develop new products. Competition
for such personnel from numerous companies may limit our ability to attract and retain them on acceptable terms, or at all, and
we have no “key person” insurance to protect us from any losses of personnel.



Our operations are highly regulated in the
areas of food safety and protection of human health and we may be subject to the risk of incurring compliance costs as well as
the risk of potential claims and regulatory actions.



Our operations are subject to a broad range
of foreign, national, provincial and local health and safety laws and regulations, including laws and regulations governing the
use and disposal of pesticides and other chemicals. These regulations directly affect our day-to-day operations, and violations
of these laws and regulations can result in substantial fines or penalties, which may significantly harm our business, results
of operations and financial condition. For example, there has been a recent focus in the U.S. on the potential levels of arsenic
in rice and the Food and Drug Administration (“FDA”) has indicated that it will evaluate strategies designed to limit
arsenic exposure from rice and rice products. In December 2013, FDA issued an import alert enabling it to detain shipments of Indian
Basmati rice for compulsory testing for residue of certain pesticides. While Amira is currently exempted from the import alert,
FDA’s interest in Indian Basmati rice could impact our business. While the U.S. Environmental Protection Agency (“EPA”),
which establishes the Maximum Residue Limit (“MRL”) for pesticide residue allowed in food imported into the U.S., has
yet to set an MRL for most of the pesticides used by Indian farmers to protect Basmati rice from pests, it has recently set an
import tolerance for tricyclazole in Indian Rice at 3.0 parts per million (“PPM”). For other pesticides without an
MRL, however, if even 0.01 PPM are detected in any rice shipments into the U.S. they will be rejected by FDA. FDA’s enforcement
activities have not, to date, materially affected our business or the results of our operations because our sales of Basmati rice
in the United States have been limited, representing less than 5% in fiscal 2017. However, FDA’s regulatory activities may
limit our growth in the U.S. Until FDA’s regulation of Basmati rice is resolved, there can be no assurance as to what additional
measures, if any, may be taken by FDA or any other regulatory body and the impact of any such measures. To stay compliant with
all of the laws and regulations that apply to our operations and products, we may be required in the future to modify our operations
or make capital improvements. Our products may be subject to extensive examinations by governmental authorities before they are
allowed to enter certain regulated markets, which may delay the processing or sale of our products or require us to take other
actions, including product recalls, if we or the regulators believe any such product presents a potential risk. If we are granted
access to any such regulated market, maintaining regulatory compliance there may be expensive and time consuming, and if approvals
are later withdrawn for any reason, we may be required to abruptly stop marketing certain of our products there, which could harm
our business, results of operations and financial condition. In addition, we may in the future become subject to lawsuits alleging
that our operations and products cause damage to human health.



19







We rely on certifications by industry
standards-setting bodies; loss of a certification could reduce our sales.



Certifications
are not compulsory in the rice industry. However, some of our customers require us to have one or more internationally recognized
certification. We have received an ISO 9001:2008 quality system certification and an ISO 22000:2005 food safety management certification
for our rice processing facility, and an SQF Certificate. In addition, we have received certifications from BRC Global Standards
and the U.S. Food and Drug Administration, as well as being Kosher certified, and have received a certificate of approval for the
export of Basmati rice by the Export Inspection Council of India. We incur significant costs and expenses, including any necessary
upgrades to our manufacturing facilities, associated with maintaining these certifications. If we fail to maintain any of our certifications,
our business may be harmed because our customers that require them may stop purchasing some or all of our products.



We
also have organic certifications for our rice products from Ecocert India Private Limited, an international certification body that
certifies our compliance with the requirements of the EU, Regulations and as per the USDA National Organic Program’s Organic
Standards.



Our historical and future international sales
to certain non-U.S. customers, including independent resellers, expose us to special risks associated with operating in particular
countries. If we are not in compliance with applicable legal requirements, we may be subject to civil or criminal penalties and
other remedial measures.



The U.S. Department of the Treasury’s
Office of Foreign Assets Control (“OFAC”) administers certain laws and regulations, or U.S. Economic Sanctions Laws,
that restrict U.S. persons and, in some instances, non-U.S. persons like us, in conducting activities, transacting business with
or making investments in certain countries, governments, entities and individuals subject to U.S. economic sanctions, or sanctions
targets. We did not used any proceeds, directly or indirectly, from our IPO to fund any activities or business with any sanctions
target. In compliance with Indian laws, Amira India and our other non-U.S. subsidiaries have sold rice to independent non-U.S.
customers in international markets that resell products to their own customers, which customers may have included private customers
in Iran, Syria and other countries in the region. Iran and Syria are currently sanctions targets. In fiscal year 2017 and 2016,
there were no sales to Iran and Syria. Currently, direct and indirect sales of rice into Iran are allowed under an OFAC general
license issued in October 2011. Sales of rice into Syria are not restricted by OFAC or by the U.S. Department of Commerce, Bureau
of Industry and Security, which primarily administers U.S. restrictions on exports or re-exports to Syria. Therefore, we believe
we are in compliance with U.S. Economic Sanctions Laws. We believe that we conducted our historical activities in compliance with
applicable U.S. Economic Sanctions Laws in all material respects; however, it is possible that U.S. authorities could view certain
of our past transactions to have violated U.S. Economic Sanctions Laws. If our activities are found to violate applicable sanctions
or other trade controls, we may be subject to potential fines or other sanctions. For example, a violation of OFAC’s Iran
regulations could currently result in a civil monetary penalty of up to the greater of $250,000 or twice the value of the transaction
involved. We intend to conduct our business activities in compliance with all applicable laws and regulations. We will continue
to monitor developments in countries that are the subject or target of any of these laws or regulations so that our sales to Sanction
Targets will be conducted in compliance with all applicable law.



We are also subject to the U.S. Foreign Corrupt
Practices Act (“FCPA”), which prohibits U.S. companies and their intermediaries from bribing foreign officials for
the purpose of obtaining or keeping business or otherwise obtaining favorable treatment, and other laws concerning our international
operations. Legislation in other jurisdictions contains similar prohibitions, although varying in both scope and jurisdiction.
Although our U.S. subsidiary only transacts business in the U.S., we operate in many parts of the world that have experienced governmental
corruption to some degree, and, in certain circumstances, strict compliance with anti-bribery laws may conflict with local customs
and practices, which may negatively impact our results of operations.



We have adopted and are in the process of continuous
improvement and strengthening of the formal controls and procedures to ensure that we are in compliance with OFAC, FCPA and similar
laws, regulations and sanctions. The implementation of such controls and procedures could result in the discovery of issues or
violations with respect to the foregoing by us or our employees, independent contractors, subcontractors or agents of which we
were previously unaware. Any violations of these laws, regulations and procedures by our employees, independent contractors, subcontractors
and agents could expose us to administrative, civil or criminal penalties, fines or restrictions on export activities (including
other U.S. and Indian laws and regulations as well as foreign laws). A violation of these laws and regulations, or even an alleged
violation, could harm our reputation and cause some of our U.S. investors to sell their interests in our company to be consistent
with their internal investment policies or to avoid reputational damage, and some U.S. institutional investors might forego the
purchase of our ordinary shares, all of which may negatively impact the trading prices of our ordinary shares.



20







We may incur significant costs to comply with
environmental, health and safety laws and regulations; failure to comply could expose us to significant liabilities.



We are subject to a variety of environmental,
health and safety laws and regulations in India and in the other locations in which we operate. Although we have implemented procedures
to comply with these laws and regulations, we cannot be sure that our measures are compliant or capable of eliminating the risk
of injury or contamination from the use, generation, manufacture, or disposal of our products. In the event of contamination or
injury, we could be held liable for any resulting damages, and any liability could exceed our insurance coverage. Violations of
environmental, health and safety laws may occur as a result of human error, accident, equipment failure or other causes. Environmental
proceedings had been initiated against Amira India before the District Court, Gurgaon, India, alleging that Amira India’s
failure to make proper arrangements for the disposal of ash and straw by products of its rice processing operations had caused
air and noise pollution. We have taken corrective measures and. since then we have obtained renewal approvals under the Indian
Air (Prevention and Control of Pollution) Act, 1981 and the Indian Water (Prevention and Control of Pollution) Act, 1974, and the
current approvals are valid until March, 31, 2021. However, similar or other allegations or legal proceedings may be initiated
against us in the future relating to non-compliance with applicable environmental laws.



Compliance with applicable environmental health
and safety laws and regulations may be expensive, and the failure to comply could result in the imposition of fines, regulatory
oversight costs, third party property damage, product liability and personal injury claims, investigation and remediation costs,
the suspension of production, or a cessation of operations, and our liability may exceed our total assets. We expect to encounter
similar laws and regulations in most if not all of the countries in which we may seek to establish production capabilities or operate
and the scope and nature of these laws and regulations will likely be different from country to country. Environmental, health
and safety laws could become more stringent over time, requiring us to change our operations or incur greater compliance or capital
costs, or could provide for increased penalties for violations, all of which could impair our research, development or production
efforts and harm our business. The costs of complying with environmental, health and safety laws and regulations and any claims
concerning noncompliance, or liability arising thereunder, could significantly harm our results of operations or financial condition.



We may become subject to lawsuits or indemnity
claims, including those related to class action suits, product contamination and product liability, which could harm our business
and results of operations.



From time to time, we may be named as a defendant
in lawsuits, claims and other legal proceedings. These actions may seek, among other things, compensation for alleged personal
injury, workers’ compensation, employment discrimination, breach of contract, infringement of the intellectual property rights
of others, or civil penalties and other losses of injunctive or declaratory relief. In the event that such actions or indemnities
are ultimately resolved unfavorably for amounts exceeding our accrued liability, or are otherwise significant, the outcome could
harm our reputation, business and results of operations. In addition, payments of significant amounts, even if reserved, could
harm our liquidity.



In addition, the distribution and sale of our
products involve an inherent risk of product liability claims and product recalls if our products become adulterated or misbranded,
as well as any associated adverse publicity. Our products may contain undetected impurities or toxins that are not discovered until
after the products have been consumed by customers. For instance, our products are subject to tampering and to contamination risks,
such as mold, bacteria, insects and other pests. This could result in claims from our customers or others, or in a significant
product recall, which could damage our business and reputation and involve significant costs to correct. In addition, these kinds
of events could result in cancellation of contracts by our customers or the recall of products. We may also be sued for defects
resulting from errors of our commercial partners or unrelated third parties, and any product liability claim brought against us,
regardless of its merit, or product recall could result in material expense, divert management’s attention, and harm our
business, reputation and consumer confidence in our products.



Our insurance policies may not protect us
against all potential losses, which could harm our business and results of operations.



Operating our business involves many risks,
which, if not adequately insured, could harm our business and results of operations.



We believe that the extent of our insurance
coverage is consistent with industry practice. Our insurance policies include coverage for risks relating to personal accident,
burglary, medical payments, product liability and marine cargo, including transit cover covering certain employees, office premises
and consignments of rice. In addition, the inventory stored at our processing facility and warehouses is insured against fire and
other perils such as earthquake, burglary and floods, and we have fire and allied perils insurance coverage for business interruptions
at our milling facility. Additionally, we maintain insurance policies that provide coverage for class action litigation resulting
from claims made against us in connection with the offer and sale of our securities. However, any claim under our insurance policies
maintained by us may be subject to certain exceptions, may not be honored fully, in part, in a timely manner or at all, and we
may not have purchased sufficient insurance to cover all losses that we may incur. For instance, a majority of our inventory consists
of paddy and rice. In the event our inventory is not appropriately stored or is affected by fires or natural disasters such as
floods, storms or earthquakes, our inventory may be damaged or destroyed, which would harm our results of operations. In addition,
if we were to incur substantial liabilities or if our business operations were interrupted for a substantial period of time, we
could incur costs and suffer losses. Our insurance policies may not cover such inventory and business interruption losses. Additionally,
in the future, insurance coverage may not be available to us at commercially acceptable premiums, or at all.



21







We have been recently subject to short sale attacks
which could harm our reputation and negatively affect our operations.



In February 2015 and July 2015, we were subject
to short sale attacks by a short seller firm. As a result of the short sale attack, we have been subject to two shareholder class
action lawsuits before the United States District Court for the Central District of California. See “Business‒Legal
Proceedings.” The short sale attack and the ensuing shareholder litigation, resulted in a significant decrease in the
value of our shares, exposed us to significant litigation costs, diverted our management’s attention from day-to-day operations
and negatively affected our credibility and reputation, which in turn disrupted our operations and relationships and negatively
impacted our ability to effectively market, distribute and sell our products in various jurisdictions and negative effect on our
business, financial condition and results of operations. We may be exposed to additional short sale attacks in the future which
could result in operational and reputational harm, which in turn could negatively affect our business, financial condition and
results of operations and credit ratings. See also “Management’s Discussion and Analysis of Our Financial Condition and
Results of Operations‒Factors Affecting Our Results of Operations.”



Risks
Related to Our Public Company Status



For as long as we are an “emerging growth
company,” we are not required to comply with certain reporting requirements that apply to other public companies.



We are an “emerging growth company,”
as defined in the JOBS Act, enacted on April 5, 2012. For as long as we continue to be an emerging growth company, we may choose
to take advantage of certain exemptions from reporting requirements applicable to other public companies that are not emerging
growth companies. These include: (1) not being required to comply with the auditor attestation requirements of Section 404 of the
Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), (2) not being required to comply with any new requirements adopted
by the Public Company Accounting Oversight Board (the “PCAOB”), requiring mandatory audit firm rotation or a supplement
to the auditor’s report in which the auditor would be required to provide additional information about the audit and the
financial statements of the issuer, (3) not being required to comply with any new audit rules adopted by the PCAOB after April
5, 2012 unless the Securities and Exchange Commission determines otherwise, and (4) not being required to provide certain disclosure
regarding executive compensation required of larger public companies. We cannot predict if investors will find our ordinary shares
less attractive if we choose to rely on these exemptions. If some investors find our ordinary shares less attractive as a result
of any choices to reduce future disclosure, there may be a less active trading market for our ordinary shares and our share price
may be more volatile. Further, as a result of these scaled regulatory requirements, our disclosure may be more limited than that
of other public companies and investors in our securities may not have the same protections afforded to shareholders of such companies.



We are a foreign private issuer and, as a
result, we are not subject to U.S. proxy rules and are subject to the Exchange Act reporting obligations that, to some extent,
are more lenient and less frequent than those of a U.S. issuer.



Because we qualify and report as a foreign private
issuer under the Exchange Act, we are exempt from certain provisions of the Exchange Act that are applicable to U.S. public companies,
including (i) the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of
a security registered under the Exchange Act, (ii) the sections of the Exchange Act requiring insiders to file public reports of
their stock ownership and trading activities and liability for insiders who profit from trades made in a short period of time,
and (iii) the rules under the Exchange Act requiring the filing with the Securities and Exchange Commission of quarterly reports
on Form 10-Q containing unaudited financial and other specified information, or current reports on Form 8-K, upon the occurrence
of specified significant events. We intend to furnish reports to the Securities and Exchange Commission on Form 6-K which contain
our six month results for the period ending September 30 of each year, for so long as we are subject to the reporting requirements
of Section 13(g) or 15(d) of the Exchange Act, although the information we furnish is not as frequent or the same as the information
that is required in quarterly reports on Form 10-Q for U.S. domestic issuers. In addition, while U.S. domestic issuers that are
not large accelerated filers or accelerated filers are required to file their annual reports on Form 10-K within 90 days after
the end of each fiscal year, for the fiscal years ending on or after December 15, 2011, foreign private issuers are not required
to file their annual report on Form 20-F until four months after the end of each fiscal year. Foreign private issuers are also
exempt from Regulation Fair Disclosure, aimed at preventing issuers from making selective disclosures of material information.
Although we intend to make interim reports available to our shareholders in a timely manner, investors in our securities may not
have the same protections afforded to shareholders of companies that are not foreign private issuers.



22







As a foreign private issuer and a controlled
company, we are permitted to take advantage of certain exemptions to the corporate governance requirements of the New York Stock
Exchange; this may afford less protection to holders of our ordinary shares.



Our ordinary shares are listed on the New York
Stock Exchange. As a foreign private issuer, we may elect to follow certain home country (BVI) corporate governance practices in
lieu of certain New York Stock Exchange requirements, including the requirements that (1) a majority of the Board of Directors
consist of independent directors, (2) a nominating and corporate governance committee be established that is composed entirely
of independent directors and has a written charter addressing the committee’s purpose and responsibilities, (3) a compensation
committee be established that is composed entirely of independent directors and has a written charter addressing the committee’s
purpose and responsibilities, and (4) an annual performance evaluation of the nominating and corporate governance and compensation
committees be undertaken. A foreign private issuer must disclose in its annual reports filed with the Securities and Exchange Commission
each significant New York Stock Exchange requirement with which it does not comply followed by a description of its applicable
home country practice.



In addition, we are a controlled company, or
a company of which more than 50% of the voting power for the election of directors is held by an individual, a group or another
company. As a controlled company, we are exempt from complying with certain corporate governance requirements of the New York Stock
Exchange. A foreign private issuer is required to disclose in its annual report that it is a controlled company and the basis for
that determination.



As a company incorporated in the BVI and listed
on the New York Stock Exchange, we are meeting the New York Stock Exchange’s requirements without making use of the above-mentioned
exemptions, unless otherwise disclosed. However, in the future we may rely on certain exemptions. Such practices may afford less
protection to holders of our ordinary shares.



If we are unable to establish appropriate
internal financial reporting controls and procedures, it could cause us to fail to meet our reporting obligations, result in the
restatement of our financial statements, harm our operating results, subject us to regulatory scrutiny and sanction, cause investors
to lose confidence in our reported financial information and have a negative effect on the market price of our ordinary shares.



Effective internal controls are necessary for
us to provide reliable financial reports and effectively prevent fraud. We maintain a system of internal control over financial
reporting, which is defined as a process designed by, or under the supervision of, our principal executive officer and principal
financial officer, and effected by our Board of Directors, management and other personnel, to provide reasonable assurances regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS.



As a public company, we have significant additional
requirements for enhanced financial reporting and internal controls. We are required to document and test our internal control
procedures in order to satisfy the requirements of Section 404 of the Sarbanes-Oxley Act, which requires annual management assessments
of the effectiveness of our internal controls over financial reporting. In addition, an independent registered public accounting
firm will be required to attest to the effectiveness of our internal control over financial reporting beginning with our annual
report on Form 20-F for the year ending March 31, 2018, or, if earlier, on our annual report on Form 20-F following the date on
which we cease to qualify as an emerging growth company or become an accelerated filer or large accelerated filer. The process
of designing and implementing effective internal controls is a continuous effort that requires us to anticipate and react to changes
in our business and the economic and regulatory environments and to expend significant resources to maintain a system of internal
controls that is adequate to satisfy our reporting obligations as a public company.



We cannot assure you that we will, in the future,
identify areas requiring improvement in our internal control over financial reporting. We cannot assure you that the measures we
will take to remediate any areas in need of improvement will be successful or that we will implement and maintain adequate controls
over our financial processes and reporting in the future as we continue our growth. If we are unable to establish appropriate internal
financial reporting controls and procedures, it could cause us to fail to meet our reporting obligations, result in the restatement
of our financial statements, harm our operating results, subject us to regulatory scrutiny and sanction, cause investors to lose
confidence in our reported financial information and have a negative effect on the market price of our ordinary shares.



Compliance with the Sarbanes-Oxley
Act may be time-consuming and costly



It may be time-consuming, difficult and costly
for us to develop and implement the internal controls and reporting procedures required by the Sarbanes-Oxley Act. We may need
to hire additional financial reporting, internal controls and other finance staff or consultants to develop and implement appropriate
internal controls and reporting procedures. If we are unable to comply with the internal controls requirements of the Sarbanes-Oxley
Act, we may not be able to obtain the independent auditor certifications that the Sarbanes-Oxley Act will require us to obtain
in connection with the first annual report we publicly file after the earlier of the fifth anniversary of our IPO or our determination
that we no longer qualify as an “emerging growth company” under the JOBS Act.



23









We have incurred and will continue
to incur increased costs as a result of being a public company.



As a public company, we have incurred, and will
continue to incur, significant legal, accounting and other expenses that we did not incur as a private company, particularly after
we no longer qualify as an “emerging growth company.” In addition, the Sarbanes-Oxley Act, as well as new rules subsequently
implemented by the Securities and Exchange Commission, has required changes in corporate governance practices of public companies.
These rules and regulations have increased our legal, accounting and financial compliance costs and make certain corporate activities
more time-consuming and costly. In addition, we have incurred or may incur in future additional costs associated with our public
company reporting requirements. We continue to evaluate and monitor developments with respect to these new rules, and we cannot
predict or estimate the amount of additional costs we may incur or the timing of such costs.



| | ITEM 4. | INFORMATION ON THE COMPANY
| | ------- | --------------------------



Overview



We are a leading global manufacturer, marketer and distributor of
branded packaged specialty rice and other related food products, with sales across five continents around the world. We generate
the majority of our revenue through the sale of Basmati rice, a premium long-grain variety of rice grown only in the geographically
indicated region of the Indian sub-continent, as well as other specialty rice. We sell our products under our flagship Amira brand,
as well as under other Company owned brands and third party brands. We have expanded our product offerings in recent years to include
other value-add categories such as edible oils and organics. We also sell other products such as wheat, barley, legumes and other
produce to large institutional customers. Our fourth generation leadership has built on a rich, century-old legacy and transformed
Amira from a local family-run business to a publicly-listed globally focused packaged food company with a global leadership position
in the high growth Basmati rice sector. Under our current leadership, we significantly expanded our footprint in India and internationally.
We completed an initial public offering (“IPO”) in October 2012 and our shares are listed on the New York Stock Exchange
with the stock symbol ANFI.



We primarily operate in the global packaged
rice market and we have focused our efforts on premium, packaged, specialty rice, with a concentration in Basmati rice, a long-grain
aromatic rice with favorable health attributes that can be grown only in the geographically indicated region of the Indian sub-continent.
The global rice market is a large, staple market with stable growth, while specialty rice and specifically Basmati rice benefits
from premium pricing and increasing consumption patterns. The global rice market represented approximately $275 billion in value
based on benchmark rice export prices for the international rice trade, according to statistics from Horizon Research in 2012.
The Indian rice industry was valued at approximately $50 billion in wholesale prices in 2013 according to the CRISIL equity research
report on the Indian rice industry. CRISIL has also estimated the Indian Basmati rice market to be approximately $6.9 billion in
fiscal 2014, of which approximately 30% was sold in India and approximately 70% was sold internationally. In recent years, the
Basmati rice segment has benefited from increased consumption trends both in India and internationally. According to information
provided by APEDA Agri-exchange, WASDE and Jefferies LLC research estimates from September 2016, domestic consumption of Indian
Basmati rice has increased at a 10% CAGR over the past 10 years, while international sales volumes of Indian Basmati rice have
increased at a 13% CAGR over the same time period.



We sell our products globally in both emerging
and developed markets through a broad distribution network. Our Amira branded products are currently sold by retailers such as
Bharti Retail, Big Bazaar, Carrefour, Costco, EDEKA, HEB, Jetro Restaurant Depot, Kaufland, Metro Cash & Carry, Morrisons,
Publix, Reliance Retail Limited, REWE, Safeway Albertsons, Spencer’s Retail, Star Bazaar, Tesco, Waitrose, Walmart, Wegman’s
and Whole Foods. In emerging markets, our products are sold by global retailers and regional supermarkets (the “modern trade”),
as well as a network of small, privately-owned independent stores (the “general trade” or “traditional retail”).
We maintain a strong distribution platform into the restaurant channel and have long standing network of distributors, third party
branded partners and institutional customers who sell our products throughout the world. Our third party branded business is often
conducted under contracts with our customers, which enable us to have a high degree of visibility on our sales, volumes, margins
and profitability.



24







We have successfully expanded our distribution
platform to reach customers across five continents around the world and we continue to invest resources to further establish the
Amira brand as a premium, high quality, packaged specialty rice brand. We also go to market under additional Company owned brands
and sub-brands such as Atry, Dum, Guru, Sadry, Sativa, Amira Good Length and Amira Daily Fresh, which allow us to sell at multiple
channels and various price points across the value chain to maximize our customer exposure. We have tailored our strategy to local
market requirements and continuously focus on developing new value-added products to sell to our customers.



We are vertically integrated and participate
across the entire rice supply chain beginning with the procurement of paddy (unprocessed rice) to its storage, aging, processing
into rice, packaging, marketing and distribution. We believe that our flexible, vertically integrated model provides us with significant
advantages in ensuring stability of supply and maintaining quality control throughout the processing cycle. We have longstanding
relationships with a large network of procurement agents and a large number of local Indian paddy farmers which allow us to consistently
source high-quality paddy. Over the past several years, we have also developed organic sourcing initiatives, which allow us to
source and sell organic certified products in India, Europe and the United States. Additionally, we have relationships with several
independent rice millers throughout India from whom we supplement our production capacity to fully meet our product needs. Meanwhile,
our international operations also source products from outside India from time to time. We believe that our flexible, vertically
integrated model provides us with significant advantages in ensuring stability of supply and maintaining quality control throughout
the processing cycle.



We operate a sophisticated, fully automated
and integrated processing and milling facility that is strategically located on nearly 20 acres of land in Gurgaon, Haryana, India.
The facility spans a covered area of approximately 310,000 square feet, with a processing capacity of approximately 24 metric tons
of paddy per hour. We also own 48.2 acres of land in nearby Karnal, Haryana, India in the vicinity of key Basmati rice paddy producing
regions in northern India. We have plans for a new rice processing and milling facility in Karnal, Haryana, which we currently
expect, when completed, will increase our production capacity to more than 60 metric tons of paddy per hour. This increased production
capacity will permit increased processing of higher margin early stage products and increased economies of scale, which we expect
to improve our margins.



For the fiscal year ended March 31, 2017, we
had revenues of $551.8 million, adjusted EBITDA of $70.5 million, and adjusted profit after tax of $35.1 million. In fiscal 2017,
2016 and 2015 and 2014 our revenue was $551.8 million, $563.4 million and $700.0 million, respectively, our adjusted EBITDA was
$70.5 million, $74.7 million and $99.9 million, respectively and our adjusted profit after tax was $35.1 million, $41.9 million
and $56.1 million, respectively. For the fiscal year ended March 31, 2017, we derived 49.9% of our revenue from sales in India,
44.0% from sales in the Europe, Middle East and Africa, or EMEA region, 1.1% from sales in the Asia Pacific region (other than
India), and 5.0% from sales in North America.



See “Non-IFRS Financial Measures” for additional information
regarding EBITDA, adjusted EBITDA, adjusted profit after tax and other Non-IFRS Measures. For a reconciliation of Non-IFRS Measures
to the most directly comparable IFRS measure, see “Summary Financial and Other Data.”



Our Strengths



We believe that the following competitive strengths
have contributed to our expansion and strong track record and will continue to benefit us over time:



| | · | A Global Leader in the Attractive Packaged Specialty Rice Industry, and Primarily Basmati Rice.We are a leading global
manufacturer, marketer and distributor of packaged specialty rice, and primarily Basmati rice, a premium specialty rice that is
well known for its long-grain and appealing aroma, and which can only be grown in the geographically indicated region of the Indian
sub-continent. Our leadership in the Basmati rice segment represents a distinct competitive advantage since Basmati is a premium
rice variety with a long shelf life that generally commands higher prices and is more profitable than other types of rice. The
size of the Indian Basmati rice market is approximately $6.9 billion (CRISIL Equity Research Report, 2014), while the overall global
rice market is equal to approximately $275 billion (Horizon Research, 2012). Demand for Basmati rice has remained strong over the
past 10 years with sales volumes of Indian Basmati rice in both the domestic Indian market and international markets increasing
at more than a 10% CAGR during this time period.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



25







| | · | A Market Leader with a Differentiated Business Model.We believe that we have a unique opportunity within the global
premium, packaged specialty rice industry. As one of the few globally focused participants in the packaged rice category, we believe
that we have the flexibility to reach customers with differentiated offerings across continents and within the various countries
in which we operate. By utilizing our locally based professional management teams, we believe that we are better able to provide
localized solutions to our customers’ product needs while also maximizing our capital allocation and marketing efforts.
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | Successful Track Record of Brand-Building and Product Innovation.We launched our flagship Amira brand in 2008 and have
since rapidly expanded the presence of our Amira branded products across five continents around the world accounting for approximately
$245.6 million in revenue, or approximately 44.5% of our total revenue for the fiscal year ended March 31, 2017. Our Amira branded
sales have grown at a 15.1% CAGR from $121.8 million for the fiscal year ended March 31, 2012 to $245.6 million for the fiscal
year ended March 31, 2017. In 2011 and 2013, Planman Marcom recognized the Amira brand as one of only six food Power Brands in
our Indian market. Separately, Inc. India, a leading Indian business magazine identified Amira as one of India’s fastest growing
mid-sized companies multiple times since 2010. In 2013, Amira was voted as one of “Asia’s Most Promising Brands” by WCRC
group. In 2014-2015, VWP World Brand recognized the Amira Brand as “the Admired Brand of India.” We believe that our
brand leadership in the Indian rice market is particularly advantageous, given the underlying strength of Indian demographic and
economic trends. India’s rapidly growing middle class is expected to propel growth in the modern trade channel, which is a core
focus area that we expect will outgrow the overall market. In addition to our focus on marketing, we are consistently growing our
Amira branded presence by introducing new products to sell to our customers and thereby driving further growth.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | Global Presence Across Five Continents. We currently sell our products across five continents around the world. We
                                                                                                               sell our products in India through a network of small privately-owned independent stores (the “general trade” or
                                                                                                               “traditional retail”), as well as global retailers and regional supermarkets (the “modern trade”).
                                                                                                               Additionally, we have been selling our products globally for almost forty years and we have built a strong distribution
                                                                                                               platform throughout the emerging markets, utilizing a combination of direct sales and distributors to sell our products in
                                                                                                               the general trade and modern trade channels of these localized markets. We have also added substantially to our distribution
                                                                                                               efforts in the developed world and our products are now sold in many leading retailers in the United States, the United
                                                                                                               Kingdom and in Continental Europe. Our sales in India have grown at a 19.7% CAGR from $112.0 million in the fiscal year ended
                                                                                                               March 31, 2012 to $275.2 million for the fiscal year ended March 31, 2017. Our international sales have grown at a 5.0% CAGR
                                                                                                               from $217.0 million to $276.6 million over the same time period. Amira has been recognized in several years since 2010 by the
                                                                                                               World Economic Forum as a Global Growth Company, an invitation-only community consisting of approximately 300 of the world’s
                                                                                                               fastestgrowing companies, including illycaffe S.p.A. and Intralinks.
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | Deep Relationships with Broad Customer Base.We have been operating continuously in India for more than one hundred
years and we have been selling our products internationally for nearly forty years. Our experiences have allowed us to develop
a deep and extensive customer base with strong relationships among our large international and regional customers who market our
products under our brand names, as well as their own. These relationships have provided us a deep understanding of consumer preferences
in numerous markets worldwide. Our ability to consistently deliver large quantities of high-quality products globally in a timely
manner has been essential to our success in our Amira branded, third-party branded and institutional businesses. Our products are
sold across five continents around the world by many leading retailers such as Bharti Retail, Big Bazaar, Carrefour, Costco, EDEKA,
HEB, Jetro Restaurant Depot, Kaufland, Metro Cash & Carry, Morrisons, Publix, Reliance Retail Limited, REWE, Safeway Albertsons,
Spencer’s Retail, Star Bazaar, Tesco, Waitrose, Walmart, Wegman’s and Whole Foods. As a result of our global operations and diverse
customer base, we have limited customer concentration. For the fiscal year ended March 31, 2017, our top five customers accounted
for approximately 24.0% of our total revenue.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | Broad Product Portfolio that Can Be Tailored to Specific Customer and Regional Requirements.We sell our products through
more than 300 SKUs, which includes our premium and everyday Basmati rice offerings, as well as other specialty rice, a growing
line of other value-add food products including edible oils and organic product offerings and an opportunistic agricultural business
which includes sales of wheat, barley, legumes and other produce to our institutional customers. We have the ability to tailor
our products to our customers’ needs which allows us to sell at various price points across the value chain and maximize our customer
exposure.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



26







| | · | Flexible, Vertically Integrated, Supply Chain.We are vertically integrated and participate across the entire rice supply
chain beginning with the procurement of paddy (unprocessed rice) to its storage, aging, processing into rice, packaging, marketing
and distribution. We believe that our flexible, vertically integrated model provides us with significant advantages in ensuring
stability of supply and maintaining quality control throughout the processing cycle. We have long-standing relationships with a
large network of procurement agents and a large number of local Indian paddy farmers which allow us to consistently source high-quality
paddy. Over the past several years, we have also developed organic sourcing initiatives which allow us to source and sell organic
certified products in India, Europe and the United States. Additionally, we have relationships with several independent rice millers
throughout India from whom we supplement our production capacity to fully meet our product needs. Meanwhile, our international
operations also source products from outside India from time to time. We believe that our flexible, vertically integrated model
provides us with significant advantages in ensuring stability of supply and maintaining quality control throughout the processing
cycle.
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | Sophisticated, Fully Automated Manufacturing Facility. We operate a sophisticated, fully automated and integrated processing
and milling facility that is located on nearly 20 acres of land in Gurgaon, Haryana, India. The facility spans a covered area of
approximately 310,000 square feet, with a processing capacity of approximately 24 metric tons of paddy per hour. We also own 48.2
acres of land in Karnal, Haryana, India in the vicinity of key Basmati rice paddy producing regions in northern India. We have
plans for a new rice processing and milling facility in Karnal, Haryana, which we expect to increase our production capacity to
more than 60 metric tons of paddy per hour.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | Strong Financial Track Record Underpinned by Stable Margins and Robust Discretionary Cashflows.We have a strong financial
track record. We have grown our sales at a 15.5% CAGR from $201.7 million for the fiscal year ended March 31, 2010 to $551.8 million
for the fiscal year ended March 31, 2017. We have grown our adjusted EBITDA at a 18.5% CAGR from $21.5 million to $70.5 million
during the same time period. We have consistent, stable operating margins and our adjusted EBITDA margin has averaged 13.0% over
the same time period. Additionally, as a result of our attention to costs, efficient capital spending and an attractive blended
tax rate, we have generated significant discretionary cash flows which we define as adjusted EBITDA less capital expenditures and
taxes over this time period. In line with our corporate strategy, we have elected to invest in the continued growth of our business
by increasing our working capital in order to support our future sales. Our largest financial outlay tends to be the purchase of
paddy and rice which we believe is a monetizable asset that can generally be converted into sales at various times throughout its
expected life cycle.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | Strong Management Team with a Track Record of Success.As a family-owned and managed business that has operated since
1915, we have more than a century of experience in the food business. In 2006, our Chairman and Chief Executive Officer, Mr. Karan
A. Chanana, assumed responsibility for our operations. Under Mr. Karan A. Chanana’s leadership, we have transitioned from a family-owned
and managed business to an international, professionally-managed business. Our management team has significant experience in the
rice industry and broad knowledge about paddy procurement, processing and marketing activities. We have augmented our management
team and Board of Directors by adding individuals with a significant array of global experience.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Our Strategy



Our goal is to be the leading global rice brand.
Key elements of our strategy to achieve this goal include:



| | · | Pursue our Bi-Focal Business Model Focused on Premium Specialty Rice Segments, with an Emphasis on Basmati.We sell
our products under our flagship Amira brand, as well as other Company owned brands and third party brands. We believe that consumers
recognize our brand and associate it with high quality, premium and authentic specialty rice. We successfully expanded the Amira
brand across five continents within only nine years of its launch, and we are investing resources to further establish our brand
with the consumer as the standard for high-quality Basmati rice. Our Amira branded sales accounted for approximately 44.5% of our
total revenue or $245.6 million for the fiscal year ended March 31, 2017, a substantial increase from $121.8 million for the fiscal
year ended March 31, 2012. As a part of our bi-focal strategy, we also supply our products to third party branded partners. We
have been selling products to many of our third party branded partners for generations. These relationships provide stability to
our business and grant us visibility over our sales and profits in any given year. In addition, we also continue to add new third
party customers over time. The strategic deployment of third party branded products helps us secure footholds into new markets
and provides us with proprietary, deep understanding of end markets, consumer preferences and price points, which helps us to obtain
insights into the local trends and consumer preferences. This unique knowledge helps us refine our strategy for our branded product
offerings to cater to specific needs of each customer segment in those markets, hence allowing for greater chances of success.
We have successfully used this strategy to increase our Amira branded presence in both emerging and developed markets. Our third
party branded sales accounted for approximately 47.1% of our total revenue or $260.2 million for the fiscal year ended March 31,
2017, compared to $180.7 million for the fiscal year ended March 31, 2012. Basmati remains our core category, accounting for approximately
75.2% of our total revenue for the fiscal year ended March 31, 2017, which stems from our strong presence in our home market and
heritage around the category.
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



27







| | · | Expand our Presence in International Markets in both Developed and Emerging Economies, while building upon our Strong Foothold
in India.Despite its importance as a staple, the packaged rice market remains highly fragmented in both emerging and developed
economies which typically see concentrated market positions across most consumer categories. Additionally we believe that most
of these markets have yet to fully realize the full potential of the premium/gourmet, specialty segments within the broader rice
category. As a result, we believe that emerging markets across the Middle East, Africa and Asia, and developed markets such as
the United States, the United Kingdom and Europe represent compelling growth opportunities for us in the near term. We believe
that our unyielding focus on high quality, branded specialty rice will allow us to strengthen our market position over time. Our
products are currently sold by major retailers in markets such as: Costco, Publix, Safeway Albertsons and Whole Foods in the United
States; Morrisons, Tesco and Waitrose in the United Kingdom; and EDEKA, Kaufland and REWE in Germany. We plan to expand our footprint,
building on our existing presence as well as increasing our penetration into new countries. In India, we believe that the increase
in purchasing power resulting from population growth and an expanding middle class in India will create additional demand for our
Basmati rice and value-added product offerings across all distribution channels. Our extensive distribution strength, stemming
from more than 200 Indian distributors and 15 company managed distribution centers in India, will allow us to further capitalize
on the extensive growth opportunities across both traditional and Western-style modern retail locations.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | Continue Building on our Local Organization and Infrastructure in Each Market as we Expand Globally.We believe that
the presence of local management teams and sales teams in each of our core markets is one of our key strengths and differentiating
aspects vis-à-vis other rice players. We employ dedicated sales teams focused on promoting our products on a country and
regional basis. This provides us with a superior interface with the customers, allowing us to better promote our products, respond
better to consumer trends and preferences, align our value chain, consistently deliver superior products in a timely manner and
further strengthen customer relationships. Outside of India, which we cover on a region-by-region basis, we have local teams in
the United Kingdom, the United States, Europe and the Middle East. We will continue to invest in our local organization by further
additions as we expand into new markets.
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | Drive Margin Expansion through further Vertical Integration and Operating Efficiencies. We have a highly flexible, vertically
integrated supply chain and production model. We continuously strive to incorporate incremental elements of the value chain into
the Amira owned operations, thereby capturing additional profitability upside and increased margins, while also retaining flexibility.
We constructed what we believe was the first automated rice processing facility calibrated for Basmati rice in Gurgaon, Haryana,
India in 1995. We made significant improvements to this facility and doubled our production capacity in 2010. We believe this facility
remains one of the most sophisticated rice processing plants in India today. We have plans to augment our production capabilities
through the construction of a new milling plant at a new facility in Karnal, Haryana, India. We expect the new facility will more
than double our production capacity, permitting increased processing of higher margin early stage products and increased economies
of scale, thereby enabling improving margins.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | Develop new Higher Margin, Branded Products in line with Consumer Trends and Preferences.Consistent with our bi-focal
business model, we plan to continue to build on the success of our third party branded products in international markets to further
develop our Amira branded product sales. In addition to penetrating new markets and increasing our presence in existing markets
with our Amira branded and third party branded rice offerings, we are also focused on developing on new branded product offerings
such as edible oils, organic categories, snacks and ready-to-eat meals to increase our relevance to consumers and drive further
growth. We have leveraged our brand strength and diverse product offerings to allow us to sell our products at various price points
across the value chain and maximize our customer exposure. We plan to further penetrate the higher margin, premium segments of
the customer proposition through the development of new Amira branded offerings leveraging on our consumer insights, strong global
distribution network and established customer relationships.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | Opportunistic Inorganic Expansion through Small Bolt-on Acquisitions to Expand our Presence.The highly fragmented nature
of the industry presents a wide range of opportunities for consolidation and entering new markets and consumer segments. We have
a very selective approach towards inorganic growth which is based on an extensive assessment of the target company and the opportunity
it presents in terms of growth and synergy extraction potential. For example, in December 2013, we entered the German market through
our acquisition of AMIRA BASMATI RICE GMBH EUR, which sells its products under the Amira, Atry, Sadry, Sativa, Scheherazade and
Sultan brand names into leading retailers such as Edeka, Metro and Rewe in Germany and in neighboring European countries. We further
built upon that acquisition in March 2017, when our German entity acquired a portfolio of packaged specialty rice brands from Euro
Basmati GmbH. The brands, which include Al Amir, Al Hakim, Bano, Dalia, Hanna and Shah Pari are sold primarily in the ethnic channel
in the key markets of Hamburg and Berlin.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



28







History



Our business was originally founded in 1915
by the Chanana family as an agricultural commodities and salt trading business. Prior to 1947, we were one of the largest suppliers
of grain to the British Indian Army. Following the partition of India and Pakistan, we re-located our business in New Delhi, India
and expanded to include the trade and supply of lentils and other legumes to Indian government agencies. Throughout the 1960s and
1970s, we focused on the processing and distribution of legumes. In 1978, we first established an international business division
which imported legumes. In 1985, we began to process and distribute Basmati rice in India and internationally. In 1995, we constructed
what we believe was the first automated rice plant in India which we have continuously upgraded to increase capacity. In 2006,
our Chairman and Chief Executive Officer, Mr. Karan A. Chanana, assumed responsibility for our operations. Under his leadership,
we have transitioned from a family owned and managed business to an international, professionally managed business. We launched
the Amira branded strategy in 2008 to enhance our growth in both the India retail channel and globally. In 2012, we completed our
IPO and were listed on the New York Stock Exchange (the “NYSE”).



Corporate Structure



ANFI was incorporated on February 20, 2012 as a BVI business company
and currently has no direct operations of its own. The principal office of the Company is located at 29E, A.U. Tower Jumeirah Lake
Towers Dubai, United Arab Emirates. Since the completion of our IPO all our operations are conducted through Amira India and our
international operating entities, which we control through our wholly owned subsidiary, Amira Mauritius.



In connection with the IPO, ANFI’s wholly-owned
subsidiary Amira Mauritius purchased through a new issue of 53,102,500 equity shares of Amira India, representing 80.4% of Amira
India’s outstanding equity shares. Other than equity shares, Amira India has no other class of equity outstanding, with or
without voting rights. As a result, Amira Mauritius controls but does not wholly own Amira India. This purchase by Amira Mauritius
was funded with substantially all of the net proceeds of the IPO and occurred just after the completion of the IPO. The actual
number of equity shares that Amira Mauritius purchased equaled such net proceeds divided by the per share value of such shares,
or $1.45, as determined using the discounted free cash flow method in accordance with the Reserve Bank of India’s then-current
pricing guidelines for issuance of shares to persons resident outside India (the “RBI Price”).



As of March 31, 2017, 17.4% of the equity shares
of Amira India are legally and beneficially owned by Mr. Karan A. Chanana, and his affiliates, including various companies controlled
directly by Mr. Chanana and indirectly controlled by him through members of his family. As on March 31, 2017, together with Mr.
Karan A. Chanana’s ownership of 66.0% (including share options granted and vested) of ANFI, Mr. Karan A. Chanana and his
affiliates have an effective economic interest of 71.4% of ANFI. On May 1, 2012, Mr. Karan A. Chanana, in his individual capacity,
entered into an agreement with a holder of 1,500,000 equity shares of Amira India (representing 2.2% of the current outstanding
equity shares of Amira India) to purchase such shares. This agreement provides that the purchase will be affected when Indian regulatory
approval for the purchase is obtained. The price per Amira India share that Mr. Karan A. Chanana will pay was negotiated on an
arm’s length basis and will be substantially similar to the purchase price paid by Amira Mauritius for the Amira India shares
as described below. Following such purchase, Mr. Karan A. Chanana and his affiliates will own 19.6% of the equity shares of Amira
India directly and will be the only shareholders of Amira India other than Amira Mauritius, which, together with Mr. Karan A. Chanana’s
ownership of 66.0% (including share options granted and vested) of the ordinary shares of ANFI, will give Mr. Karan A. Chanana
and his affiliates an effective economic interest in Amira India of 72.0%. As a result, an investor’s ownership of our ordinary
shares represents a smaller corresponding indirect ownership of Amira India equity shares.



Governance of Amira Mauritius and Amira India



Under the Companies Act 2001 of the Republic
of Mauritius and Amira Mauritius’ organizational documents, the shareholders of Amira Mauritius elect the Board of Directors
of Amira Mauritius at its general meeting. ANFI is the sole shareholder of Amira Mauritius, and the Board of Directors of Amira
Mauritius consists of Mr. Karan A. Chanana, Mr. Druvnath Damry and Nazia Bibi Mungroo. Under the Indian Companies Act, 2013, as
amended, and the articles of association of Amira India, the Board of Directors of Amira India is elected by the vote of shareholders
of Amira India holding a majority of its equity shares at its general meeting. Amira Mauritius owns more than a majority of the
equity shares of Amira India and the Board of Directors of Amira India consists of Mr. Karan A. Chanana, Mr. Rajesh Arora, Aparna
Puri and Mr. Rahul Sood.



29







Exchange Agreement and Right of First Refusal



We have also entered into an exchange agreement,
dated September 27, 2012 (the “Exchange Agreement”), under which the shareholders of Amira India prior to the Amira
Mauritius subscription (the “India Shareholders”) described above, have the right, subject to the terms of the Exchange
Agreement, to exchange all or a portion of their Amira India equity shares for, at our option, (1) ANFI ordinary shares at an exchange
ratio of 1.85 Amira India equity shares for one ANFI ordinary share, or (2) cash per Amira India equity share in an amount equal
to the product of the exchange ratio and the volume weighted average price per share on the exchange upon which ANFI ordinary shares
are listed for the 15 trading days preceding the delivery of the notice of exchange, on the last day of each fiscal quarter. The
exchange ratio is subject to adjustment by the Board of Directors of ANFI upon an India Shareholder’s exercise of such right
to exchange in order that the exchange ratio accurately represents the ratio of the fair market value of Amira India and all of
its subsidiaries as compared to the fair market value of ANFI and its subsidiaries. The purpose of the Exchange Agreement is to
provide the terms upon which Amira India equity shares may eventually be converted into ordinary shares of ANFI at the option of
the India Shareholders and to give us the flexibility to convert these Amira India equity shares into ANFI ordinary shares prior
to or upon a change of control in order to increase the returns of our shareholders in the change of control.



In addition, in connection with a change of
control, we will have the right to exchange all Amira India equity shares held by the India Shareholders for, at our option: (1)
ANFI ordinary shares at the exchange ratio of 1.85 Amira India equity shares for one ANFI ordinary share, or (2) cash per Amira
India equity share in an amount equal to the product of the exchange ratio and the per share consideration that the holders of
ANFI ordinary shares are entitled to receive in the change of control transaction. An exchange in connection with a change in control
will only be effective if the applicable change in control is consummated. As defined in the Exchange Agreement, a “change
of control” refers to any:



| | · | merger, consolidation or other business combination of ANFI, Amira Mauritius Amira India or any of ANFI’s subsidiaries
that, individually or as a group, represent all or substantially all of the consolidated business of ANFI or Amira India at that
time, or any of their successors or other entities that own or hold substantially all the assets of ANFI, Amira Mauritius or Amira
India and their respective subsidiaries (the “Amira Business”) that results in the shareholders or other equity holders
of ANFI, Amira Mauritius, Amira India or the Amira Business, as the case may be, holding, directly or indirectly, less than fifty
percent (50%) of the voting power of ANFI, Amira Mauritius, Amira India or the Amira Business, as applicable,
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | any transfer, in one or a series of related transactions, of (1) with respect to ANFI or any successor or other entity owning
or holding substantially all the assets of ANFI, ordinary shares (or other equity interests) representing 50% of or more of the
voting power of ANFI, or such successor or other entity, to a person or group (other than ANFI or any of its controlled subsidiaries),
(2) with respect to Amira Mauritius or any successor or other entity owning or holding substantially all the assets of Amira Mauritius,
equity interests representing 50% or more of the voting power of Amira Mauritius or such successor or other entity, to a person
or group (other than ANFI or any of its controlled subsidiaries), (3) with respect to Amira India or any successor or other entity
owning or holding substantially all of the assets of Amira India, equity shares representing 50% or more of the voting power of
Amira India or such successor or other entity, to a person or group (other than ANFI or any of its controlled subsidiaries), other
than the issuance of equity shares of Amira India to Amira Mauritius in accordance with the terms of the subscription agreement,
or (4) with respect to the Amira Business, equity shares representing 50% or more of the voting power of the entities constituting
the Amira Business, to a person or group (other than ANFI or any of its controlled subsidiaries), or
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | the sale or other disposition, in one or a series of related transactions, of all or substantially all of the assets of ANFI,
Amira Mauritius, Amira India or the Amira Business.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Pursuant to the Exchange Agreement, ANFI, Amira
Mauritius and Amira India have agreed that within 30 days after the date that the Board of Directors of ANFI has either authorized
a corporate action to effect a change of 5% or greater in the ratio of the fair market value of Amira India and all of its subsidiaries
as compared to the fair market value of ANFI and its subsidiaries, or determined that such a material change has occurred, the
Board of Directors of ANFI will in good faith adjust the exchange ratio, determine the date when the adjusted exchange ratio will
apply, and provide written notice of the material change and adjustment to the exchange ratio to the India Shareholders.



30







Any exchange of shares under the Exchange Agreement
will be subject to all necessary approvals, including receipt of prior approval of Indian regulatory authorities. Further, any
acquisition of Amira India’s equity shares by ANFI or Amira Mauritius from the India Shareholders, by exchange or in cash,
must comply with applicable pricing guidelines issued by the Reserve Bank of India from time to time, and under current regulations,
cannot be at a price lower than the RBI Price.



The Exchange Agreement also provides ANFI and
Amira Mauritius a right of first refusal to purchase equity shares of Amira India that an India Shareholder (including Mr. Karan
A. Chanana and his affiliates) proposes to transfer to any person, at the same price and on the same terms and conditions as those
offered to the proposed transferee, subject to customary exceptions (including for estate planning purposes).



Our Organizational Structure



The diagram below illustrates our corporate
structure as of March 31, 2017, assuming Mr. Karan A. Chanana has completed the purchase of 1,500,000 equity shares of Amira India
as described previously. This diagram does not assume the exchange by the shareholders of Amira India of any of their Amira India
equity shares for ANFI ordinary shares pursuant to the Exchange Agreement.














| | (1) | Assumes the completion of the purchase by Mr. Karan A. Chanana of 1,500,000 equity shares of Amira India.
| | --- | ---------------------------------------------------------------------------------------------------------



| | (2) | Includes Share options granted and vested through March 31, 2017.
| | --- | -----------------------------------------------------------------



| | (3) | International subsidiaries include:
| | --- | -----------------------------------

| | • | Amira I Grand Foods Inc.
| | - | ------------------------

| | • | Amira Food Pte. Ltd.
| | - | --------------------

| | • | Amira C Foods International DMCC
| | - | --------------------------------

| | • | Amira Foods (Malaysia) SDN. BHD.
| | - | --------------------------------

| | • | Amira Basmati Rice GmbH EUR (formerly known as Basmati Rice GmbH Europe)
| | - | ------------------------------------------------------------------------

| | • | Basmati Rice North America LLC
| | - | ------------------------------

| | • | Amira G Foods Limited
| | - | ---------------------



31







| | • | Amira Ten Nigeria Limited
| | - | -------------------------



| | (4) | Subsidiaries include:
| | --- | ---------------------

| | • | Amira K.A. Foods International DMCC
| | - | -----------------------------------

| | • | Amira Grand I Foods Inc.
| | - | ------------------------



On February 17, 2017, Mr. Karan A. Chanana completed a gift of 3,500,000
restricted shares to JDIF TRUSTEES SARL as Trustees of the XEATON5 Trust dated November 3, 2016. Mr. Karan A. Chanana’s spouse
and children are the beneficiaries of the Xeaton 5 Trust.



We own 80.4% of Amira India and have consolidated
its financial results in the financial statements included in this Annual Report. As a result, the remaining 19.6% of Amira India
that is not owned by ANFI has been reflected in our consolidated financial statements as a non-controlling interest and accordingly,
the profit after tax attributable to equity shareholders of ANFI has been reduced by a corresponding percentage.



The following table sets forth our significant
subsidiaries as of March 31, 2017:





|Name of company                                  |  | Country of incorporation orestablishment |  | Attributable equity interest held       
|------------------------------------------------ |  | ---------------------------------------- |  | ----------------------------------------
|Amira Nature Foods Ltd (“Amira Mauritius”)       |  | Mauritius                                |  | 100% by ANFI                            
|                                                 |  |                                          |  |                                         
|Amira I Grand Foods Inc.                         |  | British Virgin Islands                   |  | 100% by Amira Mauritius                 
|                                                 |  |                                          |  |                                         
|Amira Grand I Foods Inc.                         |  | United States                            |  | 100% by Amira I Grand Foods Inc. (BVI)  
|                                                 |  |                                          |  |                                         
|Amira K.A. Foods International DMCC              |  | UAE                                      |  | 100% by  Amira I Grand Foods Inc. (BVI) 
|                                                 |  |                                          |  |                                         
|Amira Pure Foods Private Limited (“Amira India”) |  | India                                    |  | 80.4% by Amira Mauritius                
|                                                 |  |                                          |  |                                         
|Amira I Grand Foods Inc.                         |  | United States                            |  | 100% by Amira India                     
|                                                 |  |                                          |  |                                         
|Amira Food Pte. Ltd.                             |  | Singapore                                |  | 100% by Amira India                     
|                                                 |  |                                          |  |                                         
|Amira C Foods International DMCC                 |  | UAE                                      |  | 100% by Amira India                     
|                                                 |  |                                          |  |                                         
|Amira Foods (Malaysia) SDN. BHD.                 |  | Malaysia                                 |  | 100% by Amira Food PTE Ltd.             
|                                                 |  |                                          |  |                                         
|Amira Basmati Rice GmbH EUR*                     |  | Germany                                  |  | 100% by Amira C Foods International DMCC
|                                                 |  |                                          |  |                                         
|Basmati Rice North America LLC                   |  | United States                            |  | 100% by Amira C Foods International DMCC
|                                                 |  |                                          |  |                                         
|Amira G Foods Limited                            |  | United Kingdom                           |  | 100% by Amira C Foods International DMCC
|                                                 |  |                                          |  |                                         
|Amira Ten Nigeria Limited                        |  | Nigeria                                  |  | 100% by Amira C Foods International DMCC










*Formerly known as Basmati Rice GmbH Europe



Our Products



We are primarily engaged in the business of
processing, distributing and marketing packaged Indian specialty rice, primarily Basmati rice, which accounted for 75.2% of our
revenues for the fiscal year ended March 31, 2017. We also sell non-Basmati specialty rice and provide ready-to-eat snacks and
edible oils, and are launching numerous additional rice, snack and ready to heat meal products. We are also engaged in the institutional
sale of bulk commodities to large international and regional trading firms.



32









We offer all of our products in an array of
packages to meet different market needs. We continuously evaluate our existing products for quality, taste, nutritional value and
cost and make improvements where possible. Additionally, we develop new products where we see market opportunity. We offer several
types of rice, including AMIRA Brown Basmati, which is low-fat, cholesterol-free, high in fiber, and rich in vitamin B and manganese,
and our Parboiled Basmati Products, which have 80% of the nutrients found in brown rice. In addition, we have begun to market Amira
Smoked Basmati and Amira Organic Basmati in certain geographies.



Amira Branded Products



Our Amira branded products, consist of several
rice varieties, as well as a growing line of complementary products including edible oils, ready to eat snacks and ready to heat
meals. A representative list of our products is set forth below.



|                             |                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                               
|---------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------
|                             |                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                               
|                             | Premium Basmati Rice                                                                                                                                                                                                                                      | Value Basmati Rice                                                                                                                                                                                                                                                                                 | Other Specialty Rice                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | Other Product Adjacencies                                     
|                             |                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                               
|Brand/ Product
        Lines | •    Pure
        Basmati Rice
        •    Extra
        Long Grain Basmati Rice
        •    Indian
        Basmati Rice
        •    Brown
        Basmati Rice
        •    Traditional
        Basmati Rice
        •    Smoked
        Basmati Rice | •    Daily
        Fresh Basmati Rice
        •    Goodlength
        Day to Day
        Basmati Rice
        •    Everyday
        Basmati Rice
        •    Goodlength
        Broken
        Basmati Products
        •    Parboiled
        Basmati Products
        •    Banquet
        Rice | •    Thai
        Jasmine Rice
        •    Sharbati
        Aromatic Long
        Grain Rice
        •    Kheer
        Rice
        •    Khichdi
        Rice
        •    Sona
        Masoori Rice                                                                                                                                                                                                                                                                                    | •    Edible
        Oils
        •    Organic
        Products
|                             |                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                               
|Product
        Features     | •    Consists
        of the finest grains of aromatic Basmati
        •    Aged
        for as much as
        12+ months
        •    More
        than doubles in size
        when cooked
        •    Rich
        taste and fragrant aroma          | •    Consist
        of different types of high-quality rice such as a mix of Basmati rice varieties or a mix of broken rice
        •    Value
        alternative commonly used as an “everyday” Basmati and by restaurants or catering companies                                                | •    Thai
        Jasmine:sourced from Thailand and has a fragrant aroma and chewy texture
        •    Sharbati
        Aromatic Long Grain:an everyday rice for daily consumption; often purchased by foodservice customers
        •    Kheer:
        formulated for
        rice pudding
        •    Khichdi:formulated for Indian and South Asian comfort food; also used as infant and
        toddler food
        •    Sona
        Masoori:aromatic and light grain white rice | •Oils used in food preparation                                
|                             |                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                               



33







Third Party Branded Products



We sell a number of varieties of Basmati and
non-Basmati packaged rice to many large international and regional customers, such as Euricom Spa, Indonesia’s Business State
Logistics Agency (Bulog), Platinum Corp. FZE, the Seychelles State Trading Corporation Limited who market them under their own
brand through their own distribution networks. Our third party branded business is primarily focused on emerging markets where
the retail channel is highly fragmented. The following table shows examples of our third party branded rice products.





|                             | Third Party Basmati Rice                                                                                                                                                                                    | Third Party Non-Basmati Rice                                                                                                                                                         
|---------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                             |                                                                                                                                                                                                             |                                                                                                                                                                                      
|Brand/ Product
        Lines | •    Euricom
        Brown Basmati Rice, Italy
        •    Mahe
        Regular White Basmati Rice (Economy), Seychelles
        •    Mahe
        Premium White Basmati Rice (Premium), Seychelles        | •    Bulog
        Non-Basmati Rice, Indonesia
        •    Platinum
        Corp. FZE Non-Basmati Parboiled Rice, Nigeria
        •    Bonne
        Chance Long Grain Rice, Abidjan
|                             |                                                                                                                                                                                                             |                                                                                                                                                                                      
|Product
        Features     | •    Consists
        of the finest grains of pure traditional aromatic Indian Basmati
        •    Available
        in brown, white and parboiled rice
        •    Rich
        taste and fragrant aroma | •Non-Basmati white rice which is between 10% and 100% broken and may be parboiled                                                                                                    
|                             |                                                                                                                                                                                                             |                                                                                                                                                                                      



Institutional Products



Our institutional business primarily consists
of the opportunistic sale of bulk commodities, including wheat, barley, legumes, maize, sugar, soybean meal, onion, potato and
millet. We sell these products to large international and regional trading firms.



Customers and Sales Channels



We sell our products through a broad distribution
network across five continents throughout the world. Our Amira branded products are sold by Indian retailers such as Bharti Retail,
Big Bazaar, Metro Cash & Carry, Reliance Retail Limited, Spencer’s Retail and Star Bazaar. We also sell in India to traditional
retail (small, privately owned independent stores, typically at a single location) which we access through our distributor network.
Internationally, our Amira branded products are sold by global retailers such as, Carrefour, Costco, EDEKA, HEB, Jetro Restaurant
Depot, Kaufland, Morrisons, Publix, REWE, Safeway Albertsons, Tesco, Waitrose, Walmart, Wegman’s and Whole Foods. We also
sell our products in India and internationally through the food service channel. Our third party branded products are sold to many
international and regional customers, such as Indonesia’s Business State Logistics Agency (Bulog) and Platinum Corp. FZE,
who market them under their own brands through their own distribution networks. Third party sales provide a level of sales visibility
as they are made during January-March for delivery during the year. Our institutional products are sold to large international
and regional trading firms. Sales to our top five customers and distributors collectively accounted for 24.0% and 30.4% of our
revenue for the fiscal years ended March 31, 2017 and March 31, 2016, respectively. Our two largest customers or distributors accounted
for approximately 10.7% and 19.5% of our revenue during the fiscal years ended March 31, 2017 and March 31, 2016, respectively.



Production



Our Basmati rice operations include procurement,
inspection, cleaning, drying, parboiling, storage and aging, processing, sorting, packaging, branding and distribution. We purchase
our non-Basmati rice from other rice processors, and contract with third parties to produce and package our ready to eat meals,
snacks and edible oils.



34







Paddy and Semi-Processed Rice Procurement



Paddy Procurement



The primary raw material that we use in producing
Basmati rice is Basmati paddy. Rice seed is typically planted in flooded fields in the early spring and, after it matures, water
is drained from the fields and the crop is harvested. The harvested grain is referred to as “paddy.” In India, Basmati
paddy is typically harvested between September and March. Basmati paddy available during this period is generally of superior quality
compared to paddy available during the off-season, although we also purchase small quantities of paddy in the off-season to supplement
our annual procurement and to benefit from lower paddy prices. Our Basmati procurement team purchases paddy to be stored for aging
and processing throughout the year from the major Basmati paddy production centers, including the Indian states of Haryana, Punjab,
Rajasthan, Uttarakhand, and Western Uttar Pradesh, either directly at the organized and government regulated agricultural produce
markets in India known as “mandis,” and/or through licensed procurement agents. Licensed procurement agents, or “pucca
artiyas,” evaluate, test and purchase paddy on our behalf at mandis. We have non-contractual long-standing relationships
with procurement agents for sourcing paddy and are knowledgeable about and experienced with local areas and farmers.



Our ability to procure adequate quantities and
good quality paddy is affected by crop conditions. For example, yields of paddy could decrease and the price of paddy could increase
due to inadequate or delayed monsoons or heavy rains and high winds. We believe paddy is generally available at reasonable, stable
prices prevalent in the current market. We have not encountered any processing interruptions due to paddy shortages since we commenced
our Basmati operations in 1985.



Semi-Processed Rice Procurement



Semi-processed rice procurement is done through
approved vendors. These vendors are sourced through approved brokers with whom we have a historic relationship. Vendors or suppliers
are millers who have bought and aged non-Basmati rice. We purchase the semi-processed rice, transport the product into our rice
mill and then finish, pack and sell the product to our customers and distributors. Processed Rice Procurement



We also purchase processed rice based on our
specifications from third parties in India and internationally to supplement our product needs. We purchase the rice and then sell
the product to our customers and distributors on our terms and conditions.



Paddy Drying, Parboiling, Storage and Aging



After the paddy is tested and then unloaded
at our processing facility, it is pre-cleaned and dried to prevent deterioration. After it has been dried, some of our paddy is
parboiled. Parboiling involves soaking the paddy in water, steaming it before removing the husk, and further hydrating, heating
and drying it. Parboiling improves the nutritional profile of Basmati rice, causing it to retain more nutrients than regular milled
Basmati rice, and changes its texture so that it has a fluffier consistency. After it has been dried, and where appropriate, parboiled,
we store and age the paddy for as much as seven months or more in our warehouses or open plinths. Aging dehydrates the Basmati
paddy, which results in its rice grains elongating more when cooked.



Processing and Additional Storage and Aging



Prior to further processing, the paddy is cleaned
again to remove any residual dust or impurities and foreign materials. The paddy is then milled using a rice huller to remove the
paddy’s outer and inner husk. Once the husk has been removed, the resulting rice is polished and the broken rice is removed
and retained. We sell broken Basmati rice as Amira branded “Every Day” Basmati rice at an economical price compared
to full grain Basmati rice. Byproducts produced as a result of processing the paddy are husk, bran and broken rice, which we further
process and sort to produce other Amira branded rice products such as Kheer and Kichdi rice and Amira Goodlength Day to Day rice.
Once the paddy products and the broken rice have been removed, the remaining rice is sorted by color and graded. Basmati rice is
hygienically aged in our warehouses for as much as six months or more. Finally, our rice and rice products are packaged in our
processing facility and prepared for shipment.



Inspection



Paddy is checked for quality at the time of
purchase and prior to loading it on the trucks that transport paddy to our processing facility. Further, the paddy bags are sample
checked on arrival at storage locations to ensure that the paddy meets the quality specifications based on our purchase. We have
a fully equipped laboratory that checks quality at various stages of paddy procurement and rice processing. In addition, after
the rice has been processed, we inspect the rice to ensure that it meets our and our customers’ quality standards. We have
implemented strong measures throughout processing to ensure product quality and food safety. Our standardized processing, product
grading standards, monitoring and testing systems help to ensure consistent adherence to our quality control and food safety policies.
We have also received an ISO: 9001:2008 quality management accreditations for our rice processing facility, which has been renewed
yearly and is currently valid until July 2018.



35







Certifications



While certifications are not compulsory in the
rice industry, we maintain a number of internationally recognized certifications. We have received an ISO 9001:2008 quality system
certification, an ISO 22000:2005 food safety management certification for our rice processing facility, and a SQF Certificate.
In addition, our facilities have received certifications from BRC Global Standards, an international company which provides health
and safety certifications, the U.S. Food and Drug Administration, and are Kosher certified and have received a certificate of approval
for the export of Basmati rice by the Export Inspection Council of India.



We have organic certifications for our rice
products from Ecocert India Private Limited, an international certification body that certifies our compliance with the requirements
of the EU and the NOP, which tracks the US FDA organic regulations.



Sales, Marketing and Distribution



As of March 31, 2017, we had 70 employees working
in sales, marketing and distribution around the world. We now have 15 company-managed distribution centers in India compared to
just one at the time of our IPO. We believe this will allow us to further capitalize on the extensive growth opportunities across
both traditional and Western-style modern retail locations. We support our sales force using a marketing strategy including extensive
media advertising in both Indian and international markets. We use television, radio and print advertisements to promote the Amira
brand name to our end-users.



Our products also reach our Indian and international
customers through our network of more than 225 distributors who coordinate regional marketing, sales and distribution.



Competition



The global packaged rice market is highly fragmented
with no dominant players on a global basis or in India. According to Euromonitor, for example, in 2015 the top 10 brands only accounted
for approximately 11% of market share by value around the world. Competition in the rice markets is principally on the basis of
product selection, product quality, reliability of supply, processing capacity, brand recognition, distribution capability and
pricing. With respect to our Basmati rice, we compete with various types of competitors in the fragmented and unorganized Basmati
rice market, including other large Indian distributors and national rice brands, as well as, to smaller businesses in India and
around the world. Internationally, our major competitors are leading Indian overseas Basmati rice companies, as well as non-India
based companies that sell basmati and non-basmati rice. Basmati rice has historically only been grown successfully in the Indian
states of Haryana, Uttar Pradesh, Uttaranchal and Punjab, Rajasthan, Jammu and Kashmir, and in a part of the Punjab region located
in Pakistan which enjoy the climatic conditions required to successfully grow Basmati rice. A type of rice similar to Basmati is
grown and sold as Basmati rice from California and Texas, among other places.



Intellectual Property



We protect our intellectual property through
copyright and trademark laws. Our intellectual property includes the registered trademarks “Amira,” “Goodlength,”
“Daily Fresh,” “Goodhealth,” “Indigo,” “Sativa,” “Sharbati,” “Pashmina”
and “Love @1st bite” among others under the Indian Trade Marks Act, 1999 and other foreign trademark and copyright
legislations. The registration of a trademark is generally valid for ten years but can be renewed. In addition, we have applied
for the registration of the “Amira Food Connect” logo, “Make Something Beautiful,” the “Amira Pure”
label and “Amira” across certain other product categories. The registration of any trademark in India is a time-consuming
process, and there can be no assurance that any such registration will be granted. Further, we have obtained copyright protection
for certain of our intellectual property, which include our “Amira” label and logo, under the Indian Copyright Act,
1957. While registration is not a prerequisite for acquiring or enforcing copyrights, registration creates a presumption favoring
the ownership of the registered owner. Copyright registration in India gives copyright protection in 165 other countries which
are signatories to the Berne Convention.



36







In December 2013, we entered the German market
through our acquisition of Amira Basmati Rice Gmbh EUR, which sells its products under the Amira, Atry, Sadry, Sativa, Scheherazade
and Sultan brand names into leading retailers such as Edeka, Metro and Rewe in Germany and in neighboring European countries. We
further built upon that acquisition in March 2017, when our German entity acquired a portfolio of packaged specialty rice brands
from Euro Basmati GmbH. The brands, which include Al Amir, Al Hakim, Bano, Dalia, Hanna and Shah Pari are sold primarily in the
ethnic channel in the key markets of Hamburg and Berlin.



We have also registered, or are in the process
of registering, trade names and trademarks internationally in various countries where our products are sold, including in the U.S.



Employees



As of March 31, 2017 and 2016, we had 236 and
371 full-time employees, respectively. As of March 31, 2017, we had 50 full time employees working in our finance, accounting &
legal department, 70 working in sales, marketing & distribution, 57 working in HR, IT & administration, and 59 working
in operations and processing facility. We have entered into employment agreements with all of our fulltime employees that provide
for termination of their employment upon delivery of two months’ severance or notice, and that prohibit them from soliciting
any of our other employees during or after their employment. There is a registered trade union comprising a small number of workers
at the processing facility. We consider our relations with our employees to be amicable.



Insurance



We currently maintain commercial general liability
insurance and property insurance. We also have liability insurance for our directors and officers.



Legal Proceedings



We are subject to litigation in the normal course
of our business. Except as set forth below, we are not currently, and have not been in the recent past subject to any material
legal, arbitration or government proceedings (including proceedings pending or known to be contemplated) that we believe could
have a significant effect on our financial position or profitability.



On April 4, 2012, a vessel carrying rice owned
by Amira C Foods International DMCC (“Amira C Foods”) with a market value of approximately $10 million arrived at the
Subic Special Economic Zone (“SSEZ”) in the Port of Subic Bay, a free trade zone located in the Republic of the Philippines
for purposes of temporary warehousing and trans-shipment. Metro Eastern Trading Corp (“Metro Eastern”) a registered
“locator,” duly authorized and regulated by the Subic Bay Metropolitan Authority was engaged to unload, warehouse,
and transship the vessel’s cargo. On May 15, 2012, the Collector of Customs (“COC”) in the Port of Subic Bay
issued a warrant of seizure and detention to Metro Eastern alleging violation of certain sections of the Tariff and Customs Code
of the Philippines. To protect its interests, on June 8, 2012, Amira C Foods intervened in the proceedings and argued that the
COC lacked jurisdiction over the goods because they were never imported into the Philippines, but rather only transshipped into
the SSEZ. The COC upheld seizure of the rice shipment and forfeiture of the goods to the Philippines on grounds that the shipment
was imported into the Philippines without a valid import permit. This decision was upheld by the Commissioner of the Bureau of
Customs (“BOC”), and Amira C Foods filed an appeal with the Court of Tax Appeals (the “CTA”).



On June 27, 2012, the rice subject of the warrant
was sold to a related party for $11.4 million under an arrangement that effectively transferred all risks and rewards to the goods
without any recourse or further obligation, other than Amira C Foods’ obligation to make best efforts to assist the purchaser
in any regulatory, port and customs clearance required to transship the goods, the cost of which will be borne by the purchaser.



On October 17, 2012, the COC conducted a public
auction for the seized rice and an entity named Veramar Rice Mill and Trading Company was declared as the highest bidder with a
bid of Php 487 Million ($11.7 million at the rate of Php 41.18 to one U.S. dollar). Based on representations by BOC’s legal
counsel during the hearing of October 22, 2012 before the CTA, the full bid amount was delivered to the COC and such amount was
deposited in escrow to be released to the final prevailing party. Should the CTA find the forfeiture to be invalid, it will issue
a ruling that the escrowed amount be released to Amira C Foods. The CTA case is currently at the trial stage Amira completing the
presentation of its evidence-in-chief. The Republic will then present its evidence to refute the arguments raised by Amira in its
Petition. Should the CTA rule against Amira C Foods, we intend to appeal the ruling.



37







The CTA case is currently pending. We do not
believe that the Company will suffer any financial loss as a consequence of this proceeding.



On February 10, 2015, a consolidated class
action named the Company and certain of our current and former officers and directors as defendants alleging violations of
Section 11 and Section 15 of the Securities Act and Section 10(b) and Section 20(a) of the Exchange Act. The Court dismissed
the action in its entirety on July 18, 2016. In December 2015, the Company filed a formal complaint in the United States
District Court in the Southern District of New York against  a short-selling firm, related entities and individuals as a
result of their dissemination of material false, misleading and defamatory information about the Company. We sought damages
and injunctive relief for defamation and a permanent injunction. On April 6, 2017 we accepted a settlement agreement with the
defendants and dismissed the action. The financial terms of the settlement are subject to confidentiality requirements and as
such, have not been disclosed.



Unlike in the United States, in India, private
citizens are permitted to initiate criminal complaints against companies and individuals. For instance, Amira India and its executives
have been named in certain civil and criminal complaints filed by its suppliers and vendors from time to time. We do not believe
that these proceedings would have a material adverse effect on our financial condition, if determined adversely.



Seasonality of our Business



Our revenue is typically higher from October
through March than from April through September. Due to inherent seasonality in our business, our results may vary over reporting
periods. We procure most of our Basmati paddy between September and March. Our business requires a significant amount of working
capital primarily due to the fact that a significant amount of time passes between when we purchase Basmati paddy and sell finished
Basmati rice. Our average combined holding period of processed Basmati rice and paddy is as much as 12 months or more. Accordingly,
we maintain substantial levels of working capital indebtedness that is secured by this inventory. Our results of operations may
also be impacted by fluctuations in foreign currency. See “Item 5. Operating and Financial Review and Prospects—Factors
Affecting our Results of Operations—Foreign exchange fluctuations.”



Government Regulations Applicable to Our Business in India



The following description is a summary of the
material regulations and policies, which are applicable to our business in India.



Regulations Related to Agricultural Produce and Exports



The Government of India, under the Foreign Trade
(Development & Regulation) Act, 1992, or the Foreign Trade Act, together with the Foreign Trade Policy, provides for development
and regulation of foreign trade by facilitating imports into, and augmenting exports from India, as a part of which it sets the
MEP, including Basmati and non-Basmati rice, from time to time. While the MEP for Basmati rice was terminated in July 2012, the
Government of India may in the future reinstitute an MEP for Basmati rice. The Foreign Trade Act empowers the Director General
of Foreign Trade to advise the Government of India in formulation of export and import policy and to implement such policy. The
Foreign Trade Act prohibits any person from importing or exporting any goods without an importer-exporter code number, granted
by the Director General of Foreign Trade or an officer authorized by the Director General of Foreign Trade.



The Indian Ministry of Agriculture has established
the Commission for Agricultural Costs and Prices, or CACP, to advise it on the price policy of major agricultural commodities.
The CACP provides recommendations in relation to the minimum fixed price of major agricultural produce, such as paddy, every year.
These prices are announced by the Government of India with a view to ensure compensatory prices to farmers for their produce.



Further, agriculture produce market committee
laws have been enacted by various Indian state governments for benefit of Indian farmers, providing for better regulation of the
purchase, sale, storage and processing of agricultural produce, including rice, and the establishment of established market areas
for such produce known as “mandis”, each governed by a market committee, within the respective state. Under the legislation,
only persons with valid licenses are permitted to purchase, sell, store or process agricultural produce on behalf of buyers and
sellers.



38







In addition to the above policies of the Government
of India, the following are some of the important regulations that apply to our business in India:



Agricultural Produce (Grading and Marking)
Act, 1937



The Agricultural Produce (Grading and Marking)
Act, 1937, or the APGM Act, was enacted to provide for the grading and marking of agricultural and other produce. The APGM Act
gives powers to the Government of India to make rules for fixing the quality of agricultural produce. It provides powers of entry,
inspection and search and seizure to the inspecting authorities and penalties for violating the provisions of the AGPM Act.



The Export (Quality Control and Inspection)
Act, 1963



The Export (Quality Control and Inspection)
Act, 1963, or the Export Quality Act, was enacted for the further development of an export trade from India through quality control
and inspection. The Export Quality Act provides for establishment of export inspection council to advise the Government of India
regarding measures for quality control and inspection for commodities intended for export. The Export Quality Act authorizes the
Government of India to notify commodities which shall be subject to quality control and inspection and specify the type of quality
control or inspection applicable, and the agencies authorized to conduct quality control or inspection. The Government of India
also has power to obtain information from exporters, inspect their premises and seize commodities. The Export Quality Act also
provides for fines and penalties in case of non-compliance.



The Agricultural and Processed Food Products
Export Development Authority Act, 1985



The Agricultural and Processed Food Products
Export Development Authority Act provides for the establishment of the Agricultural and Processed Food Products Export Development
Authority for the purpose of promotion and development of industries engaged in the export of certain scheduled products, including
cereal and cereal products, and registration of and filing of returns by persons exporting the scheduled products. Under this act,
the Government of India also has the authority to prohibit, restrict or otherwise regulate the import and export of the scheduled
products.



The Export of Basmati Rice (Quality Control
and Inspection) Rules, 2003



In exercise of powers conferred under Export
(Quality Control and Inspection) Act, 1963 the Government of India has adopted the Export of Basmati Rice (Quality Control and
Inspection) Rules, 2003, or the Basmati Rice Rules. The Basmati Rice Rules provide for inspection of Basmati rice by the Export
Inspection Council to ascertain conformity with quality specifications prescribed by the Government of India. An exporter intending
to export a consignment of Basmati rice is required to register the contract with the Agricultural and Processed Food Products
Export Development Authority along with a declaration that adequate quality control has been exercised. On satisfying itself that
adequate quality controls have been exercised, the agency issues a certificate declaring the consignment as export worthy.



In 2007, the Government of India banned the
export of non-Basmati rice. However, pursuant to a notification (No. 71 (RE-2010)/2009-2014) dated September 9, 2011,
issued by the Ministry of Commerce and Industry of the Government of India, non-Basmati rice can again be exported from India,
subject to certain conditions specified in the notification.



Regulations Related to Food Quality



The Food Safety and Standards Act, 2006



The Food Safety and Standards Act, 2006, or
the FSS Act, provides for the establishment of the Food Safety and Standards Authority of India, or the Food Authority, which lays
down scientific standards for food and regulates the manufacture, storage, distribution, sale and import of food. The Food Authority
is also required to provide scientific advice and technical support to the Government of India and Indian state governments in
framing the Policy Rules and Regulations under the Act relating to food safety and nutrition. The FSS Act also sets forth regulations
relating to the license and registration of food businesses, general principles for food safety, responsibilities of food business
operators and liability of manufacturers and sellers, and provides for punishment, prosecution and adjudication for offences under
the Act.



39







Environmental Regulations



We are subject to various environmental, health
and safety laws and regulations. Our operations require various environmental and other permits covering, among other things, water
use and discharges, waste disposal and air and other emissions. Although we have implemented procedures to comply with these laws
and regulations, we cannot be sure that our measures are compliant or capable of eliminating the risk of injury or contamination
from the use, generation, manufacture, or disposal of our products. In the event of contamination or injury, we could be held liable
for any resulting damages, and any liability could exceed our insurance coverage. Violations of environmental, health and safety
laws may occur as a result of human error, accident, equipment failure or other causes.



Compliance with applicable environmental, health and safety laws
and regulations may be expensive, and the failure to comply could result in, among other things, the imposition of fines, regulatory
oversight costs, third party property damage, product liability and personal injury claims, investigation and remediation costs,
the suspension of production, or a cessation of operations and our liability may exceed our total assets. We expect to encounter
similar laws and regulations in most, if not all, of the countries in which we may seek to establish production capabilities or
operate, and the scope and nature of these laws and regulations will likely be different from country to country. We have made,
and expect to continue to make, expenditures pursuant to such laws and regulations. Environmental, health and safety laws could
become more stringent over time, requiring us to change our operations or incur greater compliance or capital costs, or could provide
for increased penalties for violations, all of which could impair our research, development or production efforts and harm our
business. The costs of complying with environmental, health and safety laws and regulations and any claims concerning noncompliance,
or liability arising thereunder, could significantly harm our results of operations or financial condition. Major environmental
laws applicable to our operations are set forth below.



The Environment (Protection) Act, 1986



The Environment (Protection) Act, 1986, or the
EPA, is an umbrella legislation which encompasses various environment protection laws in India. The EPA grants the Government of
India the power to take any measures it deems necessary or expedient for protecting and improving the quality of the environment
and preventing and controlling pollution. Penalties for violation of the EPA include imprisonment, payment of a fine, or both.



Under the EPA and the Environment (Protection)
Rules, 1986, as amended, the Government of India has issued a notification (S.O. 1533(E)) dated September 14, 2006, or the
EIA Notification, which requires that prior approval of the Ministry of Environment and Forests, or the MoEF, or the State Environment
Impact Assessment Authority, or the SEIAA, as the case may be, be obtained for the establishment of any new project and for expansion
or modernization of existing projects specified in the EIA Notification. The EIA Notification states that obtaining of prior environment
clearance includes four stages: screening, scoping, public consultation and appraisal.



An application for environment clearance is
made after the prospective project or activity site has been identified, but prior to commencing construction activity or other
land preparation. Certain projects which require approval from the SEIAA may not require an EIA report. For projects that require
preparation of an EIA report, public consultation involving public hearing and written responses is conducted by the State Pollution
Control Board, prior to submission of a final EIA report. The environmental clearance (for commencement of the project) is valid
for up to five years for all projects (other than mining projects). This period may be extended by the concerned regulator for
up to five years.



The Water (Prevention and Control of Pollution)
Act, 1974



The Water (Prevention and Control of Pollution)
Act, 1974, or the Water Act, aims to prevent and control water pollution and to maintain or restore water purity. The Water Act
provides for one central pollution control board, as well as various state pollution control boards, to be formed to implement
its provisions. The Water Act debars any person from establishing any industry, operation or process or any treatment and disposal
system likely to discharge sewage or other pollution into a water body, without prior consent of the State Pollution Control Board.



The Air (Prevention and Control of Pollution)
Act, 1981



The Air (Prevention and Control of Pollution)
Act, 1981, or the Air Act, aims to prevent, control and abate air pollution, and stipulates that no person shall, without prior
consent of the State Pollution Control Board, establish or operate any industrial plant which emits air pollutants in an air pollution
control area. The Central Pollution Control Board and State Pollution Control Board constituted under the Water Act perform similar
functions under the Air Act as well. Not all provisions of the Air Act apply automatically to all parts of India, and the State
Pollution Control Board must notify an area as an “air pollution control area” before the restrictions under the Air
Act apply.



40







The Hazardous Wastes (Management, Handling
and Transboundary Movement) Rules, 2008



The Hazardous Wastes (Management, Handling and
Transboundary Movement) Rules, 2008, or the Hazardous Wastes Rules, regulate the collection, reception, treatment, storage and
disposal of hazardous waste by imposing an obligation on every occupier and operator of a facility generating hazardous waste to
dispose of such waste without harming the environment. Every occupier and operator of a facility generating hazardous waste must
obtain approval from the applicable State Pollution Control Board.



The occupier is liable for damages caused to
the environment resulting from the improper handling and disposal of hazardous waste and must pay any fine that may be levied by
the respective State Pollution Control Board.



The Plastic (Waste Management and Handling)
Rules 2011



The Plastic (Waste Management and Handling)
Rules 2011 take into account the significant growth in waste generation, predominantly in the form of carry bags and multi-layered
plastic packaging, and lays out procedures and guidelines for plastic waste collection, segregation and disposal. The Plastic Rules
include the stipulation of benchmarked standards for recycling facilities, mandatory pricing of consumer carry bags given by retailers,
a labeling scheme, and extended responsibility to both manufacturers and users of plastic packaging.



Foreign Investment Regulations



Pursuant to the current Consolidated Foreign
Direct Investment policy (effective from May 12, 2015) issued by the Department of Industrial Policy and Promotion of the Government
of India, 100% foreign direct investment is allowed in services related to agricultural and related sectors.



Principal Operating Facilities



As of March 31, 2017, our material properties
consist of one office and one processing facility in India, seven international offices (one each in Dubai, Germany, Malaysia,
Singapore, the United Kingdom and two offices in the United States), 15 distribution centers in India, 9 warehouse facilities in
India, as well as additional warehousing facilities in in Dubai, Germany and the United States. We own our processing facility
and lease our other properties.



Our current processing facility is located on
nearly 20 acres in Gurgaon, Haryana, India, which is near New Delhi. We presently have a total installed hourly milling capacity
of 24 metric tons of paddy per hour across a covered area of approximately 310,000 square feet. We also own 48.2 acres of land
in Karnal, Haryana, India on which we intend to build a new processing facility should we be successful in locating financing.
When completed, we expect our facilities to have total installed hourly milling capacity of approximately 60 metric tons of paddy
per hour.



| | ITEM 4A. | UNRESOLVED STAFF COMMENTS
| | -------- | -------------------------



None.



| | ITEM 5. | OPERATING AND FINANCIAL REVIEW AND PROSPECTS
| | ------- | --------------------------------------------



The following discussion of our financial condition
and results of operations should be read in conjunction with our audited consolidated financial statements and the notes to those
financial statements appearing elsewhere in this Annual Report. This discussion contains forward-looking statements that involve
significant risks and uncertainties. As a result of many factors, such as those set forth under “Forward-Looking Statements”
and “Item 3D. Risk Factors” and elsewhere in this Annual Report, our actual results may differ materially from
those anticipated in these forward-looking statements.



41







Overview



We are a leading global manufacturer, marketer
and distributor of branded packaged specialty rice and other related food products, with sales across five continents around the
world. We generate the majority of our revenue through the sale of Basmati rice, a premium long-grain variety of rice grown only
in the geographically indicated region of the Indian sub-continent, as well as other specialty rice. We sell our products under
our flagship Amira brand, as well as under other Company owned brands and third party brands. We have expanded our product offerings
in recent years to include other value-add categories such as edible oils and organics. We also sell other products such as wheat,
barley, legumes and other produce to large institutional customers. Our fourth generation leadership has built on a rich, century-old
legacy and transformed Amira from a local family-run business to a publicly-listed globally focused packaged food company with
a global leadership position in the high growth Basmati rice sector. Under our current leadership, we significantly expanded our
footprint in India and internationally. We completed an initial public offering (“IPO”) in October 2012 and our shares
are listed on the New York Stock Exchange with the stock symbol ANFI.



We primarily operate in the global packaged
rice market and we have focused our efforts on premium, packaged, specialty rice, with a concentration in Basmati rice, a long-grain
aromatic rice with favorable health attributes that can be grown only in the geographically indicated region of the Indian sub-continent.
The global rice market is a large, staple market with stable growth, while specialty rice and specifically Basmati rice benefits
from premium pricing and increasing consumption patterns. The global rice market represented approximately $275 billion in value
based on benchmark rice export prices for the international rice trade, according to statistics from Horizon Research in 2012.
The Indian rice industry was valued at approximately $50 billion in wholesale prices in 2013 according to the CRISIL equity research
report on the indian rice industry. CRISIL has also estimated the Indian Basmati rice market to be approximately $6.9 billion in
fiscal 2014, of which approximately 30% was sold in India and approximately 70% was sold internationally. In recent years, the
Basmati rice segment has benefited from increased consumption trends both in India and internationally. According to information
provided by APEDA Agri-exchange, WASDE and Jefferies LLC research estimates from September 2016, domestic consumption of Indian
Basmati rice has increased at a 10% CAGR over the past 10 years, while international sales volumes of Indian Basmati rice have
increased at a 13% CAGR over the same time period.



We sell our products globally in both emerging
and developed markets through a broad distribution network. Our Amira branded products are currently sold by retailers such as
Bharti Retail, Big Bazaar, Carrefour, Costco, EDEKA, HEB, Jetro Restaurant Depot, Kaufland, Metro Cash & Carry, Morrisons,
Publix, Reliance Retail Limited, REWE, Safeway Albertsons, Spencer’s Retail, Star Bazaar, Tesco, Waitrose, Walmart, Wegman’s
and Whole Foods. In emerging markets, our products are sold by global retailers and regional supermarkets (the “modern trade”),
as well as a network of small, privately-owned independent stores (the “general trade” or “traditional retail”).
We maintain a strong distribution platform into the restaurant channel and have long standing network of distributors, third party
branded partners and institutional customers who sell our products throughout the world. Our third party branded business is often
conducted under contracts with our customers, which enable us to have a high degree of visibility on our sales, volumes, margins
and profitability.



Factors Affecting our Results of Operations



Our results of operations, cash flows and financial
condition are affected by a number of factors, including the following:



Demand for Basmati rice



In fiscal 2017, 2016 and 2015, we derived 75.2%,
66.0% and 66.6% of our revenue, respectively, from sales of Basmati rice. Its unique taste, aroma, shape and texture have historically
elicited premium pricing and strong demand. According to CRISIL, total sales of Indian Basmati rice were approximately $6.9 billion
in 2014, of which approximately 70% was sold internationally and 30% was sold in India. While we expect growth to remain strong
over time, we cannot guarantee that such growth materialize every year, furthermore any negative change in customer preferences
for Basmati rice may result in reduced demand and could harm our business and results of operations.



Demand for our products in our international markets



In fiscal 2017, 2016 and 2015, our revenue from
international sales was $276.6 million, $317.6 million and $413.3 million, respectively, and accounted for 50.1%, 56.4% and 59.0%
respectively, of our revenue in these periods. We sold our products to customers across five continents and significant portions
of our international sales were to Asia Pacific, EMEA and North America.



42







|                               |  | FY 2017               |       |  | FY 2016 |  |       | FY 2015 | 
|------------------------------ |  | --------------------- | ----- |  | ------- |  | ----- | ------- | 
|                               |  | (Amount in $ million) |      
|EMEA                           |  |                       | 242.8 |  |         |  | 299.2 |         | 
|Asia Pacific (excluding India) |  |                       | 6.1   |  |         |  | 5.9   |         | 
|North America                  |  |                       | 27.7  |  |         |  | 12.5  |         | 
|Total                          |  |                       | 276.6 |  |         |  | 317.6 |         | 



We plan to expand our international operations
into additional countries in the near future. Our international sales are dependent on general economic conditions in our various
international markets and regulatory policies and governmental initiatives of these jurisdictions relating to the import of Basmati
rice and our other products from India. Over the last decade, our relationships with key customers have led to an increase in the
number as well as the size of orders, which resulted in increased revenue from international sales of Basmati rice.



Increasing sales of Amira branded products in India
and international markets



Our Amira branded products were formally launched
in 2008. In fiscal 2017, Amira branded products sales amounted to $245.6 million. Our Amira branded products are sold by retailers
in India such as Bharti’s Easyday, Reliance Retail Limited, Big Bazaar, Metro Cash & Carry, Spar, Spencer’s
Retail and Star Bazaar (Tesco in India), Walmart, and by global retailers including both emerging and developed markets such as
Carrefour, Costco, EDEKA, HEB, Jetro Restaurant Depot, Kaufland, Morrison’s, Publix, REWE, Safeway Albertsons, Tesco (UK),
Waitrose and through the foodservice channel.



In India, we primarily sell Basmati rice, other
specialty rice and a growing line of other Amira branded products including edible oil, snacks, ready-to-heat meals, and organics.
Branded Basmati rice typically produces higher margins compared to non-branded Basmati rice. Sales of our branded products have
increased as a percentage of revenue in recent years, and we believe that the expansion of our distribution network and arrangements
with large retail chains in India will result in increased Indian revenue from Amira branded products.



Consistent with our historical branded growth
strategy, we plan to leverage our success in existing international markets to further penetrate them and enter other international
markets with our Amira branded product offerings. From our existing international operations, we have gained a deep understanding
of end markets and consumer preferences which helps us to shape our strategy for branded products. We plan to continue to expand
our international operations in the future.



Cost of capital and working capital cycle



We procure most of our Basmati paddy between
September and March. Our business requires a significant amount of working capital primarily due to the fact that a significant
amount of time passes between the time of purchase of raw material - Basmati paddy and the final sale of packaged Basmati rice.
Our combined holding period of processed Basmati rice and paddy is as much as 12 months or more. Hence, we maintain substantial
levels of short term indebtedness, primarily in the form of secured revolving credit facilities that are secured primarily by this
inventory. As of March 31, 2017, 2016 and 2015, we had $ 224.4 million, $209.4 million and $211.0 million of total indebtedness,
respectively, of which more than 98% had floating rates of interest. Any fluctuations in interest rates may directly affect the
interest costs of such loans, and could harm our results of operations. For more information, see “Item 5. Operating and
Financial Review and Prospects – Liquidity and Capital Resources”.



Capacity expansion



As part of our growth strategy, we intend to
significantly expand our rice processing capacities. We plan to expand our milling and sorting capacity from 24 metric tons per
hour as of March 31, 2017 with the addition of a new milling plant located in Karnal, Haryana, India, which we expect will provide
additional milling and sorting capacity of 48 metric tons per hour. Upon the completion of this new facility, we also plan to close
down the oldest two of the three milling plants at our existing facility in Gurgaon, each of which has a milling and sorting capacity
of 6 metric tons per hour, which will result in our total milling and sorting capacity reaching approximately 60 metric tons per
hour. Our future expansion plans are expected to require additional capital expenditures. We expect that the increased processing
capacity will improve our operational efficiencies and yield and will drive margin expansion.



43







Procurement and cost of Basmati paddy and aged rice



Our primary raw materials are Basmati paddy
and semi-processed rice. Our business and results of operations are significantly dependent on the cost of raw materials used in
our production process and our ability to procure sufficient good quality Basmati paddy and ungraded rice, which is semi-processed
rice where the husk has been removed but the rice has not been fully processed. Cost of material, which includes the costs of finished
goods sold that have been consumed during the period by adjusting for any increase or decrease in our finished goods inventory,
constitutes the largest component of our expenditures and, as a percentage of revenue in fiscal 2017, 2016 and 2015 were 82.8%,
80.7% and 79.4%, respectively. Since Basmati paddy crop is grown once a year, we are required to complete most of our annual procurement
during the period between September and March. Basmati paddy available during this period is generally of superior quality compared
to paddy available during the off-season. We purchase small quantities of paddy in the off-season to supplement our annual procurement
and to benefit from lower paddy prices.



Our ability to procure adequate quantities and
high quality Basmati paddy also depend on crop conditions. For example, crop yields of Basmati paddy could decrease due to inadequate
or delayed monsoons or heavy rains and high winds. The price of Basmati paddy procured by us depends on the variety of Basmati
paddy we purchase, which is primarily determined by the demand for specific Basmati rice varieties. The price of Basmati paddy
also depends on the quality of that season’s crop, which depends on weather conditions and the amount of monsoon or seasonal
rainfall, and prevailing Indian and international demand, particularly during the paddy harvesting season. In determining the quantity
and price of Basmati paddy that we purchase, we rely on the historic demand and supply of particular Basmati varieties, estimates
and forecasts of demand based on market information through continuing interaction with significant customers, and expectation
of the supply, quantity, quality and price of Basmati paddy based on information from farmers and our procurement agents.



Foreign exchange fluctuations



Our international sales account for a significant
percentage of our revenue, and are primarily denominated in U.S. dollars and to a lesser extent Euros, GBP and UAE Dirham. In fiscal
2017, 2016 and 2015, our revenue from international sales was 50.1%, 56.4% and 59.0%, respectively, of our revenue. As of March 31,
2017, foreign currency receivables were $23.7 million.



Since most of our operations are located in
India, our operating and other expenditures are denominated principally in Rupees. Depreciation of the Rupee against the U.S. dollar
and other foreign currencies could cause our products to be more competitive in international markets compared to our competitors
from other countries. Appreciation of the Rupee could also cause our products to be less competitive by raising our prices in terms
of such other currencies, or alternatively require us to reduce the Rupee price we charge for international sales, either of which
could harm our profitability. Our foreign currency exchange risks arise from the mismatch between the currency of a substantial
majority of our revenue and the currency of a substantial portion of our expenses, as well as timing differences between receipts
and payments which could result in an increase of any such mismatch. We have historically entered into forward foreign exchange
contracts taken against sales contracts to hedge against our foreign exchange rate risks in connection with our international sales.
There were no Forward foreign currency exchange contracts outstanding as of March 31, 2017 and there were $16.5 million and $133.8
million Forward foreign currency exchange contracts outstanding as of March 31 2016 and 2015 respectively. Our results of operations
have been impacted in the past and may be impacted by such fluctuations in the future. For example, the Indian Rupee depreciated
significantly against the U.S. dollar during fiscal 2017, and this nature of depreciation in the future, may impact our results
of operations in future periods.



Financial Operations Overview



Revenue



We derive our revenue primarily from the sale
of Amira branded and third party branded products and institutional sales to our customers in both Indian and international markets.
Revenue is measured at the fair value of consideration received, excluding discounts, rebates, and sales tax or duty.



Other income



Other income primarily consists of income from
export benefit (duty entitlement) in accordance with the Indian customs rules for being an exporter, insurance claims received
by us under the various policies taken against the loss of stock of Basmati paddy and rice.



44







Cost of material including change in inventory
of finished goods



Cost of material consists of cost of raw materials
(paddy, semi-processed rice and other products), other expenses used in processing our products, certain direct expenses to bring
inventory to its present location, and related taxes net of tax credit available, if any. Cost of material also includes cost of
finished goods consumed during the period by adjusting for any increase or decrease in our finished goods inventory.



The price of Basmati paddy procured by us depends
on the variety of Basmati paddy we purchase, which is primarily determined by the demand for specific Basmati rice varieties. The
price of Basmati paddy also depends on the quality of that season’s crop, which depends on weather conditions and the amount
of monsoon or seasonal rainfall, and prevailing Indian and international demand, particularly during the paddy harvesting season.
We also procure aged rice typically after the paddy procurement season is over based on our requirements from time to time, which
we then further process, polish, sort and grade before selling it to our customers.



Employee benefit expenses



Employee benefit expenses primarily consist
of:



| | · | wages and salaries of our employees,
| | - | ------------------------------------



| | · | defined benefit plans (gratuity), defined contribution plan (provident fund) accrued annual leave and sick leave, severance
payments and bonuses,
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------



| | · | employee stock options, and restricted share awards, and
| | - | --------------------------------------------------------



| | · | employee welfare expenses.
| | - | --------------------------



Depreciation and amortization



Depreciation consists primarily of depreciation
expense recorded on property, plant and equipment, such as buildings, plant and machineries, furniture and fixtures, office equipment
and vehicles. Amortization expense consists primarily of amortization recorded on intangible assets, such as trademarks registration
fees, software, customer relationships and favorable lease.



Depreciation on property, plant and equipment
is charged to income on a systematic basis over the useful life of assets as estimated by management. Depreciation is computed
using the straight line method of depreciation.



Freight, forwarding and handling expenses



Freight, forwarding and handling expenses primarily
consists of ocean freight, inland freight, customs clearing and freight forwarding, material handling and demurrage.



Other expenses



Other expenses are comprised primarily of expenses
of our sales and marketing operations and field location administrative costs which include:



| | · | Export Credit Guarantee Corporation, or ECGC, premiums, which we pay in India to insure against payment defaults by buyers
of our exported products,
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------



| | · | product insurance,
| | - | ------------------



| | · | traveling,
| | - | ----------



| | · | rent,
| | - | -----



| | · | power and fuel expenses,
| | - | ------------------------



45







| | · | corporate headquarters expenses related to our executive, general management, finance, accounting and administrative functions,
| | - | -------------------------------------------------------------------------------------------------------------------------------



| | · | commission, claims and compensation,
| | - | ------------------------------------



| | · | advertising and business promotion expenses,
| | - | --------------------------------------------



| | · | legal fees, and
| | - | ---------------



| | · | other functions.
| | - | ----------------

| |  | 
| |  | 

These costs are based on our volume of business
and expenses incurred to support corporate activities and initiatives such as training. We plan to expand our sales and marketing
efforts, improve our information processes and systems and implement the financial reporting, compliance and other infrastructure
required for a public company.



Finance costs



Finance costs consist primarily of interest
expense (borrowing costs) accrued on short term and long term loans taken from our lenders to fund working capital, bank charges
and other interest paid to supplier for credit they extend when we purchase paddy.



Finance income



Finance income primarily consists of interest
received on deposits including collateral deposits made by us to obtain letters of credit and other non-cash instruments and short
term interest bearing fixed deposits with banks.



Other gains and (losses)



Other gains and (losses) primarily consist of
our gain or loss due to foreign exchange fluctuations, or fluctuations in the value of the Rupee, in which we maintain our accounts,
and the U.S. dollar, in which a portion of our revenue is denominated or other currencies in which our indebtedness is incurred.
Other gains and (losses) also include, gain or loss on forward contracts settled during the year and to the extent hedges are not
effective, mark-to-market gain or loss on open forward contracts (not designated for hedging) as of the reporting date, gain or
loss on disposal of fixed assets, gain or loss on restatement of financial assets and liabilities at closing rates and gain or
loss on sale of available for sale financial assets. We expect that income from these items will continue to contribute an insignificant
percentage (on a net basis) of our revenue in the near future.



We have designated certain derivative instruments
as hedging instruments in a cash flow hedge relationship. All derivative financial instruments used for hedge accounting are recognized
and measured at fair value. Changes in the fair value of the derivative hedging instruments designated as a cash flow hedge are
recognized in other comprehensive income and held in cash flow hedging reserve, a component of equity to the extent that the hedges
are effective. To the extent that the hedge is ineffective, changes in fair values are recognized in the consolidated statements
of profit or loss and reported in “Other gains and (losses)”. The cumulative gain or loss previously recognized in
the cash flow hedging reserve is transferred to the consolidated statements of profit or loss upon the occurrence of the related
forecasted transaction. If the forecasted transaction is no longer expected to occur, such cumulative balance is immediately recognized
in the consolidated statements of profit or loss. Previously, before March 31, 2012 such derivative financial instruments were
not designated as effective hedges, and all changes in instruments’ fair value that were reported in the consolidated statements
of profit or loss were included in “Other gains and (losses)”.



Results of Operations



On October 15, 2012 we completed the IPO of
our ordinary shares. On October 16, 2012, we subscribed through our wholly owned subsidiary, Amira Nature Foods Ltd, Mauritius
(“Amira Mauritius”) for 53,102,500 equity shares of Amira Pure Foods Private Limited (“Amira India”), representing
80.4% of the outstanding shares of Amira India pursuant to a subscription agreement dated September 27, 2012, as subsequently amended
on October 10, 2012.



46









We accounted for this combination using the
“pooling of interest method,” and accordingly, our financial statements included in this Annual Report include our
and Amira India’s assets, liabilities, revenues and expenses, which have been recorded at their carrying values and retrospectively
adjusted for all periods presented in these financial statements.



| | · | Our results of operations for the fiscal years ended March
31, 2017, 2016 and 2015, respectively, were as follows:
| | - | ------------------------------------------------------------------------------------------------------------------



|                                               |  | (Amounts in USD)   |             
|---------------------------------------------- |  | ------------------ | ------------
|                                               |  | Fiscal years ended |             
|                                               |  | March 31, 2017     |             
|Revenue                                        |  | $                  | 551,830,966 
|Other income                                   |  |                    | 48,833      
|Cost of materials                              |  |                    | (492,189,652
|Change in inventory of finished goods          |  |                    | 35,517,661  
|Employee benefit expenses                      |  |                    | (8,753,175  
|Depreciation and amortization                  |  |                    | (1,778,968  
|Freight, forwarding and handling expenses      |  |                    | (3,139,061  
|Other expenses                                 |  |                    | (14,905,710 
|                                               |  | $                  | 66,630,894  
|Finance costs                                  |  |                    | (29,272,826 
|Finance income                                 |  |                    | 263,231     
|Other gains and (losses)                       |  |                    | (1,512,928  
|Profit before tax                              |  | $                  | 36,108,371  
|Income tax expense                             |  |                    | (4,596,968  
|                                               |  |                    |             
|Profit after tax for the year                  |  | $                  | 31,511,403  
|Profit after tax for the year attributable to: |  |                    |             
|Shareholders of the Company                    |  |                    | 25,087,388  
|Non-controlling interest                       |  |                    | 6,424,015   
|                                               |  |                    |             
|Earnings per share                             |  |                    |             
|Basic earnings per share                       |  | $                  | 0.84        
|Diluted earnings per share                     |  | $                  | 0.84        



| | (1) | Basic earnings per share is calculated by dividing our profit after tax as reduced by the amount of a non-controlling interest
reflecting the remaining 19.6% of Amira India that is not owned by us, by the number of our weighted average outstanding ordinary
shares, during the applicable period. Diluted earnings per share is calculated by dividing our profit after tax as reduced by the
amount of a non-controlling interest reflecting the remaining 19.6% of Amira India that is not owned by us, by the number of our
weighted average outstanding ordinary shares adjusted by the dilutive impact of equivalent stock options granted. The dilutive
impact of total share options 1,465,183 granted to Mr. Karan A. Chanana in the years ended March 31, 2017, 2016, 2015, 2014 and
2013, (see heading “Item 18. Financial Statements”; under Note 29 “Earnings per share”) is anti-dilutive
(in FY2016) and not material in previous years and hence there is no change in the presented basic and diluted earnings per share
in the table above.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | Adjusted EBITDA and adjusted earnings per share
| | - | -----------------------------------------------



Described in detail in this report under the
heading “Item 5. Operating and Financial Review and Prospects”; under section “Non-IFRS Financial Measures”.



Comparison of the Fiscal Years ended March 31, 2017 and 2016



Our results of operations for fiscal 2017 and
2016, respectively, were as follows:



47







Revenue



Revenue for fiscal 2017 was $551.8 million,
a decrease of $11.6 million or 2.1% compared to $563.4 million in fiscal 2016. The revenue decline was primarily driven by decreased
volumes in the Company’s international emerging markets business that management team believes to be short term in nature,
as well as macro effects on the business that include the impact of currency translation on the Company’s India sales and
lower prices globally for Basmati rice sales.



Revenue for our Amira branded and third
party branded products was $505.8 million in fiscal 2017, compared to $507.8 million for the same period in fiscal 2016. Our Amira
branded sales were $245.6 million and accounted for 44.5% of total sales, compared to $247.2 million or 43.9% of total sales in
in 2016. Third party branded sales were $260.2 million in fiscal 2017 compared to $260.6 million in fiscal 2016. Sales to the Company’s
institutional customers were $46.0 million during fiscal 2017 compared to $55.6 million in fiscal 2016.



Revenue in India was $275.2 million in fiscal
2017, a increase of $29.3 million or 11.9% compared to $245.9 million in fiscal 2016. Revenue growth in India was negatively impacted
by the depreciation of the Indian rupee against the U.S. dollar in fiscal 2017. Our sales in India, increased by approximately
14.8%, when measured in Indian rupees in fiscal 2017. Our sales in India were also impacted by lower prices for Basmati rice, offset
by higher volumes of Basmati rice.



Revenue from international sales decreased by
$40.9 million, or 12.9%, to $276.6 million in fiscal 2017 from $317.5 million in fiscal 2016, primarily due to lower sales volumes
to our institutional customers, as well as lower pricing for Basmati rice sold internationally which was offset in part by higher
volumes of Basmati rice.



A breakdown of our revenue by geographic region
is as follows:



|Region                         |  | FY 2017             |             |  | FY 2016 | 
|------------------------------ |  | ------------------- | ----------- |  | ------- | 
|                               |  | Amount in $ million |             |  | %       | 
|India                          |  |                     | 275,183,618 |  |         | 
|EMEA                           |  |                     | 242,773,808 |  |         | 
|Asia Pacific (excluding India) |  |                     | 6,137,993   |  |         | 
|North America                  |  |                     | 27,735,547  |  |         | 
|Total                          |  |                     | 551,830,966 |  |         | 



Other income



Other income decreased to $48,833 in the year
ended March 31, 2017 compared to $956,336 in the year ended March 31, 2016.



Cost of materials, including change in inventory
of finished goods



Cost of materials including change in inventory
of finished goods was $456.7 million or 82.8% of revenue in fiscal 2017, compared to $454.5 million or 80.7% of revenue in fiscal
2016, primarily reflecting the lower input costs which were off-set by the declines in revenue.



Employee benefit expenses



Employee benefits expenses decreased by $4.1
million to $8.8 million in fiscal 2017 from $12.9 million in fiscal 2016, primarily due to a reduction in the number of employees
versus the prior year, as well as a decrease in the non-cash share based compensation incurred during the year ended March 31,
2017. As a percentage of revenue, employee benefit expenses were 1.6% and 2.3% in fiscal 2017 and 2016, respectively.



Depreciation and amortization



Depreciation and amortization expense decreased
by $0.3 million to $1.8 million in fiscal 2017 as compared to $2.1 million in fiscal 2016. As a percentage of revenue, depreciation
and amortization costs were 0.3% and 0.4% in fiscal 2017 and 2016, respectively.



48







Freight, forwarding and handling expenses



Freight, forwarding and handling expenses were
$3.1 million or 0.6% of sales in fiscal 2017 compared to $9.1 million or 1.6% of sales in fiscal 2016. Freight, forwarding and
handling expenses declined primarily due to the decrease in international sales, lower fuel cost and a greater percentage of sales
which were conducted on FOB basis.



Other expenses



Other expenses decreased by $8.4 million,
or 36.0%, to $14.9 million in fiscal 2017 from $23.3 million in fiscal 2016. As a percent of revenue, other expenses decreased
to 2.7% in fiscal 2017 from 4.1% in fiscal 2016. The
decrease was primarily due to a reduction in legal and professional expenses, and reduction in travel, power and advertisement.



Finance costs



Finance costs were $29.3 million in fiscal
2017 compared to $27.1 million in fiscal 2016. The increase of $2.2 million is in line with increase in our debt from $209.4 million
in fiscal 2016 to $224.4 million in fiscal 2017.



Finance income



Finance income was $0.3 million in fiscal 2017
compared to $1.2 million in fiscal 2016 driven by a lower balance of cash and other marketable securities.



Other gains and (losses)



Other gains and losses was a loss of $1.5
million in fiscal 2017 compared to a gain of $1.1 million in fiscal 2016 primarily due to the impact of a stronger dollar relative
to rupee.



Profit before tax



Profit before tax decreased by $1.7 million,
or 4.5%, to $36.1 million in fiscal 2017 from $37.8 million in fiscal 2016. This decrease was primarily due to a decrease in revenue
and increase in cost of material margins. Additionally, the company had elevated spending on legal and professional expenses driven
by certain litigations. Profit before tax as a percentage of revenue was 6.5% and 6.7% in fiscal 2017 and fiscal 2016.



Income tax expense



Corporate tax expense was $4.6 million and our
effective tax rate was 12.7% in fiscal 2017. This is similar to our situation as compared to fiscal 2016 corporate tax expense
was of $4.9 million and effective tax rate of 13.0%. We recognized our income tax liability of $15.8 million and deferred tax liability
of $4.5 million as of March 31, 2017. Deferred income taxes are calculated using a balance sheet liability method on temporary
differences between the carrying amount of assets and liabilities and their tax bases using the tax laws that have been enacted
or substantively enacted as on the reporting date.



Profit after tax



Profit after tax decreased by $1.4 million,
or 4.3%, to $31.5 million in fiscal 2017 from $32.9 million in fiscal 2016, due to lower profits before tax. Profit after tax as
a percentage of revenue was to 5.7% in fiscal 2017 compared to 5.8% in fiscal 2016.



Comparison of the Fiscal Years ended March 31, 2016 and 2015



Our results of operations for fiscal 2016 and
2015, respectively, were as follows:



Revenue



Revenue for fiscal 2016 was $563.4
million, a decrease of $136.6 million or 19.5% compared to $700.0 million in fiscal 2015. The revenue decline was primarily
driven by decreased volumes in the Company’s India and international emerging markets business that the management team
believes to be short term in nature, as well as macro effects on the business that include the impact of currency translation
on the Company’s India sales and lower prices globally for Basmati rice sales.



49







Revenue for our Amira branded and third
party branded products was $507.8 million in fiscal 2016, compared to $663.0 million for the same period in fiscal 2015. Our Amira
branded sales were $247.2 million and accounted for 43.9% of total sales, compared to 51.1% of total sales in in 2015. Third party
branded sales were $260.6 million in fiscal 2016 compared to $305.5 million in fiscal 2015. Sales to the Company’s institutional
customers were $55.6 million during fiscal 2016 compared to $37.0 million in fiscal 2015.



Revenue in India was $245.9 million in fiscal
2016, a decrease of $40.8 million or 14.2% compared to $286.7 million in fiscal 2015. Revenue growth in India was negatively impacted
by the depreciation of the Indian rupee against the U.S. dollar in fiscal 2016. Our sales in India, decreased by approximately
8.1%, when measured in Indian rupees in fiscal 2016. Our sales in India were also impacted by lower prices for Basmati rice as
a result of reduced input costs and to a lesser extent lower volumes compared to 2015.



Revenue from international sales decreased by
$95.8 million, or 23.1%, to $317.5 million in fiscal 2016 from $413.3 million in fiscal 2015, primarily due to lower sales volumes
of international emerging markets business that management believes to be short term in nature. Our international sales were also
impacted to by lower prices for Basmati rice as a result of lower input costs.



A breakdown of our revenue by geographic region
is as follows:



|Region                         |  | FY 2016              |       |  | FY 2015 | 
|------------------------------ |  | -------------------- | ----- |  | ------- | 
|                               |  | Amount in $
 million |       |  | %       | 
|India                          |  |                      | 245.9 |  |         | 
|EMEA                           |  |                      | 299.2 |  |         | 
|Asia Pacific (excluding India) |  |                      | 5.8   |  |         | 
|North America                  |  |                      | 12.5  |  |         | 
|Total                          |  |                      | 563.4 |  |         | 



Other income



Other income marginally increased to $956,336
in the year ended March 31, 2016 compared to $186,404 in the year ended March 31, 2015.



Cost of materials, including change in inventory
of finished goods



Cost of materials including change in inventory
of finished goods was $454.5 million or 80.7% of revenue in fiscal 2016, compared to $555.9 million or 79.4% of revenue in fiscal
2015, primarily reflecting the lower input costs which were off-set by the declines in revenue.



Employee benefit expenses



Employee benefits expenses increased by $1.1
million to $12.9 million in fiscal 2016 from $11.8 million in fiscal 2015, primarily due to increase in the non-cash charge for
share based compensation incurred during the year ended March 31, 2016 which was largely offset by decrease in number of employees.
As a percentage of revenue, employee benefit expenses were 2.3% and 1.7% in fiscal 2016 and 2015, respectively.



Depreciation and amortization



Depreciation and amortization expense decreased
by $0.3 million to $2.1million in fiscal 2016 as compared to $2.4 million in fiscal 2015. As a percentage of revenue, depreciation
and amortization costs were 0.4% and 0.3% in fiscal 2016 and 2015, respectively.



50







Freight, forwarding and handling expenses



Freight, forwarding and handling expenses were
$9.1 million or 1.6% of sales in fiscal 2016 compared to $16.5 million or 2.4% of sales in fiscal 2015. Freight, forwarding and
handling expenses declined primarily due to the decrease in international sales, lower fuel cost and a greater percentage of sales
which were conducted on FOB basis. .



Other expenses



Other expenses decreased by $1.3 million, or
4.1%, to $23.3 million in fiscal 2016 from $24.6 million in fiscal 2015. As a percent of revenue, other expenses increased to 4.1%
in fiscal 2016 from 3.5% in fiscal 2015. The decrease was primarily due to significant decrease in travel, power and fuel expenses.
This was partly offset by increase in legal and professional expenses (largely driven by one-time charges for legal costs associated
with Amira’s defense against a class action lawsuit and other related litigation expenses) .



Finance costs



Finance costs were $27.1 million in fiscal
2016 compared to $35.0 million in fiscal 2015. The decrease of $7.9 million in finance costs was primarily due to change in foreign
exchange rates, general decline in interest rates and decline in size of average borrowings at high interest rates.



Finance income



Finance income was $1.2 million in fiscal 2016
compared to $2.3 million in fiscal 2015 driven by a lower balance of cash and other marketable securities.



Other gains and (losses)



Other gains and losses marginally declined to
a gain of $1.1 million in fiscal 2016 compared to a gain of $5.5 million in fiscal 2015.



Profit before tax



Profit before tax decreased by $24.0 million,
or 38.8%, to $37.8 million in fiscal 2016 from $61.8 million in fiscal 2015. This decrease was primarily due to a decrease in revenue
and increase in legal and professional expenses (largely for defending against a class action suit and other related litigation
expenses). Profit before tax as a percentage of revenue was 6.7% and 8.8% in fiscal 2016 and fiscal 2015.



Income tax expense



Corporate tax expense was $4.9 million and our
effective tax rate was 13.0% in fiscal 2016. This is similar to our situation as compared to fiscal 2015 corporate tax expense
was of $8.6 million and effective tax rate of 13.9%. We recognized our income tax liability of $15.7 million and deferred tax liability
of $5.2 million as of March 31, 2016. Deferred income taxes are calculated using a balance sheet liability method on temporary
differences between the carrying amount of assets and liabilities and their tax bases using the tax laws that have been enacted
or substantively enacted as on the reporting date.



Profit after tax



Profit after tax decreased by $20.3 million,
or 38.1%, to $32.9 million in fiscal 2016 from $53.2 million in fiscal 2015, due to the reasons mentioned above. Profit after tax
as a percentage of revenue decreased to 5.8% in fiscal 2016 from 7.6% in fiscal 2015.



Interim reporting



We intend to furnish reports to the Securities
and Exchange Commission on Form 6-K which contain our six month results for the period ending September 30 of each year, for so
long as we are subject to the reporting requirements of Section 13(g) or 15(d) of the Exchange Act. The following table presents
unaudited half yearly financial information for each of our last four interim periods on a historical basis. We believe the half
yearly information contains all adjustments necessary to fairly present this information. The operating results for any interim
period are not necessarily indicative of the results for any future period.

51







|                                          |  | FY 2017                  |              |   | FY 2016            | 
|----------------------------------------- |  | ------------------------ | ------------ | - | ------------------ | 
|                                          |  | Six months ended         |              |   | Six months ended   | 
|                                          |  | March 31, 2017*          |              |   | September 30, 2016 | 
|                                          |  | (Unaudited, Amount in $) |              |   |                    | 
|Revenue                                   |  |                          | 340,906,282  |   |                    | 
|Other income                              |  |                          | 29,151       |   |                    | 
|Cost of material                          |  |                          | (309,210,852 | ) |                    | 
|Change in inventory of finished goods     |  |                          | 22,743,524   |   |                    | 
|Employee benefit expenses                 |  |                          | (4,191,503   | ) |                    | 
|Depreciation and amortization             |  |                          | (842,697     | ) |                    | 
|Freight, forwarding and handling expenses |  |                          | (1,742,222   | ) |                    | 
|Other expenses                            |  |                          | (6,510,283   | ) |                    | 
|                                          |  |                          | 41,181,400   |   |                    | 
|Finance costs                             |  |                          | (15,275,389  | ) |                    | 
|Finance income                            |  |                          | 115,624      |   |                    | 
|Other gains and (losses)                  |  |                          | (381,974     | ) |                    | 
|Profit before tax                         |  |                          | 25,639,661   |   |                    | 
|Income tax expense                        |  |                          | (4,162,644   | ) |                    | 
|Profit after tax                          |  |                          | 21,477,017   |   |                    | 





*The figures of the last half year of the fiscal year are arrived
at as the balancing figures between the annual audited figures in respect of the full fiscal year and the published year-to-date
unaudited figures up to the September 30, of the relevant fiscal year.



Liquidity and Capital Resources



As of March 31, 2017, we had debt and liabilities
in the following amounts:



| | • | secured revolving credit facilities, aggregating $177.8
million;
| | - | ----------------------------------------------------------------



| | • | other facilities, aggregating $27.5 million;
| | - | --------------------------------------------



| | • | related party debt, aggregating $17.9 million;
| | - | ----------------------------------------------



| | • | term loan facilities (including current portion of long-term debt amounting to $1.18 million), aggregating
$1.19 million;
| | - | -------------------------------------------------------------------------------------------------------------------------



| | • | vehicle loans (including current portion of vehicle loan amounting to $0.04 million), aggregating $0.1 million; and
| | - | -------------------------------------------------------------------------------------------------------------------



| | • | trade payables, aggregating $13.0 million.
| | - | ------------------------------------------



Debt incurred under our secured revolving credit
facilities bears interest at variable rates of interest, determined by reference to the relevant benchmark rate. Most of our debt
is denominated in Rupees.



As of March 31, 2017, the Group had the following
undrawn financing facilities which remained available for drawdown under existing financing arrangements:



|                             |  | March 31, 2017 |        
|---------------------------- |  | -------------- | -------
|                             |  | (Amount in $)  |        
|Working capital – fund based |  |                | 815,043
|Total                        |  |                | 815,043



The weighted average interest rates (including
corresponding bank processing charges and fees for bank-related facilities) for each of the reporting periods were as follows:



52







|                                          |  | Terms of Interest          |  | Fiscal year ended March 31, |     
|----------------------------------------- |  | -------------------------- |  | --------------------------- | ----
|                                          |  |                            |  | 2017                        |     
|Secured revolving credit facilities       |  | Floating Rates of Interest |  |                             | 14.5
|Other facilities                          |  | Floating Rates of Interest |  |                             | 9.7 
|Related party debt – Mr. Karan A. Chanana |  | Fixed Rate of Interest     |  |                             | 11.6
|Related party debt – Others               |  | Fixed Rate of Interest     |  |                             | 9.4 
|Term loans                                |  | Floating Rate of Interest  |  |                             | 13.0
|Vehicle loan                              |  | Fixed Rate of Interest     |  |                             | 7.0 
|Trade payables                            |  | Fixed Rate of Interest     |  |                             | 21.0



The Group has paid interest to certain suppliers
for the payments made beyond the normal credit period as required under “Association of aartiyas (agents)”.



Our secured revolving credit facilities have
been provided to us by a consortium of 11* banks (Canara Bank, ICICI Bank, Oriental Bank of Commerce, Indian Overseas
Bank, Yes Bank, Bank of India, State Bank of India, State Bank of Hyderabad, Bank of Baroda, Vijaya Bank, Punjab National Bank
and IDBI Bank), while the term loan facilities have been provided by ICICI Bank. (*State Bank of India and State Bank of Hyderabad
(two of the banks comprising of the consortium) merged during the year)



Our outstanding secured revolving credit facilities
and term loans have been secured by, among other things, certain current and fixed assets of Amira India, including property, plant
and equipment, and supported by personal guarantees issued by Mr. Karan A. Chanana (our Chairman and Chief Executive Officer) and
Ms. Anita Daing (a former Director of Amira Pure Foods Private Limited “APFPL”). Mr. Karan A. Chanana and Ms. Anita
Daing (a former Director of Amira Pure Foods Private Limited “APFPL”) have issued personal guarantees in favor of Canara
Bank, the lead bank of a consortium of 11 banks that granted Amira India its outstanding secured revolving credit facilities. Under
these personal guarantees, Mr. Karan A. Chanana and Ms. Anita Daing (a former Director of Amira Pure Foods Private Limited “APFPL”)
have guaranteed the repayment of the secured revolving credit facilities, up to a sum of 238.0 million, along with any applicable
interest and other charges due to the consortium. In the event that Amira India defaults in its payment obligations, Canara Bank
has the right to demand such payment from Mr. Karan A. Chanana and/or Ms. Anita Daing (a former Director of Amira Pure Foods Private
Limited “APFPL”), who are obligated under the terms of the personal guarantees to make such payment. Ms. Anita Daing
was a director of Amira India until May 23, 2016.



Additionally, personal guarantees containing
similar terms have been issued by Mr. Karan A. Chanana and Ms. Anita Daing in favor of ICICI Bank for amounts not exceeding $1.2
million guaranteeing repayment of the term loan facilities availed by Amira India from these banks.



ANFI has indemnified its directors and officers,
including Mr. Karan A. Chanana and Ms. Anita Daing, in accordance with its Amended and Restated Memorandum and Articles of Association
and indemnification agreements entered into with such directors and officers. Such indemnification includes indemnification for
Mr. Karan A. Chanana’s and Ms. Anita Daing’s personal guarantees described above.



Under the terms of some of Amira India’s
current secured revolving credit facilities (representing less than 10% of our total debt outstanding as of March 31, 2017), we
need the consent of lenders under our current secured revolving credit facilities to declare dividends for any year except (i)
out of profits relating to that year after meeting all the financial commitments to the bank(s) and making all other due and necessary
provisions and (ii) that no default had occurred in any repayment obligations during the year. Additionally, such financing arrangements
contain limitations on Amira India’s ability to:



| | • | incur additional indebtedness,
| | - | ------------------------------

| | • | effect a change in Amira India’s capital structure,
| | - | ---------------------------------------------------

| | • | formulate any merger or other similar reorganization such as a scheme of amalgamation,
| | - | --------------------------------------------------------------------------------------

| | • | implement a scheme of expansion, diversification, modernization,
| | - | ----------------------------------------------------------------

| | • | make investments by way of shares/debentures or lend or advance funds to or place deposits with any other company, except in
the normal course of business,
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------

| | • | create any charge, lien or encumbrance over its assets or any part thereof in favor of any financial institution, bank, company
or persons, and
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------

| | • | make certain changes in management or ownership.
| | - | ------------------------------------------------



53







In fiscal 2017, 2016 and 2015, we spent $0.1
million, $0.6 million and $2.4 million, respectively, on capital expenditures.



Historically, our cash requirements have mainly
been for working capital as well as capital expenditures. As of March 31, 2017, our primary sources of liquidity, aside from our
secured revolving credit facilities, were $16.8 million of cash and cash equivalents.



Our trade receivables primarily comprise receivables
from our retail and institutional customers to whom we typically extend credit periods. Our trade receivables were $209.7 million
as of March 31, 2017.



Our prepayments and current assets primarily
consist of advances to our suppliers to secure better prices and availability of inventory in future periods, insurance claim receivables,
short-term investments and input tax credit receivables. Our prepayments were $47.3 million as of March 31, 2017.



We believe that our current cash and cash equivalents,
cash flow from operations, debt incurred under our secured revolving credit facilities and other short and long-term loans will
be sufficient to meet our anticipated regular working capital requirements and our needs for capital expenditures for at least
the next 12 months. We may, however, require additional cash resources to fund the development of our new processing facility or
to respond to changing business conditions or other future developments, including any new investments or acquisitions we may decide
to pursue.



Since we are currently a holding company, we
do not generate cash from operations in order to fund our expenses. Restrictions on the ability of our subsidiaries to pay us cash
dividends may make it impracticable for us to use such dividends as a means of funding the expenses of ANFI. However, in the event
that ANFI requires additional cash resources, we may conduct certain international operations or transactions through ANFI using
transfer pricing principles that involve Amira India or its trading affiliates, or seek third-party sources of financing in the
form of debt or equity.



The following table sets forth the summary of
our cash flows for the periods indicated:



|                                                          |  | Fiscal year ended March 31, |      
|--------------------------------------------------------- |  | --------------------------- | -----
|                                                          |  | 2017                        |      
|                                                          |  | (Amount in $ million)       |      
|Net cash generated from/(used in) operating activities    |  |                             | 5.8  
|Net cash generated from/(used in) investing activities    |  |                             | 3.3  
|Net cash generated from/(used in) financing activities    |  |                             | (18.6
|Effect of change in exchange rate on cash and equivalents |  |                             | 8.9  
|Net increase/(decrease) in cash and cash equivalents      |  |                             | (0.6 
|Cash and cash equivalents at the beginning of the year    |  |                             | 17.4 
|Cash and cash equivalents at the end of the year          |  |                             | 16.8 



Net cash generated from/ (used in) operating activities



In fiscal 2017, net cash generated from operating
activities was $5.8 million in comparison to net cash used of $6.5 million in fiscal 2016.



In fiscal 2016, net cash used in operating activities
was $6.5 million in comparison to cash generated of $7.4 million in fiscal 2015.



Generally, factors that affect our earnings
include, among others, sales price and volume, costs and productivity, which similarly also affect our cash flows from or (used
in) operations. While management of working capital, including timing of collections and payments, affects operating results only
indirectly, its impact on working capital and cash flows provided by operating activities can be significant.



Net cash used in investing activities



In fiscal 2017, cash generated from investing
activities was $3.3 million compared to cash generated of $1.8 million in fiscal 2016 which was primarily due to interest income
slightly offset by capital expenditure.





54







In fiscal 2016, cash generated from investing
activities was $1.8 million compared to cash used of $0.5 million in fiscal 2015 which was primarily due to interest income slightly
offset by capital expenditure.



Net cash generated from financing activities



In fiscal 2017, cash used in financing activities
was $18.6 million which was primarily due to the net proceeds of $9.4 million from the incurrence of short-term debt. We repaid
long-term debt of $0.5 million and interest of $27.5 million during the fiscal 2017.



In fiscal 2016, cash used in financing activities was $21.8 million
which was primarily due to the net proceeds of $10.3 million from the incurrence of short-term debt. We repaid long-term debt of
$0.9 million and interest of $31.3 million during the fiscal 2016.



Contractual Obligations



The following is a summary of our contractual
obligations and other commitments as of March 31, 2017:



|                                          |  | Payments due by period |            
|----------------------------------------- |  | ---------------------- | -----------
|                                          |  | Total                  |            
|                                          |  | (Amount in $ million)  |            
|Long-Term Debt Obligations:               |  |                        |            
|Current portion of Long Term Debt         |  |                        | 1,215,885  
|Non-Current portion of Long Term Debt     |  |                        | 53,496     
|Interest liability                        |  |                        | 126,139    
|Total Long-Term Debt Obligations (A)      |  |                        | 1,395,520  
|Operating Lease Obligations (B)           |  |                        | 321,447    
|Short-Term Debt Obligations:              |  |                        |            
|Current Debt                              |  |                        | 224,391,280
|Less: Current portion of Long-Term Debt   |  |                        | (1,215,885 
|Trade Payables                            |  |                        | 13,004,865 
|Other Financial Liabilities               |  |                        | 12,259,830 
|Total Short-Term Debt Obligations (C)     |  |                        | 248,440,090
|                                          |  |                        |            
|Total Contractual Obligations (A)+(B)+(C) |  |                        | 250,157,057



Capital commitments



Capital commitments net of advances amounted
to $8.53 million, $8.36 million and $9.08 million as of March 31, 2017, 2016 and 2015 respectively.



Inflation



Our results of operations and financial condition
have historically not been significantly affected by inflation because we were able to pass most, if not all, increases in raw
materials prices on to our customers through price increases on our products.



Off-Balance Sheet Arrangements



As of March 31, 2017, we had no off-balance
sheet arrangements, other than items disclosed under the heading “Item 18. Financial Statements”.



Critical Accounting Policies and Estimates



Information relating to “Critical Accounting
Policies and Estimates” are described in detail under the heading “Item 18. Financial Statements – Note 6”.



55







New standards/amendments relevant for the Group adopted from
April 1, 2016 and new standards/amendments issued but not yet effective relevant for the Group



Information relating to “New standards/amendments
relevant for the Group adopted from April 1, 2016” and “New standards/amendments issued but not yet effective relevant
for the Group” are described in detail under the heading “Item 18. Financial Statements – Note 4 and 5”.



Non-IFRS Financial Measures



In evaluating our business, we consider and
use the non-IFRS measures EBITDA, adjusted EBITDA, adjusted profit after tax, adjusted earnings per share, adjusted net working
capital and net debt as supplemental measures to review and assess our operating performance. The presentation of these non-IFRS
financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and
presented in accordance with IFRS. We define:



(1) EBITDA as profit after tax plus finance costs (net of finance
income), income tax expense and depreciation and amortization;

(2) adjusted EBITDA, as EBITDA plus non-cash expense for share-based
compensation for fiscal 2017, fiscal 2016 and fiscal 2015, respectively, other one-time legal & professional charges for fiscal
2017 and fiscal 2016 and onetime expenses related to proposed Senior Secured Second Lien Notes offering for fiscal 2015

(3) adjusted profit after tax, as profit after tax plus
non-cash expense for share-based compensation for fiscal 2017, fiscal 2016 and fiscal 2015, respectively, onetime expenses
related to proposed Senior Secured Second Lien Notes offering for fiscal 2015 and other one-time legal and professional
charges for fiscal 2016 and 2017;

(4) adjusted earnings per share as the quotient of: (a) adjusted
profit after tax and (b) the sum of our weighted average number of shares (including dilutive impact of share options granted)
for the applicable period and the ordinary shares subject to the exchange agreement between us and the non-controlling shareholders
of Amira India; during the applicable period;

(5) adjusted net working capital as total current assets minus:
(a) total current liabilities (b) cash and cash equivalents and plus current debt; and

(6) net debt as total current and non-current debt minus cash and
cash equivalents.



We use both EBITDA and adjusted EBITDA as measures
of operating performance to assist in comparing performance from period to period on a consistent basis, as a measure for planning
and forecasting overall expectations, for evaluating actual results against such expectations and as a performance evaluation metric,
including as part of assessing and administering our executive and employee incentive compensation programs. We believe that the
use of EBITDA and adjusted EBITDA as non-IFRS measures facilitates investors’ assessment of our operating performance from
period to period and from company to company by backing out potential differences caused by variations in items such as capital
structure (affecting relative finance or interest expenses), the book amortization of intangibles (affecting relative amortization
expenses), the age and book value of property and equipment (affecting relative depreciation expenses) and other non-cash expenses.
We also present these non-IFRS measures because we believe they are frequently used by securities analysts, investors and other
interested parties as measures of the financial performance of companies in our industry.



These non-IFRS financial measures are not defined
under IFRS and are not presented in accordance with IFRS. These non-IFRS financial measures have limitations as analytical tool,
and when assessing our operating performance, investors should not consider it in isolation, or as a substitute for profit/ (loss)
or other consolidated statements of operations data prepared in accordance with IFRS. Some of these limitations include, but are
not limited to:



| | · | it does not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments;
| | - | ---------------------------------------------------------------------------------------------------------------------



| | · | it does not reflect changes in, or cash requirements for, our working capital needs;
| | - | ------------------------------------------------------------------------------------



| | · | it does not reflect the finance or interest expenses, or the cash requirements necessary to service interest or principal payments,
on our debt;
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------



| | · | it does not reflect income taxes or the cash requirements for any tax payments;
| | - | -------------------------------------------------------------------------------



| | · | although depreciation and amortization are non-cash charges, the assets being depreciated and amortized often will have to
be replaced in the future, and adjusted net profit and EBITDA do not reflect any cash requirements for such replacements;
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



56







| | · | other companies may calculate EBITDA differently than we do, limiting the usefulness of this non-IFRS measure as a comparative
measure.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------



We compensate for these limitations by relying
primarily on our IFRS results and using EBITDA only as a supplemental measure.



We present adjusted EBITDA, adjusted profit
after tax, adjusted earnings per share, adjusted net working capital and net debt because we believe these measures provide additional
metrics to evaluate our operations and, when considered with both our IFRS results and the reconciliation to profit after tax,
basic and diluted earnings per share, working capital and total current and non-current debt, respectively, provide a more complete
understanding of our business than could be obtained absent this disclosure. We also believe that these non-IFRS financial measures
are useful to investors in assessing the operating performance of our business after reflecting the adjustments described above.



In the following tables we have provided reconciliation
of non-IFRS measures to the most directly comparable IFRS measure:



| | 1. | Reconciliation of profit
after tax to EBITDA and adjusted EBITDA:
| | -- | -----------------------------------------------------------------



|                                                                                    |  | Fiscal year ended March 31, |           
|----------------------------------------------------------------------------------- |  | --------------------------- | ----------
|                                                                                    |  | 2017                        |           
|                                                                                    |  | (Amount in $)               |           
|Profit after tax (PAT)                                                              |  |                             | 31,511,403
|Add: Income tax expense                                                             |  |                             | 4,596,968 
|Add: Finance costs (net of finance income)                                          |  |                             | 29,009,595
|Add: Depreciation and amortization                                                  |  |                             | 1,778,968 
|EBITDA                                                                              |  |                             | 66,896,934
|Add: Non-cash expenses for share-based compensation                                 |  |                             | 1,312,250 
|Add: Onetime expenses related to proposed Senior Secured Second Lien Notes offering |  |                             | -         
|Add: One-time legal & professional charges                                          |  |                             | 2,295,995 
|Adjusted EBITDA                                                                     |  |                             | 70,505,179



| | 2. | Reconciliation of profit
after tax to adjusted profit after tax (excluding IPO-related expenses):
| | -- | -------------------------------------------------------------------------------------------------



|                                                                                    |  | Fiscal year ended March 31, |           
|----------------------------------------------------------------------------------- |  | --------------------------- | ----------
|                                                                                    |  | 2017                        |           
|                                                                                    |  | (Amount in $)               |           
|Profit after tax (PAT)                                                              |  |                             | 31,511,403
|Add: Non-cash expenses for share-based compensation                                 |  |                             | 1,312,250 
|Add: Onetime expenses related to proposed Senior Secured Second Lien Notes offering |  |                             | -         
|Add: One-time legal & professional charges                                          |  |                             | 2,295,995 
|Adjusted profit after tax                                                           |  |                             | 35,119,648



57







| | 3. | Reconciliation of earnings
per share and adjusted earnings per share:
| | -- | ---------------------------------------------------------------------



|                                                                                         |  |                 |  | Fiscal year ended March 31, |           
|---------------------------------------------------------------------------------------- |  | --------------- |  | --------------------------- | ----------
|                                                                                         |  |                 |  | 2017                        |           
|                                                                                         |  |                 |  | (Amount in $)               |           
|                                                                                         |  |                 |  |                             |           
|Profit after tax (PAT)                                                                   |  |                 |  |                             | 31,511,403
|Profit attributable to Shareholders of the company                                       |  | (A)             |  |                             | 25,087,388
|Weighted average number of shares (for Basic earnings per share)                         |  | (B)             |  |                             | 29,822,470
|Weighted average number of shares (for diluted earnings per share)                       |  | (C)             |  |                             | 29,822,470
|Basic earnings per share as per IFRS                                                     |  | (A) ÷ (B)       |  |                             | 0.84      
|Diluted earnings per share as per IFRS                                                   |  | (A) ÷ (C)       |  |                             | 0.84      
|                                                                                         |  |                 |  |                             |           
|Share Issuable under share exchange agreement for non-controlling interest               |  | (D)             |  |                             | 7,005,434 
|Number of shares outstanding including shares for non-controlling interest-fully diluted |  | (E) = (C) + (D) |  |                             | 36,827,904
|                                                                                         |  |                 |  |                             |           
|Profit after tax (PAT)                                                                   |  |                 |  |                             | 31,511,403
|Add: Non-cash expenses for share-based compensation                                      |  |                 |  |                             | 1,312,250 
|Add: Onetime expenses related to proposed Senior Secured Second Lien Notes offering      |  |                 |  |                             | -         
|Add: One-time legal & professional charges                                               |  |                 |  |                             | 2,295,995 
|Adjusted profit after tax                                                                |  | (F)             |  |                             | 35,119,648
|                                                                                         |  |                 |  |                             |           
|Adjusted earnings per share                                                              |  | (F) ÷ (E)       |  |                             | 0.95      



| | 4. | Reconciliation of working
capital (total current assets minus total current liabilities) and adjusted net working capital:
| | -- | --------------------------------------------------------------------------------------------------------------------------



|                                                                       |  |               |             |  | Fiscal year ended March 31, | 
|---------------------------------------------------------------------- |  | ------------- | ----------- |  | --------------------------- | 
|                                                                       |  | 2017          |             |  | 2016                        | 
|                                                                       |  | (Amount in $) |            
|Current assets:                                                        |  |               |             |  |                             | 
|Inventories                                                            |  |               | 273,063,839 |  |                             | 
|Trade receivables                                                      |  |               | 209,673,239 |  |                             | 
|Derivative financial assets                                            |  |               | -           |  |                             | 
|Other financial assets                                                 |  |               | 5,467,164   |  |                             | 
|Prepayments                                                            |  |               | 47,272,153  |  |                             | 
|Other current assets                                                   |  |               | 664,553     |  |                             | 
|Cash and cash equivalents                                              |  |               | 16,831,655  |  |                             | 
|Total current assets                                                   |  |               | 552,972,603 |  |                             | 
|                                                                       |  |               |             |  |                             | 
|Current liabilities:                                                   |  |               |             |  |                             | 
|Trade payables                                                         |  |               | 13,004,865  |  |                             | 
|Debt                                                                   |  |               | 224,391,280 |  |                             | 
|Current tax liabilities (net)                                          |  |               | 15,799,116  |  |                             | 
|Derivative financial liabilities                                       |  |               | -           |  |                             | 
|Other financial liabilities                                            |  |               | 12,259,830  |  |                             | 
|Other current liabilities                                              |  |               | 1,101,744   |  |                             | 
|Total current liabilities                                              |  |               | 266,556,835 |  |                             | 
|                                                                       |  |               |             |  |                             | 
|Working Capital (Total current assets minus Total current liabilities) |  |               | 286,415,768 |  |                             | 
|Less: Cash and cash equivalents                                        |  |               | 16,831,655  |  |                             | 
|Add: Current debt                                                      |  |               | 224,391,280 |  |                             | 
|Adjusted net working capital                                           |  |               | 493,975,393 |  |                             | 



58







| | 5. | Reconciliation of total
current and non-current debt to net debt:
| | -- | -----------------------------------------------------------------



|                                               |  |               |             |  | Fiscal year ended March 31, | 
|---------------------------------------------- |  | ------------- | ----------- |  | --------------------------- | 
|                                               |  | 2017          |             |  | 2016                        | 
|                                               |  | (Amount in $) |            
|Current debt                                   |  |               | 224,391,280 |  |                             | 
|Non-current debt                               |  |               | 48,743      |  |                             | 
|Total current and non-current debt as per IFRS |  |               | 224,440,023 |  |                             | 
|Less: Cash and cash equivalents                |  |               | 16,831,655  |  |                             | 
|Net debt                                       |  |               | 207,608,368 |  |                             | 



| | ITEM 6. | DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
| | ------- | ------------------------------------------



| | A. | Directors and senior management
| | -- | -------------------------------



The following table sets forth as of March 31,
2017, information about our directors and executive officers:



|Name                         |  | Age |  | Position                                                      
|---------------------------- |  | --- |  | --------------------------------------------------------------
|Karan A. Chanana             |  | 44  |  | Chairman of the Board of Directors and Chief Executive Officer
|Bruce C. Wacha               |  | 45  |  | Chief Financial Officer and Executive Director                
|Neal Cravens(1)(2)(3)        |  | 64  |  | Independent Director                                          
|Shiv Surinder Kumar(1)(2)(3) |  | 53  |  | Independent Director                                          
|Harash Pal Sethi(1)(2)(3)    |  | 67  |  | Independent Director                                          
|Rajesh Arora                 |  | 52  |  | Senior Executive Director of Finance of Amira India           
|Tobias Strerath              |  | 36  |  | Chief Executive Officer of Amira Basmati Rice GmbH EUR        
|Alireza Yazdi                |  | 49  |  | Vice President of Amira I Grand Foods Inc., USA               



| | (1) | Member of Audit Committee                              
| | --- | -------------------------------------------------------
| | (2) | Member of Corporate Governance and Nominating Committee
| | (3) | Member of Compensation Committee                       



Mr. Karan A. Chananahas been our Chief Executive Officer and Chairman of the Board of Directors since our Initial Public Offering in 2012. Mr.
Chanana became Chief Executive Officer of Amira India in 2006 and has been a Director of Amira India since 1994. Mr. Chanana
has previously served as the Chairman for the Food Processing Value Addition Council of the Associate Chamber of Commerce and Industry
of India and as a member of various committees of the Confederation of Indian Industries, including the Agricultural Committee. Mr.
Chanana received a Bachelor of Commerce degree from the University of Delhi in 1993.



Mr. Bruce C. Wacha
was appointed as our Chief Financial Officer and as an Executive Director of the Board of Directors in June 2014. As Chief
Financial Officer, Mr. Wacha is responsible for the Company’s corporate finance, accounting and audit functions. In addition,
he is also involved in the management of the Company’s U.S. and global business strategy, corporate planning and governance. Mr.
Wacha joined the Company with more than 15 years of experience in the financial services industry and has advised corporate clients
across the food, beverage and consumer products landscape. Mr. Wacha has held positions at Deutsche Bank Securities, Merrill
Lynch & Co., Inc. and Prudential Securities, Inc., and was a key advisor to the Company on the Company’s initial public
offering while at Deutsche Bank. Mr. Wacha received a Bachelor of Arts and a Master of Business Administration from Columbia
University’s Columbia College and Columbia Business School, respectively.



Mr. Neal Cravenshas been a member
of our Board of Directors since October 2012. Previously, Mr. Cravens served as the Chief Financial Officer of Cott Corporation,
a leading global supplier of private label soft drinks from 2009 to 2012. From 2005 to 2009, he served in various capacities including
Chief Financial Officer of Advantage Sales and Marketing LLC, a consumer products broker, Chief Financial Officer of Almatis,
a leading global supplier of specialty alumina and Senior Vice President of Finance at Warner Music Group. Mr. Cravens also
held a variety of roles from 1978 through 2000 at Seagram Company Ltd., the beverage, consumer products, and media & entertainment
company, including senior Vice President of Finance, Chief Accounting Officer and Vice President of planning, mergers and acquisitions.
He also served as Executive Vice President and Chief Financial Officer of Seagram’s Tropicana and Universal Music Group divisions.
While at Seagram, Mr. Cravens had responsibility for SEC reporting, managing credit facilities, conducting equity and debt
financings, strategic planning and M&A. Mr. Cravens received a Bachelor’s degree from the University of Kentucky
in 1974 and a M.B.A. from the University of Kentucky in 1976.



59







Mr. Shiv Surinder
Kumar has been a member of our Board of Directors since June 2013.He brings with
him over 20 years of experience in the areas of asset management, merchant banking, capital markets and wealth management across
Asia, Europe and the Middle East. Mr. Kumar has been the Founder/Director of Bridge Capital and has been a Director of that firm
since 2006. Bridge Capital provides a broad range of corporate finance services covering the infrastructure and the warehousing
sectors. From 2000 to 2006, Mr. Kumar was the Director of Genesis International, Dubai, UAE, where he worked on a number of strategic
investment projects including airport privatization in India, private placements in mid-cap Indian companies and discretionary
portfolio management. From 1997 to 2000, Mr. Kumar was a financial consultant with Merrill Lynch International, where he managed
private banking with a focus on structured products related to wealth management of high net worth individuals and family offices.
From 1993 to 1997 Mr. Kumar worked as Vice President for Hinduja Finance Ltd, India where, arranged investment banking transactions
and invested on a proprietary basis in venture capital transactions. From 1991 to 1993, Mr. Kumar was Vice President of Prime Securities
Limited, India where he traded equities, structured government securities / units for Indian corporates and managed their portfolios.
From 1988 to 1991, Mr. Kumar was Assistant Vice President of Bank of America NT& SA, where he was part of an investment banking
team that generated a substantial portion of that bank’s profits in India during that period.Mr.
Kumar received a Bachelor of Commerce degree from HR College of Commerce (Bombay University, India) and an MBA from International
Management Institute, New Delhi, India.



Mr. Harash Pal Sethihas been
a member of our Board of Directors since November 2013. He brings with him over 40 years of experience in the areas of finance,
accounting, corporate finance, cross-border investments, investment advisory and structuring of joint ventures in the UK, Europe,
the Middle East and India. Mr. Sethi has been a part of Cornelius Barton & Co, a London-based firm providing audit, accounting,
tax and consulting services to family-owned businesses and high net worth individuals since 1972 as a chartered accountant, partner
and the sole proprietor since 1990. He has been a partner at Blenheim Equity LLP since 2005 and Blenheim Windfarms LLP since 2007
focusing on equity and financing transactions for European wind and solar projects. He is the chairman of the JKS Restaurant Group,
which owns and manages restaurants in the UK and Europe, and advises on international opportunities for diversification and development.
Mr. Sethi has also been a director of Euro Afro Financial Holdings Limited, an investment holding company between 2002 and 2013.
As a member of the Board of Directors of Eoxis India Private Limited from February 2011 through February 2013, Mr. Sethi advised
on India-based investments, business development and acquisitions of India-based projects. Mr. Sethi received a Bachelor of Commerce
degree from Shri Ram College of Commerce, Delhi University, India in 1972. He also qualified as a Chartered Accountant in 1976
from the Institute of Chartered Accountants in England & Wales and is presently a Fellow Member.



Mr. Rajesh Arorais Senior Executive
Director of Finance of Amira India and has been with Amira India since 1998. Previously, from 1988 to 1998, Mr. Arora was with
Pure Drinks (New Delhi) Ltd. Mr. Arora is a Chartered Accountant, qualified in 1988 and is a member of the Institute of Chartered
Accountants of India. He received a Bachelor of Commerce, with Honors, from Delhi University in 1985.



Mr. Tobias Strerathjoined the
Company as a result of its acquisition of Amira Basmati Rice GmbH EUR (formerly known as Basmati Rice GmbH Europe) in January 2014.
He was named Chief Executive Officer of Amira Basmati Rice GmbH EUR (formerly known as Basmati Rice GmbH Europe) in May of 2013
and retains that title in his current role at Amira. He initially joined Amira Basmati Rice GmbH EUR (formerly known as Basmati
Rice GmbH Europe) in 2008. After spending time in operations, Mr. Strerath co-founded Basmati Rice North America, LLC in Los Angeles,
CA in 2010 in order to build a second infrastructure for a foreign market entry. In 2012, Mr. Strerath moved to Atlanta, GA to
run Basmati Rice North America, LLC as Chief Operating Officer. In 2013, Mr. Strerath returned to Amira Basmati Rice GmbH EUR (formerly
known as Basmati Rice GmbH Europe) to replace the former Chief Executive Officer. Mr. Strerath has held positions at Michael Page
International and Ziami GmbH as well as Ziami, Inc. Mr. Strerath studied International Business Administration at the European
Management Academy in Germany with semesters abroad in London and Dublin.



Mr. Alireza Yazdijoined the Company
in 2008 as a Vice President of Amira I Grand Foods Inc., USA with more than 20 years of experience in the operation, distribution
and retailing of the basmati rice industry in the United States and Canada. Mr. Yazdi is responsible for the Company’s revenue,
operation and corporate planning functions. Previously, Mr. Yazdi worked with Kusha Rice Corporation as a General Manager for more
than 13 years and was instrumental in launching the Royal brand in the United States. In 2006 he started his own distribution business
of rice, and olive oil from Spain. Mr. Yazdi received a Bachelor of Science in Industrial Engineering from the Complutense University
of Madrid.



60







None of our officers and directors is related
to each other.



| | B. | Compensation
| | -- | ------------



Compensation of Directors and Executive Officers



Director Compensation



We incurred an aggregate amount of $240,000
as cash compensation for services of three independent directors to the Board of Directors and its committees for the fiscal year
2017. Mr. Harash Pal Sethi, Mr. Neal Cravens and Mr. Shiv Surinder Kumar each received cash compensation of $80,000 for fiscal
year ended March 31, 2017, for their services as directors. Additionally, Mr. Neal Cravens and Mr. Shiv Surinder Kumar are entitled
to receive ordinary shares having a value of $55,000 each, on an annual basis for each year of their service in October every year,
as a director. Accordingly,



| | · | We have created a provision equal to pro-rated share compensation (until March 2017) for Mr. Kumar and Mr. Cravens for the
shares they will receive in October 2017 (fiscal year 2018) amounting to $50,328.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | In fiscal 2017, Mr. Harash Pal Sethi received ordinary shares having a value of $120,000 for increased responsibilities as
the Chairman of the Audit Committee, he was awarded a grant of 18,265 ordinary shares.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | We do not pay any compensation to our executive directors for their services to the Board. We reimburse our directors for expenses
accrued in connection with their services to the Board.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Executive Officer Compensation



During fiscal 2017, none of our senior executives
with the exception of Mr. Karan A. Chanana and Mr. Bruce C Wacha, received more than $365,000 in cash compensation.



We granted to Mr. Chanana, 375,899 share
options for the fiscal year ended March 31, 2017. As a result, $853,776 in charges for share options granted were charged to the
consolidated statement of profit or loss for the fiscal year ended March 31, 2017.



|Compensation for our CEO and CFO                                                                                               |  | Karan A. Chanana |           |  | Bruce C. Wacha | 
|------------------------------------------------------------------------------------------------------------------------------ |  | ---------------- | --------- |  | -------------- | 
|                                                                                                                               |  | (Amount in $)    |          
|Annual Salary                                                                                                                  |  |                  | 540,000   |  |                | 
|Cash Bonus                                                                                                                     |  |                  | 351,000   |  |                | 
|Equity-Based Compensation (non-cash expense – see “Item 18. Financial Statements”; under Note 19.1 “Share-based compensation”) |  |                  | 853,776   |  |                | 
|Other Compensation                                                                                                             |  |                  | 120,000   |  |                | 
|Total                                                                                                                          |  |                  | 1,864,776 |  |                | 



* Represents the share awards and share options vested in fiscal
2017 (granted on July 7, 2015) as per the compensation agreement with the company.



During the year, the Compensation Committee of the Company has approved:



| | · | Share options (fair value of $853,776 as on the grant date) have been granted as on July 15, 2016, after the end of fiscal
2016; hence it was a non-adjusting event for the year ended March 31, 2016. Since these share options vested immediately as on
the grant date of July 15, 2016, accordingly, a corresponding expense of $853,776 has been charged to Profit or loss for the year
ended on March 31, 2017.
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | The grant of 10,027 ordinary equity shares to Mr. Wacha to be vested in three equal annual instalments starting from July 15,
2017. Accordingly, the Company has recorded a corresponding pro-rated expense of $18,323 for the period starting from July 15,
2016 to March 31, 2017 and charged to profit or loss for the year ended on March 31, 2017, on account of share awards to be vested
on July 15, 2017.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | The grant of options to purchase 56,061 of the Company’s ordinary shares to Mr. Wacha for an exercise price per share
equal to $7.48. These share options (fair value of $162,500 as on the grant date) were granted on July 15, 2016 and were to be
vested in three equal annual instalments starting from July 15, 2017. Accordingly, the Company has recorded a corresponding pro-rated
expense of $39,700 for the period starting from July 15, 2016 to March 31, 2017 and charged to profit or loss for the year ended
on March 31, 2017, on account of share options to be vested on July 15, 2017.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



61







Employment Agreements



Employment Agreement with Mr. Karan A.
Chanana



On June 14, 2012, Mr. Karan A. Chanana entered
into an employment agreement with ANFI governing his role as Chairman and Chief Executive Officer of the Company. Previously
Mr. Chanana had a similar role and had an agreement with Amira C Foods International DMCC which was replaced by the employment
agreement dated June 14, 2012. The terms of his current employment agreement with ANFI are detailed below and are also outlined
above in the “Executive Officer Compensation” Section.



For the fiscal year ended March 2017, Mr. Chanana
was paid an annual base salary of $540,000. Under the terms of his agreement Mr. Chanana was also reimbursed for all business
and travel expenses, annual living expenses of $120,000 and a discretionary annual target bonus of $351,000 based on the achievement
of certain performance objectives. Additionally, on October 15, 2012, upon the closing of our IPO, Mr. Chanana was granted
an option pursuant to our contemplated 2012 Omnibus Incentive Plan to purchase such number of ordinary shares of ANFI equal to
one percent (1%) of ANFI’s fully diluted outstanding ordinary shares on October 15, 2012, with an exercise price equal to
the per share offering price. The options had a vesting period of 48 equal and consecutive monthly installments commencing on the
first month anniversary date of grant. This vesting period was amended by the Board on December 9, 2013 which made the options
immediately exercisable. Consequently, the total cost of these share options has been charged to the consolidated statements of
profit or loss for the fiscal year ended March 31, 2014.



Pursuant to the terms of the employment agreement,
Mr. Chanana is entitled to receive or participate in all employee benefit programs and perquisites applicable to senior executives.
Mr. Chanana is entitled to reimbursement of business expenses and certain personal expenses incurred in India. We shall also
provide and maintain adequate directors’ and officers’ liability insurance coverage for Mr. Chanana.



Under his employment agreement, Mr. Chanana
is entitled to receive payments and other benefits upon the termination of his employment. These payments and other benefits are
described below under “—Potential payments upon termination of employment or a change of control”.



On October 15, 2013, an addendum to the Employment
Agreement was entered into between the Company and Mr. Chanana. This addendum provides that: “subject to approval by the
Compensation Committee of the Board and subject to the terms and conditions of the 2012 Omnibus Securities and Incentive Plan,
the Board in its sole discretion may review and grant such options to Mr. Chanana from time to time at an exercise price to be
determined by the Compensation Committee of the Board.”



On June 15, 2014, the Board of Directors increase
Mr. Chanana’s annual base salary from $475,200 to $540,000 for the fiscal year 2015 which is an increase of 13.6% over Mr.
Chanana’ s base salary for 2013-2014.



On July 18, 2014, an addendum to the Employment
Agreement was entered into between the Company and Mr. Chanana. This amendment allows for reimbursement of all business-related
expenses incurred by Mr. Chanana for conveyance, travel, business, entertainment, sales and business promotion and certain non-business
related expenses.



Potential payments upon termination of employment
or a change of control



Mr. Chanana is currently entitled to receive
certain benefits in connection with a termination of employment or a change in control of the Company. The employment agreement
requires specific payments and benefits to be provided to Mr. Chanana in the event of termination of employment under the
circumstances described below. The following is a description of the payments and benefits that we will owe to Mr. Chanana
upon termination of his employment.



62







Termination without Cause or for Good Reason
not in Connection with a Change in Control. If we terminate Mr. Chanana’s employment without cause or Mr. Chanana
terminates his employment for good reason, then Mr. Chanana is entitled to receive the following payments and benefits:



| | · | an amount equal to his unpaid base salary earned through the date of termination and any unpaid bonus earned for the preceding
year;
| | - | ------------------------------------------------------------------------------------------------------------------------------------



| | · | an amount equal to any business expenses that were previously incurred but not reimbursed and are otherwise eligible for reimbursement;
| | - | ---------------------------------------------------------------------------------------------------------------------------------------



| | · | any accrued but unused vacation pay and any payments or benefits payable to him or his spouse or other dependents under any
other company employee plan or program;
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | an amount equal to the bonus amount that would have been earned by him for the year in which the termination occurs if his
employment had not terminated, prorated for the number of days elapsed since the beginning of that year, payable when the bonus
for such year would otherwise have been paid;
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | an amount equal to a multiple (the “severance multiplier”) of (a) his highest annual rate of base salary during
the preceding 24 months, plus (b) his target bonus award for the calendar year in which the termination occurs (or, if
greater, the actual short-term incentive award earned by him for the preceding calendar year). The severance multiplier is the
greater of (i) 365 days or (ii) the number of days from and including the day after the termination date through
the last day of the then-current term of the employment agreement, in each case, divided by 365, for payments and benefits payable
in the event of a termination without cause or for good reason. However, the severance multiplier is 1.0 plus the above-mentioned
multiple, if we terminate Mr. Chanana’s employment without cause at the request of an acquirer or otherwise in contemplation
of a change in control in the period beginning six months prior to the date of a change in control, or he terminates his employment
for good reason within two years after a change in control;
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | immediate vesting of his option award to purchase 1,465,183 ordinary shares granted under the terms of his employment
agreement and any outstanding long-term incentive awards;
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | continued participation by him and his spouse or other dependents in our group health plan, at the same benefit and contribution
levels in effect immediately before the termination for 24 months or, if sooner, until similar coverage is obtained under
a new employer’s plan. If continued coverage is not permitted by our plan or applicable law, we will pay the cost of continuation
coverage to the extent any of these persons elects and is entitled to receive continuation coverage; and
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | continued receipt for 24 months of those employee benefit programs or perquisites made available to him during the 12 months
preceding the termination. If continued receipt of such employee benefit programs or perquisites is not permitted by the applicable
benefit plan or applicable law, we will pay the cost of continuation coverage to the extent any of these persons elects and is
entitled to receive continuation coverage.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Under the employment agreement, Mr. Chanana
is deemed to have been terminated without cause if he is terminated for any reason other than: (1) a commission of any felony
or misdemeanor (other than minor traffic violations or offenses of a comparable magnitude not involving dishonesty, fraud or breach
of trust); or (2) a breach of any of his material obligations under the employment agreement, subject to a 30-day cure period
if such breach is curable by Mr. Chanana.



Mr. Chanana is deemed to have terminated
his employment for good reason if the termination follows: (1) a breach by ANFI of any of its material obligations under the
employment agreement; or (2) a relocation of his principal place of employment of more than 50 miles.



For example, in the event we terminate Mr. Chanana
without cause or Mr. Chanana terminates his employment for good reason, the cash payments that would be payable to Mr. Chanana
(assuming the termination date is 548 days, or approximately 18 months, following his initial employment date, and based
on compensation received in fiscal 2013) would be the sum of:



| | · | $0 (assuming all base salary earned through the date of termination and any unpaid bonus earned for the preceding year has
been paid in full);
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------



63







| | · | $0 (assuming any business expenses that were previously incurred have been reimbursed);
| | - | ---------------------------------------------------------------------------------------



| | · | $0 (assuming no accrued but unused vacation pay is owed);
| | - | ---------------------------------------------------------



| | · | approximately $216,000 (the bonus amount that would have been earned by Mr. Chanana for the year in which the termination
occurs if his employment had not terminated, prorated for the number of days elapsed since the beginning of that year); and
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | $783,000 (Mr. Chanana’s highest annual rate of base salary during the preceding 24 months ($432,000), plus
his target bonus award for the calendar year in which the termination occurs ($351,000), multiplied by 1.0 (365 days divided
by 365)), or
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | $1,566,000 (the amount above multiplied by 2.0) if we terminate Mr. Chanana’s employment without cause at the request
of an acquirer or otherwise in contemplation of a change in control in the period beginning six months prior to the date of a change
in control, or he terminates his employment for good reason within two years after a change in control.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Accordingly, under the above scenarios, the
total cash payment that would be payable to Mr. Chanana is approximately $999,000 or, if the termination is in connection
with a change in control as described above, and the total cash payment that would be payable to Mr. Chanana is approximately
$1,782,000. However, these amounts would be different in any given year.



Termination in Connection with a Change in
Control If we terminate Mr. Chanana’s employment in contemplation of a change in control in the period beginning
six months prior to the date of a change in control, or he terminates his employment for good reason within two years after a change
in control, then he is entitled to receive the payments and benefits described above, except that the severance multiple is 1.0
plus the above-mentioned multiple. Accordingly, under the above scenario, the total cash payment that would be payable to Mr. Chanana
is approximately $1,782,000. Under the employment agreement, a change in control is defined as: (1) the acquisition of 40%
or more of our ordinary shares, except in connection with a consolidation, merger or reorganization where (a) the shareholders
of ANFI immediately prior to the transaction own at least a majority of the voting securities of the surviving entity, (b) a
majority of the directors of the surviving entity were directors of ANFI prior to the transaction, and (c) no person, subject
to certain exceptions, beneficially owns more than 50% of the voting securities of the surviving entity; (2) the completion
of a consolidation, merger or reorganization, unless (a) the shareholders of ANFI immediately prior to the transaction own
at least a majority of the voting securities of the surviving entity, (b) a majority of the directors of the surviving entity
were directors of ANFI prior to the transaction, or (c) no person, entity, or group, subject to certain exceptions, beneficially
owns more than a majority of the voting securities of the surviving entity; (3) a change in a majority of the members of our
board, without the approval of the then incumbent members of the board; or (4) the shareholders approve the complete liquidation
or dissolution of ANFI, or a sale or other disposition of all or substantially all of the assets of ANFI.



Termination Due to Death or DisabilityIf
Mr. Chanana’s employment terminates due to death or is terminated by us due to disability; he (or his beneficiary) is
entitled to receive:



| | · | a lump-sum payment in an amount equal to (a) his base salary for six months, plus (b) an amount equal to the bonus
amount that would have been earned by him for the year in which the termination occurs if his employment had not terminated, prorated
for the number of days elapsed since the beginning of that year, payable when the bonus for such year would otherwise have been
paid; and
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | continued participation by him and his spouse or other dependents in our group health plan, at the same benefit and contribution
levels in effect immediately before the termination for 24 months or, if sooner, until similar coverage is obtained under
a new employer’s plan. If continued coverage is not permitted by our plan or applicable law, we will pay the cost of continuation
coverage to the extent any of these persons elects and is entitled to receive continuation coverage.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Obligations of Mr. ChananaPayment
and benefits under the employment agreement are subject to compliance by Mr. Chanana with the restrictive covenants in the
agreement, including non-disclosure, non-competition and non-solicitation covenants. The non-competition and non-solicitation covenants
expire on the second anniversary of the termination of Mr. Chanana’s employment. The non-disclosure covenant does not
expire. If Mr. Chanana violates any of these or other covenants or obligations contained in the agreement, we will be entitled
to recover all costs and fees incurred to enforce ANFI’s rights under the agreement and are not restricted from pursuing
other available remedies for such breach.



64







Employment Agreements with Other Senior
Executive Officers



We have entered into employment agreements with
our senior executive officers. We may terminate a senior executive officer’s employment for cause at any time without remuneration
for certain acts of the officer, such as the commission of any felony, or any material breach of any Company policy or code after
being afforded a reasonable opportunity to cure such failure. We may also terminate a senior executive officer’s employment
without cause at any time, and we shall provide severance payments to the officer in accordance with the terms of the respective
employment agreement. A senior executive officer may terminate his or her employment at any time, subject to the specifics of his
or her employment agreement.



In connection with their respective employment
agreements, each senior executive officer has agreed to not disclose any confidential or proprietary information of the Company
or its business, including, without limitation, all of the Company’s customer lists, financial data, sales figures, costs
and pricing figures, marketing and other business plans, product development, marketing concepts, computer software or data of
any sort developed or compiled by the Company, formulae or any other information relating to the Company’s services, products,
sales, technology, research data, software and all other know-how, trade secrets or proprietary information. Each officer also
agrees that the Company will own all the intellectual property created, made or conceived by such executive officer during his
or her employment.



Retirement Benefits



During fiscal 2017, we accrued $95,295 for post-employment
benefits through defined contribution and defined benefit plans for our employees (including executive officers).



Equity Benefit Plan



Our Board of Directors and existing shareholders
have adopted and approved the 2012 Plan. The 2012 Plan, effective as of October 10, 2012, is a comprehensive incentive compensation
plan under which we can grant equity-based and other incentive awards to officers, employees and directors of, and consultants
and advisers to, ANFI and our subsidiaries. The purpose of the 2012 Plan is to help us attract, motivate and retain such persons
and thereby enhance shareholder value.



AdministrationThe 2012 Plan is administered
by the Compensation Committee of the Board of Directors, which consists of, Mr. Neal Cravens, Mr. Shiv Surinder Kumar and Mr. Harash
Pal Sethi, who are each (i) “Outside Directors” within the meaning of Section 162(m) of the Internal Revenue
Code of 1986, as amended, or the Code, (ii) “non-employee directors” within the meaning of Rule 16b-3, or
Non-Employee Directors, and (iii) “independent” for purposes of any applicable listing requirements; provided,
however, that the Board of Directors or the Committee may delegate to a committee of one or more members of the Board of Directors
who are not (x) Outside Directors, the authority to grant awards to eligible persons who are not (A) then “covered
employees” within the meaning of Section 162(m) of the Code and are not expected to be “covered employees”
at the time of recognition of income resulting from such award, or (B) persons with respect to whom we wish to comply with
the requirements of Section 162(m) of the Code, and/or (y) Non-Employee Directors, the authority to grant awards to eligible
persons who are not then subject to the requirements of Section 16 of the Exchange Act. If a member of the Compensation Committee
is eligible to receive an award under the 2012 Plan, such committee member shall have no authority hereunder with respect to his
or her own award. Among other things, the Compensation Committee has complete discretion, subject to the terms of the 2012 Plan,
to determine the employees, non-employee directors and non-employee consultants to be granted an award under the 2012 Plan, the
type of award to be granted, the number of ordinary shares subject to each award, the exercise price under each option and base
price for each SAR (as defined in a subsequent paragraph), the term of each award, the vesting schedule for an award, whether to
accelerate vesting, the value of the ordinary shares underlying the award, and the required withholdings, if any. The Compensation
Committee is also authorized to construe the award agreements, and may prescribe rules relating to the 2012 Plan.



65







Grant of Awards; Ordinary Shares Available
for AwardsThe 2012 Plan provides for the grant of awards which are distribution equivalent rights, incentive share options,
non-qualified share options, performance shares, performance units, restricted ordinary shares, restricted share units, share appreciation
rights, or SARs, tandem share appreciation rights, unrestricted ordinary shares or any combination of the foregoing, to key management
employees and non-employee directors of, and non-employee consultants of, ANFI or any of its subsidiaries (each a “participant”)
(however, solely our employees or employees of our subsidiaries are eligible for awards which are incentive share options). We
have reserved a total of 3,962,826 ordinary shares for issuance as or under awards to be made under the 2012 Plan. To the
extent that an award lapses, expires, is canceled, is terminated unexercised or ceases to be exercisable for any reason, or the
rights of its holder terminate, any ordinary shares subject to such award shall again be available for the grant of a new award;
provided, however, that ordinary shares surrendered or withheld as payment of the exercise price under an award or for tax withholding
purposes in connection with an award shall not be available for the grant of a new award. The 2012 Plan shall continue in effect,
unless sooner terminated, until the tenth (10th) anniversary of the date on which it is adopted by the Board of Directors (except
as to awards outstanding on that date). The Board of Directors in its discretion may terminate the 2012 Plan at any time with respect
to any ordinary shares for which awards have not theretofore been granted; provided, however, that the 2012 Plan’s termination
shall not materially and adversely impair the rights of a holder with respect to any award theretofore granted without the consent
of the holder. The number of ordinary shares for which awards which are options or SARs may be granted to a participant under the
2012 Plan during any calendar year is limited to 1,000,000.



Future new hires, non-employee directors and
additional non-employee consultants would be eligible to participate in the 2012 Plan as well. The number of awards to be granted
to officers, non-employee directors, employees and non-employee consultants cannot be determined at this time as the grant of awards
is dependent upon various factors such as hiring requirements and job performance.



OptionsThe term of each share option
shall be as specified in the option agreement; provided, however, that except for share options which are incentive share options,
or ISOs, granted to an employee who owns or is deemed to own (by reason of the attribution rules applicable under Code Section 424(d))
more than 10% of the combined voting power of all classes of our ordinary shares or the capital stock of our subsidiaries (a “ten
percent shareholder”), no option shall be exercisable after the expiration of ten (10) years from the date of its grant
(five (5) years for ISOs granted to an employee who is a ten percent shareholder).



The price at which an ordinary share may be
purchased upon exercise of a share option shall be determined by the Compensation Committee; provided, however, that such option
price (i) shall not be less than the fair market value of an ordinary share on the date such share option is granted, and
(ii) shall be subject to adjustment as provided in the 2012 Plan. The Compensation Committee or the Board of Directors shall
determine the time or times at which or the circumstances under which a share option may be exercised in whole or in part, the
time or times at which options shall cease to be or become exercisable following termination of the share option holder’s
employment or upon other conditions, the methods by which such exercise price may be paid or deemed to be paid, the form of such
payment, and the methods by or forms in which ordinary shares will be delivered or deemed to be delivered to participants who exercise
share options.



Options which are ISOs shall comply in all respects
with Section 422 of the Code. In the case of ISOs granted to a ten percent shareholder, the per share exercise price under
such ISO (to the extent required by the Code at the time of grant) shall be no less than 110% of the fair market value of a share
on the date such ISO is granted. ISOs may solely be granted to employees. In addition, the aggregate fair market value of the shares
subject to an ISO (determined at the time of grant) which are exercisable for the first time by an employee during any calendar
year may not exceed $100,000.



Restricted Share AwardsA restricted
share award is a grant or sale of ordinary shares to the participant, subject to such restrictions on transferability, risk of
forfeiture and other restrictions, if any, as the Compensation Committee or the Board of Directors may impose, which restrictions
may lapse separately or in combination at such times, under such circumstances (including based on achievement of performance goals
and/or future service requirements), in such installments or otherwise, as the Compensation Committee or the Board of Directors
may determine at the date of grant or purchase or thereafter. Except to the extent restricted under the terms of the 2012 Plan
and any agreement relating to the restricted share award, a participant who is granted or has purchased restricted shares shall
have all of the rights of a shareholder, including the right to vote the restricted shares and the right to receive dividends thereon
(subject to any mandatory reinvestment or other requirement imposed by the Compensation Committee or the Board of Directors). During
the restricted period applicable to the restricted shares, subject to certain exceptions, the restricted shares may not be sold,
transferred, pledged, hypothecated, or otherwise disposed of by the participant.



Unrestricted Share AwardsAn unrestricted
share award is the award of ordinary shares which are not subject to transfer restrictions. Pursuant to the terms of the applicable
unrestricted share award agreement, a holder may be awarded (or sold) ordinary shares which are not subject to transfer restrictions,
in consideration for past services rendered thereby to us or an affiliate or for other valid consideration.



66







Restricted Share Unit AwardsA restricted
share unit award provides for a payment of cash or shares to be made to the holder upon the satisfaction of predetermined individual
service-related vesting requirements, based on the number of units awarded to the holder. The Compensation Committee shall set
forth in the applicable restricted share unit award agreement the individual service-based or performance-based vesting requirement
which the holder would be required to satisfy before the holder would become entitled to payment and the number of units awarded
to the Holder. Such payment shall be subject to a “substantial risk of forfeiture” under Section 409A of the Code.
At the time of such award, the Compensation Committee may, in its sole discretion, prescribe additional terms and conditions or
restrictions. The holder of a restricted share unit shall be entitled to receive a cash payment equal to the fair market value
of an ordinary share, or one (1) ordinary share, as determined in the sole discretion of the Compensation Committee and as
set forth in the restricted share unit award agreement, for each restricted share unit subject to such restricted share unit award,
if and to the extent the applicable vesting requirement is satisfied. Such payment shall be made no later than the fifteenth (15th)
day of the third (3rd) calendar month next following the end of the calendar year in which the restricted share unit first becomes
vested.



Performance Unit AwardsA performance
unit award provides for a cash payment to be made to the holder upon the satisfaction of predetermined individual and/or ANFI performance
goals or objectives, based on the number of units awarded to the holder. The Compensation Committee shall set forth in the applicable
performance unit award agreement the performance goals and objectives (and the period of time to which such goals and objectives
shall apply) which the holder and/or ANFI would be required to satisfy before the holder would become entitled to payment, the
number of units awarded to the holder and the dollar value assigned to each such unit. Such payment shall be subject to a “substantial
risk of forfeiture” under Section 409A of the Code. At the time of such award, the Compensation Committee may, in its
sole discretion, prescribe additional terms and conditions or restrictions. The holder of a performance unit shall be entitled
to receive a cash payment equal to the dollar value assigned to such unit under the applicable performance unit award agreement
if the holder and/or ANFI satisfy (or partially satisfy, if applicable under the applicable performance unit award agreement) the
performance goals and objectives set forth in such performance unit award agreement. If achieved, such payment shall be made no
later than by the fifteenth (15th) day of the third (3rd) calendar month next following the end of ANFI’s fiscal year to
which such performance goals and objectives relate.



Performance Share AwardsA performance
share award provides for distribution of ordinary shares to the holder upon the satisfaction of predetermined individual and/or
ANFI goals or objectives. The Compensation Committee shall set forth in the applicable performance share award agreement the performance
goals and objectives (and the period of time to which such goals and objectives shall apply) which the holder and/or ANFI would
be required to satisfy before the holder would become entitled to the receipt of ordinary shares pursuant to such holder’s
performance share award and the number of ordinary shares subject to such performance share award. Such payment shall be subject
to a “substantial risk of forfeiture” under Section 409A of the Code and, if such goals and objectives are achieved,
the distribution of such ordinary shares shall be made no later than by the fifteenth (15th) day of the third (3rd) calendar month
next following the end of our fiscal year to which such goals and objectives relate. At the time of such award, the Compensation
Committee may, in its sole discretion, prescribe additional terms and conditions or restrictions. The holder of a performance share
award shall have no rights as an ANFI shareholder until such time, if any, as the holder actually receives ordinary shares pursuant
to the performance share award.



Distribution Equivalent RightsA distribution
equivalent right entitles the holder to receive bookkeeping credits, cash payments and/or ordinary share distributions equal in
amount to the distributions that would be made to the holder had the holder held a specified number of ordinary shares during the
period the holder held the distribution equivalent right. The Compensation Committee shall set forth in the applicable distribution
equivalent rights award agreement the terms and conditions, if any, including whether the holder is to receive credits currently
in cash, is to have such credits reinvested (at fair market value determined as of the date of reinvestment) in additional ordinary
shares or is to be entitled to choose among such alternatives. Such receipt shall be subject to a “substantial risk of forfeiture”
under Section 409A of the Code and, if such award becomes vested, the distribution of such cash or ordinary shares shall be
made no later than by the fifteenth (15th) day of the third (3rd) calendar month next following the end of the Company’s
fiscal year in which the holder’s interest in the award vests. Distribution equivalent rights awards may be settled in cash
or in ordinary shares, as set forth in the applicable distribution equivalent rights award agreement. A distribution equivalent
rights award may, but need not be, awarded in tandem with another award (subject to compliance with Code Section 409A), whereby,
if so awarded, such distribution equivalent rights award shall expire, terminate or be forfeited by the holder, as applicable,
under the same conditions as under such other award. The distribution equivalent rights award agreement for a distribution equivalent
rights award may provide for the crediting of interest on a distribution rights award to be settled in cash at a future date (but
in no event later than by the fifteenth (15th) day of the third (3rd) calendar month next following the end of the Company’s
fiscal year in which such interest was credited), at a rate set forth in the applicable distribution equivalent rights award agreement,
on the amount of cash payable thereunder.



Share Appreciation RightsA Share Appreciation
Right (“SAR”) provides the participant to whom it is granted the right to receive, upon its exercise, the excess of
(A) the fair market value of the number of ordinary shares subject to the SAR on the date of exercise, over (B) the product
of the number of ordinary shares subject to the SAR multiplied by the base value under the SAR, as determined by the Compensation
Committee or the Board of Directors. The base value of a SAR shall not be less than the fair market value of an ordinary share
on the date of grant. If the Compensation Committee grants a share appreciation right which is intended to be a tandem SAR, additional
restrictions apply.



67







Recapitalization or Reorganization Subject
to certain restrictions, the 2012 Plan provides for the adjustment of ordinary shares underlying awards previously granted if,
and whenever, prior to the expiration or distribution to the holder of ordinary shares underlying an award theretofore granted,
we shall effect a subdivision or consolidation of our ordinary shares or the payment of a share dividend on ordinary shares without
receipt of consideration by us. If we recapitalize or otherwise change our capital structure, thereafter upon any exercise or satisfaction,
as applicable, of a previously granted award, the holder shall be entitled to receive (or entitled to purchase, if applicable)
under such award, in lieu of the number of ordinary shares then covered by such award, the number and class of shares and securities
to which the holder would have been entitled pursuant to the terms of the recapitalization if, immediately prior to such recapitalization,
the holder had been the holder of record of the number of ordinary shares then covered by such award. The 2012 Plan also provides
for the adjustment of shares underlying awards previously granted by the Board of Directors in the event of changes to the outstanding
ordinary shares by reason of extraordinary cash dividend, reorganization, mergers, consolidations, combinations, split ups, spin
offs, exchanges or other relevant changes in capitalization occurring after the date of the grant of any award, subject to certain
restrictions.



Amendment and TerminationThe 2012 Plan
shall continue in effect, unless sooner terminated pursuant to its terms, until the tenth (10th) anniversary of the date on which
it is adopted by the Board of Directors (except as to awards outstanding on that date). The Board of Directors may terminate the
2012 Plan at any time with respect to any shares for which awards have not theretofore been granted; provided, however, that the
2012 Plan’s termination shall not materially and adversely impair the rights of a holder with respect to any award theretofore
granted without the consent of the holder. The Board of Directors shall have the right to alter or amend the 2012 Plan or any part
hereof from time to time; provided, however, that without the approval by a majority of the votes cast at a meeting of our shareholders
at which a quorum representing a majority of our ordinary shares entitled to vote generally in the election of directors is present
in person or by proxy, no amendment or modification of the 2012 Plan may (i) materially increase the benefits accruing to
holders, (ii) except as otherwise expressly provided in the 2012 Plan, materially increase the number of ordinary shares subject
to the 2012 Plan or the individual award agreements, (iii) materially modify the requirements for participation, or (iv) amend,
modify or suspend certain repricing prohibitions or amendment and termination provisions as specified therein. In addition, no
change in any award theretofore granted may be made which would materially and adversely impair the rights of a holder with respect
to such award without the consent of the holder (unless such change is required in order to cause the benefits under the 2012 Plan
to qualify as “performance-based” compensation within the meaning of Section 162(m) of the Code or to exempt the
2012 Plan or any Award from Section 409A of the Code).



Refer “Item 18. Financial Statements –
Note 18”, for issuances and grants as of March 31, 2017, under the 2012 Omnibus Securities and Incentive Plan.



| | C. | Board Practices
| | -- | ---------------



Corporate Governance Standards



Under New York Stock Exchange (NYSE) Listing
Rules, foreign private issuers are permitted to follow home country (BVI) practice in respect of corporate governance in lieu of
the NYSE Listing Rules. However, we are still required to comply with certain audit committee and additional notification requirements.
We believe that we have complied with all NYSE Listing Rules applicable to us.



As a foreign private issuer with shares listed
on the NYSE, the Company is required by Section 303A.11 of the Listed Company Manual of the NYSE to disclose any significant ways
in which its corporate governance practices differ from those followed by U.S. domestic companies under NYSE listing standards.
Management believes that ANFI follows corporate governance standards which are substantially similar to those followed by U.S.
domestic companies under NYSE listing standards. We believe the significant differences between our Corporate Governance and NYSE
Rules are as follows:



| | · | The NYSE Listing Rules require that, subject to limited exceptions, shareholders be given the opportunity to vote on equity
compensation plans and material revisions to those plans. In the BVI there are no laws, securities regulations or rules that require
shareholder approval of equity-based incentive plans or individual grants under those plans.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | The NYSE Listing Rules provide that NYSE-listed companies that are not otherwise exempt will need to include specified provisions
in their charters regarding retaining advisers; appointing, compensating, and overseeing such advisers; considering independence
factors before selecting and receiving advice from advisers; and receiving funding from the listed company to compensate such advisers.
Our compensation committee charter follows home country practices which do not provide for any of the above-mentioned compensation
committee charter requirements.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



68







Board of Directors



Our company is managed and controlled by our
Board of Directors. Our Board of Directors currently has five directors. There are no family relationships between any of our directors
and executive officers. A director is not required to hold any shares in our company by way of qualification. There are no severance
benefits payable to our directors upon termination of their directorships, other than to Mr. Karan A. Chanana and Mr. Bruce C.
Wacha, who are our directors and also our executive officers and are entitled to severance benefits in such capacity pursuant to
the terms of their employment.



Committees of the Board of Directors



We have established three committees under our
Board of Directors: an Audit Committee, a Compensation Committee and a Corporate Governance and Nominating Committee. Each committee’s
members and functions are described below.



Audit Committee



Our Audit Committee consists of Mr. Harash Pal
Sethi, Mr. Neal Cravens and Mr. Shiv Surinder Kumar. Mr. Sethi is the Chairman of the Audit Committee. Each of these individuals
satisfies the “independence” requirements of the New York Stock Exchange. The Audit Committee oversees our accounting
and financial reporting processes and the audits of our financial statements. The Audit Committee is responsible for, among other
things:



| | · | selecting the independent auditors and pre-approving all auditing and non-auditing services permitted to be performed by the
independent auditors;
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------



| | · | reviewing and approving all proposed related-party transactions;
| | - | ----------------------------------------------------------------



| | · | discussing the annual audited financial statements with management and the independent auditors;
| | - | ------------------------------------------------------------------------------------------------



| | · | annually reviewing and reassessing the adequacy of our Audit Committee charter;
| | - | -------------------------------------------------------------------------------



| | · | meeting separately and periodically with management and the independent auditors;
| | - | ---------------------------------------------------------------------------------



| | · | reviewing such other matters that are specifically delegated to our Audit Committee by our Board of Directors from time to
time; and
| | - | ------------------------------------------------------------------------------------------------------------------------------------



| | · | reporting regularly to the full Board of Directors.
| | - | ---------------------------------------------------



Compensation Committee



Our Compensation Committee consists of Mr. Harash
Pal Sethi, Mr. Neal Cravens and Mr. Shiv Surinder Kumar. Each of these individuals satisfies the “independence” requirements
of the New York Stock Exchange. Mr. Shiv Surinder Kumar is the Chairman of the Compensation Committee. Our Compensation Committee
assists our board in reviewing and approving the compensation structure of our directors and officers, including all forms of compensation
to be provided to our directors and officers. The Compensation Committee is responsible for, among other things:



| | · | reviewing and determining the compensation package for our senior executives;
| | - | -----------------------------------------------------------------------------



| | · | reviewing and making recommendations to our board with respect to the compensation of our directors; and
| | - | --------------------------------------------------------------------------------------------------------



| | · | reviewing periodically and approving any long-term incentive compensation or equity plans, programs or similar arrangements,
annual bonuses, employee pension and welfare benefit plans.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



The NYSE Listing Rules provide that NYSE-listed
companies that are not otherwise exempt will need to include specified provisions in their charters regarding retaining advisers;
appointing, compensating, and overseeing such advisers; considering independence factors before selecting and receiving advice
from advisers; and receiving funding from the listed company to compensate such advisers. Our compensation committee charter follows
home country practices which do not provide for any of the above-mentioned compensation committee charter requirements.



69







Corporate Governance and Nominating Committee



Our Corporate Governance and Nominating Committee
consists of, Mr. Harash Pal Sethi, Mr. Neal Cravens and Mr. Shiv Surinder Kumar. Each of these individuals satisfies the “independence”
requirements of the New York Stock Exchange. Mr. Sethi is the Chairman of the Corporate Governance and Nominating Committee. The
Corporate Governance and Nominating Committee assists the board in identifying individuals qualified to become our directors and
in determining the composition of the board and its committees. The Corporate Governance and Nominating Committee is responsible
for, among other things:



| | · | identifying and recommending to the board nominees for election or re-election to the board;
| | - | --------------------------------------------------------------------------------------------



| | · | making appointments to fill any vacancy on our board;
| | - | -----------------------------------------------------



| | · | reviewing annually with the board the current composition of the board in light of the characteristics of independence, age,
skills, experience and availability of service to us;
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | identifying and recommending to the board any director to serve as a member of the board’s committees;
| | - | ------------------------------------------------------------------------------------------------------



| | · | advising the board periodically with respect to significant developments in the law and practice of corporate governance as
well as our compliance with applicable laws and regulations, and making recommendations to the board on all matters of corporate
governance and on any corrective action to be taken; and
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | monitoring compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our
procedures to ensure proper compliance.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------



Code of Ethics



We have adopted a Code of Conduct for all employees
and a Code of Ethics that applies to our principal executive officer, our principal financial and accounting officer and our other
senior officers. The Code of Conduct and Code of Ethics are intended to promote honest and ethical conduct, full and accurate reporting,
and compliance with laws as well as other matters. The Code of Conduct and Code of Ethics are available on our corporate website
at www.amira.net and a printed copy of the Code of Conduct and Code of Ethics is obtainable free of charge by writing to 29E, A.U. Tower;
Jumeirah Lake Towers; Dubai, UAE.



Directors’ Duties



Under BVI law, our Directors owe fiduciary duties
at both common law and under statute, including a statutory duty to act honestly, in good faith and in what the Director believes
are the best interests of our company. When exercising powers or performing duties as a Director, the Director is required to exercise
the care, diligence and skill that a responsible Director would exercise in the same circumstances, taking into account, without
limitation, the nature of the company, the nature of the decision and the position of the Director and the nature of the responsibilities
undertaken by him. In exercising the powers of a Director, the Directors are required to exercise their powers for a proper purpose
and must not act or agree to the company acting in a manner that contravenes our memorandum and articles of association or the
BVI Act.



Directors’ Interests in Transactions



Pursuant to the BVI Act and the company’s
memorandum and articles of association, a Director of a company who has an interest in a transaction and who has declared such
interest to the other Directors, may (a) vote on a matter relating to the transaction, (b) attend a meeting of Directors
at which a matter relating to the transaction arises and be included among the Directors present at the meeting for the purposes
of a quorum, and (c) sign a document on behalf of the company, or do any other thing in his capacity as a Director, that relates
to the transaction.



Qualification



A Director is not required to hold shares as
a qualification to office.



70







Compensation Committee Interlocks and Insider Participation



None of the members of our Compensation Committee
is an officer or employee of our company. Also, none of the members of our Compensation Committee currently serves, or in the past
year has served, as a member of the Board of Directors or Compensation Committee of any entity that has one or more Executive Officers
serving on our Board of Directors or Compensation Committee.



| | D. | Employees
| | -- | ---------



As of March 31, 2017, 2016 and 2015, we had
236, 371 and 445 full-time employees, respectively. As of March 31, 2017, we had 50 employees working in our finance, accounting
& legal department, 70 working in sales, marketing & distribution, 57 working in HR, IT & administration, and 59 working
in operations and processing facility. We have entered into employment agreements with all of our full-time employees that provide
for termination of their employment upon delivery of two months’ severance or notice, and that prohibit them from soliciting
any of our other employees during or after their employment. There is a registered trade union comprising a small number of workers
at the processing facility. We consider our relations with our employees to be amicable.



| | E. | Share Ownership
| | -- | ---------------



See
Item 7, below.



| | ITEM 7. | MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
| | ------- | -------------------------------------------------



| | A. | Major shareholders
| | -- | ------------------



The following table sets forth, as of March
31, 2017, certain information as to the stock ownership of:



| | · | each person known to us to own beneficially more than 5% of our ordinary shares;
| | - | --------------------------------------------------------------------------------



| | · | each of our directors and officers who beneficially own our ordinary shares; and
| | - | --------------------------------------------------------------------------------



| | · | all of our directors and officers as a group.
| | - | ---------------------------------------------



Beneficial ownership includes voting or investment
power with respect to the securities. Except as indicated below, and subject to applicable community property laws, the persons
named in the table have or share the voting and investment power with respect to all shares shown as beneficially owned by them
as on March 31, 2017. The number of our ordinary shares used in calculating the percentage for each listed person includes any
options exercisable by such person within 60 days after March 31, 2017. Percentage of beneficial ownership is based on 37,054,216
shares outstanding as of March 31, 2017, including, solely for purposes of calculating Mr. Karan A. Chanana’s beneficial
ownership and the beneficial ownership of all directors and officers as a group, the 7,005,434 ordinary shares issuable pursuant
to the Exchange Agreement and also includes 1,465,183 vested ordinary shares (granted and vested till March 31, 2017) underlying
an option to purchase ordinary shares pursuant to the 2012 Plan.





|Name
    and Title of Beneficial Owner                         |  | Beneficial
    Ownership of Ordinary Shares |            |     | Percentage
    of Class |  |     
|-------------------------------------------------------------- |  | ------------------------------------------- | ---------- | --- | ----------------------- |  | ----
|                                                               |  |                                             |            |     |                         |  |     
|Karan
    A. Chanana, Chairman and Chief Executive Officer (5) |  |                                             | 25,274,284 | (1) |                         |  | 65.1
|Bruce
    C. Wacha, Chief Financial Officer (6)                |  |                                             | 20,680     | (2) |                         |  | *   
|Neal
    Cravens, Director (7)                                 |  |                                             | 23,384     |     |                         |  | *   
|Harash
    Pal Sethi, Director (8)                             |  |                                             | 40,942     | (3) |                         |  | *   
|Shiv
    Surinder Kumar, Director (9)                          |  |                                             | 35,893     | (4) |                         |  | *   
|All
    directors and officers as a group (FIVE persons)       |  |                                             | 25,395,183 |     |                         |  | 65.1



*Denotes less than 1%.



71







| | (1) | The amount reflected includes: (i) 16,160,000 of the
19,660,000 Ordinary Shares issued to Mr. Chanana on October 15, 2012 in exchange for his shares of Amira India in conjunction
with our Initial Public Offering (ii) 7,005,434 Ordinary Shares issuable pursuant to an exchange agreement under which Mr. Karan
A. Chanana has the right, subject to the terms of the exchange agreement, to exchange all or a portion of his equity shares in
Amira India for our Ordinary Shares and assumes the completion of Mr. Chanana’s purchase of 1,500,000 equity shares of Amira
India, (iii) 360,257, 361,278, 367,749 and 375,899 vested stock options to purchase Ordinary Shares at the price of $10 per share
granted to Mr. Chanana in fiscal 2013, 2014, 2016 and 2017, respectively, pursuant to our 2012 Omnibus Securities and Incentive
Plan (“OSI”), (iv) 100,000 shares granted on October 17, 2014 pursuant to the OSI, (v) 100,000 shares granted on March
31, 2016 pursuant to the OSI, (vi) 416,666 Ordinary Shares granted to Mr. Chanana on September 12, 2016 in satisfaction of $3,000,000
of interest free loans provided to the Issuer by Mr. Chanana at the per share price of $7.20 representing the closing market price
of our Ordinary Shares on September 9, 2016, as reported by the New York Stock Exchange, and (vii) 27,000 shares acquired by Mr.
Chanana in open market purchases in June 2013.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (2) | Does not include certain share options and share awards
granted as on July 7, 2015 and July 15, 2016 which did not vest on or prior to March 31, 2017.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------



| | (3) | Does not include 18,265 share awards granted in May
2016, following the end of fiscal year 2016.
| | --- | ------------------------------------------------------------------------------------------------



| | (4) | Also includes 20,000 shares beneficially owned by Mr.
Shiv Surinder Kumar and held in the name of Cleveland Advisory Ltd.
| | --- | -------------------------------------------------------------------------------------------------------------------------



| | (5) | Mr. Karan A. Chanana’s business address is 29E,
A.U. Tower, Jumeirah Lake Towers Dubai, UAE
| | --- | -------------------------------------------------------------------------------------------



| | (6) | Mr. Bruce C. Wacha’s business address in 12 E
52 Street, 7th Floor, New York, NY 10022.
| | --- | ---------------------------------------------------------------------------------------



| | (7) | Mr. Neal Cravens’s business address is 868 Bayway
Blvd., #318, Clearwater Beach, FL 33767.
| | --- | ------------------------------------------------------------------------------------------



| | (8) | Mr. Harash Pal Sethi’s business address is Alliance
House, 29-30 High Holborn, London WC1V 6AZ
| | --- | ----------------------------------------------------------------------------------------------



| | (9) | Mr. Shiv Surinder Kumar’s business address is
8, Marina Boulevard, # 05-02 Marina Bay, Financial Centre, Singapore 018981
| | --- | -------------------------------------------------------------------------------------------------------------------------



| | B. | Related Party Transactions
| | -- | --------------------------



Related Parties



Mr. Karan A. Chanana and his affiliates are
the principal shareholders of ANFI and as of March 31, 2017, he held majority effective interest (including 7,005,434 ordinary
shares issuable pursuant to the Exchange Agreement and 1,465,183 share options granted and vested pursuant to the 2012 Omnibus
Securities and Incentive Plan) in ANFI.



On September 12, 2016, our Board of Directors
approved the conversion of $3,000,000 of loans (“Loans”) provided to the Company by its Chief Executive Officer and
Chairman, Karan A. Chanana into 416,666 of the Company’s restricted ordinary shares (the “Ordinary Shares”).
The Loans were provided to the Company from July 1, 2016 through August 24, 2016. The Loans were converted into the Ordinary Shares
at the price of $7.20 per share representing the closing market price of the Ordinary Shares on September 9, 2016, as reported
by the New York Stock Exchange (“NYSE”).



The Amira Group’s related parties include transactions
with key management personnel (“KMP”) and enterprises over which KMP are able to exercise control/significant influence.
All the directors (both executive and others) of ANFI and Ms. Anita Daing (a former director of Amira Pure Foods Private Limited
“APFPL”) are considered as KMP for related party transactions disclosures. Ms. Anita Daing was a director of Amira
India until May 23, 2016.



Our Related-Party Transaction Policies



We have conducted all our related-party transactions
on normal commercial terms that are fair and reasonable and in the interests of our shareholders as a whole. We believe that the
terms of our related-party transactions are comparable to the terms we could obtain from independent third parties. Since the completion
of our IPO, our related-party transactions are subject to the review and approval of the Audit Committee of our Board of Directors.
The charter of our Audit Committee as adopted by our Board of Directors provides that we may not enter into any related-party transaction
unless and until it has been approved by the Audit Committee. Since the IPO, we have not entered into any purchase or sale transactions
with any related party except as set forth above.



72







Transactions during the Fiscal years ended March 31, 2017,
2016 and 2015



Information relating to “Transactions
during the Fiscal years ended March 31, 2017, 2016 and 2015” have been described in detail under the heading “Item
18. Financial Statements – Note 31”.



Agreements with Management



For information regarding arrangements with
certain members of our management, see Item 6. Directors, Senior Management and Employees – Compensation.



| | C. | Interests of Experts and Counsel
| | -- | --------------------------------



Not applicable.



| | ITEM 8. | FINANCIAL INFORMATION
| | ------- | ---------------------



| | A. | Consolidated Statements and Other Financial Information
| | -- | -------------------------------------------------------



See Item 3.D (risk factor on dividend distribution),
Item 10. F and Item 18.



| | B. | Significant Changes
| | -- | -------------------



None.



| | ITEM 9. | THE OFFER AND LISTING
| | ------- | ---------------------



| | A. | Offer and Listing Details
| | -- | -------------------------



The following table sets forth, for the
periods indicated since our ordinary shares began trading on the New York Stock Exchange on October 10, 2012 through, July 29,
2017, the high and low sale prices for our ordinary shares, as reported on the New York Stock Exchange under the symbol “ANFI.”



|                                       |  | Price per Ordinary shares on NYSE (Amount in $) |      
|-------------------------------------- |  | ----------------------------------------------- | -----
|                                       |  | High                                            |      
|Annual (Fiscal Year):                  |  |                                                 |      
|2013                                   |  |                                                 | 10.24
|2014                                   |  |                                                 | 25.00
|2015                                   |  |                                                 | 20.29
|2016                                   |  |                                                 | 14.56
|2017                                   |  |                                                 | 11.23
|2018 (through July 28, 2017)           |  |                                                 | 6.93 
|                                       |  |                                                 |      
|Quarter:                               |  |                                                 |      
|                                       |  |                                                 |      
|Fiscal year 2016-                      |  |                                                 |      
|First Quarter                          |  |                                                 | 12.56
|Second Quarter                         |  |                                                 | 14.56
|Third Quarter                          |  |                                                 | 11.00
|Fourth Quarter                         |  |                                                 | 14.09
|                                       |  |                                                 |      
|Fiscal year 2017-                      |  |                                                 |      
|First Quarter                          |  |                                                 | 11.23
|Second Quarter                         |  |                                                 | 8.99 
|Third Quarter                          |  |                                                 | 8.6  
|Fourth Quarter                         |  |                                                 | 6.42 
|                                       |  |                                                 |      
|Fiscal year 2018-                      |  |                                                 |      
|First Quarter                          |  |                                                 | 5.54 
|Second Quarter (through July 28, 2017) |  |                                                 | 6.93 
|                                       |  |                                                 |      
|Month:                                 |  |                                                 |      
|January 2017                           |  |                                                 | 6.2  
|February 2017                          |  |                                                 | 6.42 
|March 2017                             |  |                                                 | 5.51 
|April 2017                             |  |                                                 | 5.54 
|May 2017                               |  |                                                 | 5.37 
|June 2017                              |  |                                                 | 5.41 
|July 2017 (through July 28, 2017)      |  |                                                 | 6.93 



73







| | B. | Plan of Distribution
| | -- | --------------------



Not Applicable.



| | C. | Markets
| | -- | -------



Our ordinary shares are listed on the New York
Stock Exchange under the symbol “ANFI” since October 10, 2012.



| | D. | Selling shareholders
| | -- | --------------------



Not Applicable.



| | E. | Dilution Expenses of the Issue
| | -- | ------------------------------



Not Applicable.



| | F. | Expenses of the Issue
| | -- | ---------------------



Not Applicable



| | ITEM 10. | ADDITIONAL INFORMATION
| | -------- | ----------------------



| | A. | Share Capital
| | -- | -------------



Not Applicable.



| | B. | Memorandum and Articles of Association
| | -- | --------------------------------------



Registered Office-Our registered office is 171 Main Street, PO Box 92, Road Town, Tortola VG 1110, British Virgin Islands.



Objects and Purposes,
Register, and Shareholders-Our objects and purposes are unlimited. Our register of shareholders is maintained by our transfer
agent, Continental Stock & Trust Company. Under the BVI Business Companies Act, 2004 (as amended), or the BVI Act, a BVI company
may treat the registered holder of a share as the only person entitled to (a) exercise any voting rights attaching to the share,
(b) receive notices, (c) receive a distribution in respect of the share and (d) exercise other rights and powers attaching to the
share. Consequently, as a matter of BVI law, where a shareholder’s shares are registered in the name of a nominee such as
Cede & Co, the nominee is entitled to receive notices, receive distributions and exercise rights in respect of any such ordinary
shares registered in its name. The beneficial owners of the ordinary shares registered in a nominee’s name are therefore
reliant on their contractual arrangements with the nominee in order to receive notices and dividends and ensure the nominee exercises
voting rights in respect of the ordinary shares in accordance with their directions.



74







Directors’ Powers-under
the BVI Act, subject to any limitations in a company’s memorandum and articles of association, a company’s business
and affairs are managed by, or under the supervision of, its directors, and directors generally have all powers necessary to manage
a company. A director must disclose any interest he has on any proposal, arrangement or contract not entered into in the ordinary
course of business and on usual terms and conditions. An interested director may vote on a transaction in which he has an interest.
The directors may cause us to borrow money or mortgage or charge our property or uncalled capital, to issue debentures, debenture
stock and other securities whenever money is borrowed or as security for any debt, liability or obligation of us or any third party.



Rights, Preferences and Restrictions of
Ordinary Shares-Subject to certain restrictions, our directors may authorize dividends at such time and in such amount
as they determine. Each ordinary share is entitled to one vote. There are no cumulative voting rights. In the event of a liquidation
or winding up of the company, our shareholders are entitled to share ratably in all assets remaining available for distribution
to them after payment of liabilities and after provision is made for each class of shares, if any, having preference over the ordinary
shares. There are no sinking fund provisions applicable to our ordinary shares. Holders of our ordinary shares have no pre-emptive
rights. Subject to the provisions of the BVI Act, we may repurchase our ordinary shares in certain circumstances.



Rights Preferences and Restrictions of
Preferred Shares-Our memorandum and articles of association authorizes our Board of Directors to create and to issue up
to five classes of preferred shares without shareholder approval with such designation, rights and preferences as may be determined
by our Board of Directors. We have five classes of preferred shares to give us flexibility as to the terms on which each class
is issued since, under BVI law, all shares of a single class must be issued with the same rights and obligations. Our Board of
Directors is empowered, without shareholder approval, to issue such preferred shares with dividend, liquidation, redemption, voting
or other rights which could harm the voting power or other rights of the holders of ordinary shares or another class of preferred
shares. Although we do not currently intend to issue any preferred shares, we may do so in the future.



Variation of the Rights of Shareholders-As permitted by the BVI Act and our memorandum of association, we may vary the rights attached to any class of shares only
with the consent of not less than a majority of the votes of shareholders of that class who being so entitled attend and vote at
the meeting of that class, except where a greater majority is required under our memorandum and articles of association or the
BVI Act. A greater majority is required in relation to a scheme of arrangement and may be required in relation to a plan of arrangement.
For these purposes, the creation, designation or issuance of preferred shares with rights and privileges ranking equal to or in
priority to an existing class of ordinary or preferred shares is deemed not to be a variation of the rights of such existing class
and may be effected by resolution of directors without shareholder approval.



Shareholder Meetings-Our directors
may call a meeting of shareholders whenever they see fit. Our shareholders may requisition our directors to hold a meeting upon
the written request of shareholders entitled to exercise at least 30% of the voting rights. Under BVI law, the memorandum and articles
of association may be amended to decrease but not increase the required percentage to call a meeting above 30%. At least ten days’
and not more than 120 days’ notice of such meeting is required. A meeting of shareholders held in contravention of this
notice requirement is valid if shareholders holding not less than a 90% majority of the total number of ordinary shares entitled
to vote on all matters to be considered at the meeting have waived notice of the meeting and for this purpose presence at the meeting
is deemed to constitute a waiver. A majority of the shares entitled to vote at the meeting, present in person or by proxy, forms a
quorum.



Our memorandum and articles of association establish
advance notice procedures with respect to shareholder proposals and the nomination of candidates for election as directors, other
than nominations made by or at the direction of the Board of Directors or a committee of the Board of Directors. However, our memorandum
and articles of association may have the effect of precluding the conduct of certain business at a meeting if the proper procedures
are not followed. Any proposed business other than the nomination of persons for election to our Board of Directors must constitute
a proper matter for stockholder action pursuant to the notice of meeting delivered to us. For notice to be timely, it must be received
by our secretary not later than 90 nor earlier than 120 calendar days prior to the first anniversary of the previous year’s
annual meeting (or if the date of the annual meeting is advanced more than 30 calendar days or delayed by more than 60 calendar
days from such anniversary date, not later than 90 nor earlier than 120 calendar days prior to such meeting or the 10th calendar
day after public disclosure of the date of such meeting is first made). These provisions may also discourage or deter a potential
acquirer from conducting a solicitation of votes from other shareholders to elect the acquirer’s own slate of directors or
otherwise attempting to obtain control of our company.



Our Amended and Restated Memorandum and Articles
of Association provide that we will hold an annual shareholders’ meeting during each fiscal year, as required by the rules
of the New York Stock Exchange.



75







Dividends-Subject to the BVI
Act and our memorandum and articles of association, our directors may declare dividends at a time and amount they think fit if
they are satisfied, on reasonable grounds, that, immediately after distribution of the dividend, the value of our assets will exceed
our liabilities and we will be able to pay our debts as they fall due. There is no further BVI restriction on the amount of funds
which may be distributed by us by dividend, including all amounts paid by way of the subscription price for shares regardless of
whether such amounts may be wholly or partially treated as share capital or share premium under certain accounting principles.
Shareholder approval is not required to pay dividends under BVI law. No dividend shall carry interest against us.



Rights of Non-Resident or Foreign Shareholders
and Disclosure of Substantial Shareholdings-There are no limitations imposed by our memorandum and articles of association
on the rights of non-resident or foreign shareholders to hold or exercise voting rights on our shares. In addition, there are no
provisions in our memorandum and articles of association governing the ownership threshold above which shareholder ownership must
be disclosed.



Untraceable Shareholders-Under
our memorandum and articles of association, we are entitled to sell any shares of a shareholder who is untraceable, as long as:
(a) all checks, not being less than three in total number, for any sums payable in cash to the holder of such shares have
remained uncashed for a period of 12 years; (b) we have not during that time or before the expiry of the three-month
period referred to in (c) below received any indication of the existence of the shareholder or person entitled to such shares
by death, bankruptcy or operation of law; and (c) upon expiration of the 12-year period, we have caused an advertisement to
be published in newspapers, giving notice of our intention to sell these shares, and a period of three months or such shorter period
has elapsed since the date of such advertisement. The net proceeds of any such sale shall belong to us, and when we receive these
net proceeds we shall become indebted to the former shareholder for an amount equal to such net proceeds.



Transfer of Shares-Subject to
any applicable restrictions set forth in our memorandum and articles of association, any of our shareholders may transfer all or
any of his or her shares by an instrument of transfer in the usual or common form or in any other form which our directors may
approve. Our memorandum and articles of association also state that shares may be transferred by means of a system utilized for
the purposes of holding and transferring ordinary shares, or a “Relevant System,” and that the operator of the Relevant
System (and any other person necessary to ensure the Relevant System is effective to transfer Shares) shall act as agent of the
Shareholders for the purposes of the transfer of any Shares transferred by means of the Relevant System.



Anti-takeover Provisions-Some
provisions of our memorandum and articles of association may discourage, delay or prevent a change in control of our company or
management that shareholders may consider favorable, including but not limited to provisions that:



| | · | authorize our Board of Directors without shareholder approval to issue preferred shares in one or more series and to designate
the price, rights, preferences, privileges and restrictions of such preferred shares by amending the memorandum and articles of
association;
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | require advance notice requirements from shareholders nominating directors for election at a shareholder meeting;
| | - | -----------------------------------------------------------------------------------------------------------------



| | · | prohibit shareholders from acting by written consent;
| | - | -----------------------------------------------------



| | · | prohibit shareholders from cumulating votes in the election of directors; and
| | - | -----------------------------------------------------------------------------



| | · | enable directors to be removed by shareholders only for cause.
| | - | --------------------------------------------------------------



Additional information required by Item 10.B
of Form 20-F is included in the section titled “Description of Share Capital— Summary of Certain Significant Provisions
of BVI Law” and “Description of Share Capital —Material Differences in BVI Law and our Amended and Restated Memorandum
and Articles of Association and Delaware Law” in our Registration Statement on Form F-1 initially filed with the SEC on August
29, 2012 (File No.: 333-183612), as amended, which section is incorporated herein by reference.



76







| | C. | Material Contracts
| | -- | ------------------



All material contracts governing the business
of the Company and entered into in the last two years are described elsewhere in this Annual Report or in the information incorporated
by reference herein.



| | D. | Exchange controls
| | -- | -----------------



Under BVI law, there are currently no withholding
taxes or exchange control regulations in the BVI applicable to the company or its security holders.



| | E. | Taxation
| | -- | --------



General



The following summary of the material BVI, Indian
and U.S. federal income tax consequences of the acquisition, ownership and disposition of our ordinary shares is based upon laws
and relevant interpretations thereof in effect as of the date of this Annual Report, all of which are subject to change. This summary
does not deal with all possible tax consequences relating to an investment in our ordinary shares, such as the tax consequences
under state, local and other tax laws. As used in this summary, references to “the company,” “we,” “us”
and “our” refer to ANFI.



BVI Taxation



The BVI government does not, under existing
legislation, impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax upon
the company or its shareholders (who are not tax residents in the BVI).



Shareholders who are not tax residents in the
BVI will not be subject to any income, withholding or capital gains taxes in the BVI, with respect to dividends paid on, or transfers
of shares in the Company, nor will they be subject to any estate or inheritance taxes in the BVI.



No estate, inheritance, succession or gift tax,
rate, duty, levy or other charge is payable in the BVI by persons who are not a tax resident in the BVI with respect to any shares,
debt obligations or other securities of the Company.



Subject to the payment of stamp duty on any
acquisition of real property in the BVI by us (and in respect of certain transactions in respect of the shares, debt obligations
or other securities of incorporated companies owning real property in the BVI), all instruments relating to transactions in respect
of the shares, debt obligations or other securities of the Company and all instruments relating to other transactions relating
to the business of the Company are exempt from the payment of stamp duty in the BVI.



There are currently no withholding taxes or
exchange control regulations in the BVI applicable to the Company or its security holders.



There is no income tax treaty or convention
currently in effect between the United States and the BVI, although a Tax Information Exchange Agreement is in force.



On 30 June 2014, the government of the BVI signed
a Model 1B Intergovernmental Agreement (“IGA”) with the United States to implement the US Foreign Account Tax
Compliance Act (“FATCA”), providing for automatic provision of information in relation to tax matters. Under the
Model IB IGA regime, financial institutions located in the BVI are required to report information regarding certain U.S. reportable
accounts to the BVI Government, which in turn will report that information to the United States Internal Revenue Services



Indian Taxation



The following are the material Indian tax consequences
relating to the acquisition, ownership and disposition of our ordinary shares.



77







The discussion contained herein is based on
the applicable tax laws of India as in effect on the date hereof and is subject to possible changes in Indian law that may come
into effect after such date. The information set forth below is intended to be a general discussion only. Prospective investors
should consult their own tax advisers as to the consequences of purchasing our ordinary shares, including, without limitation,
the consequences of the receipt of dividends paid on our ordinary shares and the sale, transfer or other disposition of our ordinary
shares.



Because ANFI is considered for Indian income
tax purposes as a company domiciled abroad, any dividend income in respect of its ordinary shares will not be subject to any withholding
or deduction in respect of Indian income tax laws. However, Amira India would be required to pay dividend distribution tax in India
at an effective rate of 20.36% (including applicable cess and surcharge) on the total amount distributed as dividend, grossed up
by the amount of such dividend distribution tax.



Pursuant to recent amendments to the Indian
Income Tax Act, 1961, as amended, income arising directly or indirectly through the sale of a capital asset, including any share
or interest in a company or entity registered or incorporated outside India, will be liable to tax in India, if such share or interest
derives, directly or indirectly, its value substantially from assets (whether tangible or intangible) located in India and whether
or not the seller of such share or interest has a residence, place of business, business connection, or any other presence in India.
The share or interest of a company or entity registered or incorporated outside of India is deemed to derive its value substantially
from the assets located in India if the value of such Indian assets exceeds INR 100 million and represents at least 50% of the
value of all the assets owned by the company or entity registered or incorporated outside of India.



However, if the transferor of shares or interests
in a company or entity registered or incorporated outside of India (along with its associated enterprises), does not hold the right
of management or control of such company or entity and does not hold more than 5% of the total voting power or total share capital
or interest in such company or entity, at any time during the twelve months preceding the date of transfer, such transferor is
exempt from the indirect transfer provisions mentioned above. The amendments do not address the interplay between the amendments
to the Indian Income Tax Act, 1961, as amended, and the existing Double Taxation Avoidance Agreements, or DTAAs, that India has
entered into with countries such as the United States, United Kingdom and Canada, in case of an indirect transfer. Accordingly,
the implications of the recent amendments are presently unclear. If it is determined that these amendments apply to a holder of
ANFI ordinary shares with respect to income arising from the sale of the ordinary shares, such holder could be liable to pay tax
in India on such income.



U.S. Federal Income Taxation



General



The following summary sets forth the material
U.S. federal income tax consequences of the ownership and disposition of our ordinary shares by U.S. Holders as described below.



This summary is based on the Internal Revenue
Code of 1986, as amended (the “Code”), its legislative history, Treasury regulations promulgated thereunder, published
rulings and court decisions, all as currently in effect. These authorities are subject to differing interpretations and may change,
possibly on a retroactive basis.

This discussion does not address all aspects of U.S. federal income
taxation that may be relevant to any particular U.S. Holder based on such U.S. Holder’s individual circumstances. In particular,
this discussion considers only U.S. Holders that own and hold our ordinary shares as “capital assets” (generally, property
held for investment) within the meaning of Section 1221 of the Code, and does not discuss the alternative minimum tax or the
Medicare contribution tax on net investment income. In addition, this discussion does not address U.S. federal income tax consequences
to U.S. Holders that are subject to special rules, including:



| | · | financial institutions or financial services entities;
| | - | ------------------------------------------------------



| | · | broker-dealers;
| | - | ---------------



| | · | persons that are subject to the mark-to-market accounting rules under Section 475 of the Code;
| | - | ----------------------------------------------------------------------------------------------



| | · | tax-exempt entities (including private foundations);
| | - | ----------------------------------------------------



| | · | governments or agencies or instrumentalities thereof;
| | - | -----------------------------------------------------



| | · | insurance companies;
| | - | --------------------



| | · | individual retirement accounts or other tax-deferred accounts;
| | - | --------------------------------------------------------------



78







| | · | regulated investment companies;
| | - | -------------------------------



| | · | real estate investment trusts;
| | - | ------------------------------



| | · | certain expatriates or former long term residents of the United States;
| | - | -----------------------------------------------------------------------



| | · | persons that directly, indirectly or constructively own 10% or more of our voting shares;
| | - | -----------------------------------------------------------------------------------------



| | · | persons that acquired our ordinary shares pursuant to an exercise of employee options, in connection with employee incentive
plans or otherwise as compensation;
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | persons that hold our ordinary shares as part of a straddle, constructive sale, hedging, conversion or other integrated transaction;
or
| | - | ---------------------------------------------------------------------------------------------------------------------------------------



| | · | persons whose functional currency is not the U.S. dollar;
| | - | ---------------------------------------------------------



This discussion does not address any aspect
of U.S. federal non-income tax laws, such as gift or estate tax laws, or state, local or non-U.S. tax laws, or, except as discussed
herein, any tax reporting obligations applicable to a U.S. Holder of our ordinary shares. Additionally, this discussion does not
consider the tax treatment of partnerships or other pass-through entities or persons who hold our ordinary shares through such
entities. If a partnership (or other entity classified as a partnership for U.S. federal income tax purposes) is the beneficial
owner of our ordinary shares, the U.S. federal income tax treatment of a partner in the partnership will generally depend on the
status of the partner and the activities of the partnership. Partnerships that hold our ordinary shares and their partners should
consult their tax advisors.



For purpose of this discussion a “U.S.
Holder” is a holder who, for U.S. federal income tax purposes, is a beneficial owner of our ordinary shares and is:



| | · | an individual who is a citizen or resident of the United States;
| | - | ----------------------------------------------------------------



| | · | a corporation (or other entity treated as a corporation) that is created or organized (or treated as created or organized)
in or under the laws of the United States, any state thereof or the District of Columbia;
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | an estate whose income is includible in gross income for U.S. federal income tax purposes regardless of its source; or
| | - | ----------------------------------------------------------------------------------------------------------------------



| | · | a trust if (i) a U.S. court can exercise primary supervision over the trust’s administration and one or more U.S.
persons are authorized to control all substantial decisions of the trust, or (ii) it has a valid election in effect under
applicable U.S. Treasury regulations to be treated as a U.S. person.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



We have not sought, and will not seek, a ruling
from the Internal Revenue Service (the “IRS”) as to any U.S. federal income tax consequence described herein. The IRS
may disagree with the description herein, and its determination may be upheld by a court. Moreover, future legislation, regulations,
administrative rulings or court decisions may affect the accuracy of the statements in this discussion.



THIS DISCUSSION IS ONLY A SUMMARY OF THE
MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES OF THE OWNERSHIP AND DISPOSITION OF OUR ORDINARY SHARES. IT IS NOT TAX ADVICE. EACH
INVESTOR IN OUR ORDINARY SHARES IS URGED TO CONSULT ITS OWN TAX ADVISOR WITH RESPECT TO THE PARTICULAR TAX CONSEQUENCES TO SUCH
INVESTOR OF THE OWNERSHIP AND DISPOSITION OF OUR ORDINARY SHARES, INCLUDING THE APPLICABILITY AND EFFECT OF ANY STATE, LOCAL AND
NON-U.S. TAX LAWS, AS WELL AS U.S. FEDERAL TAX LAWS AND ANY APPLICABLE TAX TREATIES.



This discussion assumes that we are not, and
will not become, a passive foreign investment company (“PFIC”) as described below.



79









U.S. Holders



Taxation of Cash Distributions Paid
on Ordinary Shares



A U.S. Holder generally will be required to include in gross
income as ordinary income the amount of any cash dividend paid on our ordinary shares to the extent the distribution is paid out
of our current or accumulated earnings and profits (as determined for U.S. federal income tax purposes). Such dividend will not
be eligible for the dividends-received deduction generally allowed to U.S. corporations in respect of dividends received from other
U.S. corporations. The portion of such cash distribution, if any, in excess of such earnings and profits will be applied against
and reduce (but not below zero) the U.S. Holder’s adjusted tax basis in its ordinary shares. Any remaining excess will be
treated as gain from the sale or other taxable disposition of such ordinary shares. Because we do not maintain calculations of
our earnings and profits under U.S. federal income tax principles, it is expected that distributions generally will be reported
to U.S. Holders as dividends. Dividends will be included in a U.S. Holder’s income on the date of the U.S. Holder’s
receipt of the dividend. The amount of any dividend paid in foreign currency will be the U.S. dollar amount calculated by reference
to the exchange rate in effect on the date of receipt, regardless of whether the payment is in fact converted into U.S. dollars.
U.S. Holders may be required to recognize foreign currency gain or loss if the dividend is converted into U.S. dollars after the
date of receipt.



With respect to non-corporate U.S. Holders,
such dividends may be subject to U.S. federal income tax at the lower rates applicable to long-term capital gains (see “—Taxation
on the Sale or Other Taxable Disposition of Ordinary Shares” below) provided that (1) our ordinary shares are readily
tradable on an established securities market in the United States, (2) we are not a PFIC, as discussed below, for either the
taxable year in which the dividend was paid or the preceding taxable year, and (3) certain holding period and other requirements
are met. Under published IRS authority, shares are considered for purposes of clause (1) above to be readily tradable on an
established securities market in the United States only if they are listed on certain exchanges, which presently include the New
York Stock Exchange. Although our ordinary shares are currently listed and traded on the New York Stock Exchange, we cannot guarantee
that such shares will continue to be listed and traded on the New York Stock Exchange. U.S. Holders should consult their own tax
advisors regarding the availability of the lower rate for any cash dividends paid with respect to our ordinary shares.



Taxation on the Sale or Other Taxable
Disposition of Ordinary Shares



Upon a sale or other taxable disposition
of our ordinary shares, a U.S. Holder generally will recognize capital gain or loss in an amount equal to the difference between
the amount realized upon the sale or other taxable disposition and the U.S. Holder’s adjusted tax basis in the ordinary shares.
in each case as determined in U.S. dollars



Long- Term capital gains recognized by non-corporate
U.S. Holders generally are subject to U.S. federal income tax at preferential rates. Capital gain or loss will constitute long-
term capital gain or loss if the U.S. Holder’s holding period for the ordinary shares exceeds one year. The deductibility
of capital losses is subject to various limitations.



Any gain or loss will generally be U.S.
source for purposes of computing a U.S. Holder’s foreign tax credit limitation. As described in “—Indian Taxation”
above, U.S. Holders may be subject to Indian tax on the disposition of our ordinary shares. U.S. Holders entitled to the benefits
of the Convention between the Government of the United States of America and the Government of the Republic of India for the Avoidance
of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income (the “U.S.-India Tax Treaty”),
may be able to elect to treat disposition gain that is subject to Indian taxation, if any, as foreign-source gain for foreign tax
credit purposes. U.S. Holders should consult their tax advisers as to whether they would be able to credit any such Indian tax
against their U.S. federal income tax liabilities in their particular circumstances.



Passive Foreign Investment Company
Rules



In general, a foreign corporation is a PFIC
for any taxable year if: (i) 75% or more of its gross income consists of passive income (such as dividends, interest, rents and
royalties) or (ii) 50% or more of the average quarterly value of its assets consists of assets that produce, or are held for the
production of, passive income.



We believe that we were not a PFIC for U.S.
federal income tax purposes for our tax year ending March 31, 2016. However, because PFIC status depends on the composition of
a company’s income and assets and the market value of its assets from time to time, there can be no assurance that we will
not be a PFIC for any taxable year.



80







In general, if we were a PFIC for any taxable
year during which a U.S. Holder held our ordinary shares, gain recognized by a U.S. Holder on a sale or other disposition (including
certain pledges) of the ordinary shares would be allocated ratably over the U.S. Holder’s holding period for the ordinary
shares. The amounts allocated to the taxable year of the sale or other disposition and to any year before we became a PFIC would
be taxed as ordinary income. The amount allocated to each other taxable year would be subject to tax at the highest rate in effect
for individuals or corporations, as appropriate, for that taxable year, and an interest charge would be imposed on the tax on such
amount. Further, to the extent that any distribution received by a U.S. Holder on its ordinary shares exceeds 125% of the average
of the annual distributions on the ordinary shares received during the preceding three years or the U.S. Holder’s holding
period, whichever is shorter, that distribution would be subject to taxation in the same manner as gain, described immediately
above. Certain elections may be available that would result in alternative treatments (such as mark-to-market treatment) of the
ordinary shares. U.S. Holders should consult their tax advisers to determine whether any of these elections would be available
and, if so, what the consequences of the alternative treatments would be in their particular circumstances.



Backup Withholding and Information Reporting



In general, information reporting requirements
apply to cash distributions to and the proceeds from sales and other dispositions of our ordinary shares by, a U.S. Holder (other
than an exempt recipient) that are paid within the United States or through a U.S. office of a broker. Payments made (and sales
and other dispositions effected at an office) outside the United States may be subject to information reporting in limited circumstances.
In addition, certain information concerning a U.S. Holder’s adjusted tax basis in its ordinary shares and adjustments to
that tax basis and whether any gain or loss with respect to such ordinary shares is long-term or short-term also may be required
to be reported to the IRS, and certain Holders may be required to file an IRS Form 8938 (Statement of Specified Foreign Financial
Assets) to report their interest in our ordinary shares or non-U.S. accounts through which they may be held.



Moreover, backup withholding of U.S. federal
income tax at a rate of 28%, may apply to dividends paid on our ordinary shares to a U.S. Holder (other than an exempt recipient)
and the proceeds from sales and other dispositions of our ordinary shares by a U.S. Holder (other than an exempt recipient), in
each case who (a) fails to provide an accurate taxpayer identification number; (b) is notified by the IRS that backup
withholding is required; or (c) in certain circumstances, fails to comply with applicable certification requirements.



Backup withholding is not an additional
tax. Rather, the amount of any backup withholding will be allowed as a credit against a U.S. Holder’s U.S. federal income
tax liability and may entitle such U.S. Holder to a refund, provided that certain required information is timely furnished to the
IRS. U.S. Holders are urged to consult their own tax advisors regarding the application of backup withholding and the availability
of and procedures for obtaining an exemption from backup withholding in their particular circumstances.



| | F. | Dividends and paying agents
| | -- | ---------------------------



Not applicable.



| | G. | Statement by experts
| | -- | --------------------



Not applicable.



| | H. | Documents on display
| | -- | --------------------



Documents concerning us that are referred
to in this document may be inspected at 29E, A.U. Tower Jumeirah Lake Towers Dubai, United Arab Emirates, or the UAE.



In addition, we file annual reports and
other information with the Securities and Exchange Commission. We file annual reports on Form 20-F and submit other information
under cover of Form 6-K. As a foreign private issuer, we are exempt from the proxy requirements of Section 14 of the Exchange Act
and our officers, directors and principal shareholders are exempt from the insider short-swing disclosure and profit recovery rules
of Section 16 of the Exchange Act. Annual reports and other information we file with the Commission may be inspected at the public
reference facilities maintained by the Commission at Room 1024, 100 F. Street, N.E., Washington, D.C. 20549, and copies of all
or any part thereof may be obtained from such offices upon payment of the prescribed fees. You may call the Commission at 1-800-SEC-0330
for further information on the operation of the public reference rooms and you can request copies of the documents upon payment
of a duplicating fee, by writing to the Commission. In addition, the Commission maintains a web site that contains reports and
other information regarding registrants (including us) that file electronically with the Commission which can be assessed at http://www.sec.gov.



81







| | I. | Subsidiary Information
| | -- | ----------------------



For more information on our subsidiaries,
please see “Item 4. Information on the Company – Our Organizational Structure.”



| | ITEM 11. | QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
| | -------- | ---------------------------------------------------------



Information relating to “Quantitative
and qualitative disclosure about market risk” has been described in detail under the heading “Item 18. Financial Statements
– Note 38”.



| | ITEM 12. | DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
| | -------- | ------------------------------------------------------



Not applicable.



PART
II.



| | ITEM 13. | DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
| | -------- | -----------------------------------------------



There has been no default of any indebtedness
nor is there any arrearage in the payment of dividends.



| | ITEM 14. | MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS
AND USE OF PROCEEDS
| | -------- | ----------------------------------------------------------------------------



| | A. | Not applicable.
| | -- | ---------------



| | B. | Not applicable.
| | -- | ---------------



| | C. | Not applicable.
| | -- | ---------------



| | D. | Not applicable.
| | -- | ---------------



| | E. | Use of Proceeds.
| | -- | ----------------



On October 15, 2012, we completed an IPO
of our ordinary shares pursuant to a Registration Statement on Form F-1, as amended (File No. 333-183612), which became effective
on October 10, 2012. UBS Securities LLC and Deutsche Bank Securities Inc. acted as joint book-running managers, Jefferies &
Company, Inc. acted as lead manager and KeyBanc Capital Markets Inc. acted as co-manager for the IPO. An aggregate of 9,000,000
ordinary shares were sold in the IPO at a price of $10.00 per share less underwriting discounts and commissions of $0.70 per share,
for aggregate gross proceeds before expenses of $83,700,000. We paid for expenses in connection with the IPO (excluding underwriting
discounts and commissions) totaling approximately $2.7 million. We used approximately $77 million of the net proceeds to purchase
equity shares of Amira India contemporaneously with the completion of the IPO. Amira India has used $52 million of this amount
to pay down a portion of the indebtedness under our secured revolving credit facilities, rather than the amounts under its term
loans, because the secured revolving credit facilities bear interest at comparatively higher rates. At the completion of the IPO
we retained $4 million of the net proceeds in ANFI to fund its future operating expenses through 2015.



| | ITEM 15. | CONTROLS AND PROCEDURES
| | -------- | -----------------------



Evaluation of Disclosure Controls
and Procedures



Our management,
with the participation of our Chief Executive Officer and Chief Financial Officer, has performed an evaluation of the effectiveness
of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) as of the end of the period covered
by this Annual Report, as required by Rule 13a-15(b) under the Exchange Act. Based on that evaluation, our management has concluded
that, as of March 31, 2017, our disclosure controls and procedures were effective in ensuring that the information required to
be disclosed by us in the reports that we file or submit under the Exchange Act was recorded, processed, summarized and reported,
within the time periods specified in the SEC’s rules and forms, and that the information required to be disclosed by us in
the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our Chief
Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.



82







Management’s Annual Report
on Internal Control over Financial Reporting



Our
management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules
13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Our internal control
over financial reporting is a process designed to provide reasonable assurance regarding the reliability of our financial reporting
and the preparation of financial statements for external purposes in accordance with International Financial Reporting Standards
(“IFRS”), as issued by the International Accounting Standards Board and applicable to the Company for the reporting
period, and includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the assets of our Company; (2) provide reasonable assurance that transactions
are recorded as necessary to permit preparation of consolidated financial statements in accordance with IFRS, and that receipts
and expenditures of our Company are being made only in accordance with authorizations of our management and directors; and (3)
provide reasonable assurance regarding prevention or timely detection of the unauthorized acquisition, use or disposition of our
Company’s assets that could have a material effect on the consolidated financial statements. Because of its inherent limitations,
internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness
to future periods are subject to the risks that controls may become inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.



Our management conducted an evaluation of
the effectiveness of our Company’s internal control over financial reporting as of March 31, 2017. Based on criteria established
by the Internal Control – Integrated Framework (1992) issued by the Committee of Sponsoring Organizations of the Treadway
Commission. Based on this evaluation, our management concluded that our internal control over financial reporting was effective
as of March 31, 2017.



This Annual Report does not include an attestation
report of our Company’s Registered Public Accounting firm, as the Company being an emerging growth company under JOBS Act
is exempted from such attestation requirement.



Changes in Internal Control over
Financial Reporting



During the period covered by this Annual
Report, there were no changes in our internal control over financial reporting, which were identified in connection with management’s
evaluation required by Rule 13(a)-15(d) under the Exchange Act, that have materially affected, or are reasonably likely to materially
affect, our internal control over financial reporting.



| | ITEM 16A. | AUDIT COMMITTEE FINANCIAL EXPERT
| | --------- | --------------------------------



Our Board of Directors has determined that
Mr. Neal Cravens is an “audit committee financial expert” as defined in Item 16A(b) of Form 20-F by the Securities
and Exchange Commission’s rules and “independent” as that term is defined in the New York Stock Exchange listing
standards.



| | ITEM 16B. | CODE OF ETHICS
| | --------- | --------------



On August 22, 2012, we adopted a Code of
Conduct for all employees and a Code of Ethics that applies to our principal executive officer, our principal financial and accounting
officer and our other senior officers. Copies of our Code of Business Conduct and Ethics are available on the “Investor
Relations” page of our corporate website www.amira.net.



| | ITEM 16C. | PRINCIPAL ACCOUNTANT FEES AND SERVICES
| | --------- | --------------------------------------



Audit Fees



The following table presents the aggregate
fees for professional services and other services rendered by our principal accountant to us in fiscal 2016 and 2015.





83









|                     |  | Years ended March 31, |        
|-------------------- |  | --------------------- | -------
|                     |  | 2017                  |        
|                     |  | (Amount in $)         |        
|Audit fees:          |  |                       |        
|ASA & Associates LLP |  |                       | 350,000
|Others:              |  |                       |        
|ASA & Associates LLP |  |                       | -      
|Total                |  |                       | 350,000



We are required to obtain pre-approval by
our Audit Committee for all audit and permitted non-audit services performed by our independent auditors. In accordance with
this requirement, during fiscal years 2017, 2016 and 2015, all audit, audit-related, tax and other services performed by-principal
auditor were approved in advance by the Audit Committee. Any pre-approved decisions are presented to the full Audit Committee at
the next scheduled meeting.



Audit of Financial Statements.



In fiscal year 2017, ASA & Associates
LLP was our principal auditor and audited fiscal year 2017 and 2016, and no audit work was performed by persons outside of this
firm.



| | ITEM 16D. | EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES.
| | --------- | -----------------------------------------------------------



None.



| | ITEM 16E. | PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED
PURCHASERS.
| | --------- | -----------------------------------------------------------------------



None.



| | ITEM 16F. | CHANGES IN REGISTRANT’S CERTIFYING ACCOUNTANT.
| | --------- | ----------------------------------------------



None.



| | ITEM 16G. | CORPORATE GOVERNANCE
| | --------- | --------------------



We are a “foreign private issuer”
(as such term is defined in Rule 3b-4 under the Exchange Act) and our ordinary shares are listed on the New York Stock Exchange.
Under Section 303A of the New York Stock Exchange Listed Company Manual, New York Stock Exchange listed companies that are foreign
private issuers are permitted to follow home country practice in lieu of the corporate governance provisions specified by the New
York Stock Exchange, with limited exceptions. As required by the New York Stock Exchange Listed Company Manual, we note the following
significant differences between our corporate governance practices and the corporate governance practices required to be followed
by U.S. domestic companies under the New York Stock Exchange rules:



| | · | The New York Stock Exchange Listed Company Manual requires that, subject to limited exceptions, shareholders be given the opportunity
to approve equity compensation plans and material revisions to those plans. There are no BVI laws, securities regulations or rules
that require shareholder approval of equity-based incentive plans or individual grants under those plans.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | The New York Stock Exchange Listed Company Manual provides that NYSE-listed companies that are not otherwise exempt will need
to include specified provisions in their charters regarding retaining advisers; appointing, compensating, and overseeing such advisers;
considering independence factors before selecting and receiving advice from advisers; and receiving funding from the listed company
to compensate such advisers. Our compensation committee charter follows home country practices which do not provide for any of
the above-mentioned compensation committee charter requirements.
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



84







| | ITEM 16H. | MINE SAFETY DISCLOSURE
| | --------- | ----------------------



Not applicable.



PART
III.



| | ITEM 17. | FINANCIAL STATEMENTS
| | -------- | --------------------



We have elected to provide financial statements
pursuant to Item 18.



| | ITEM 18. | FINANCIAL STATEMENTS
| | -------- | --------------------



The financial statements are filed as part
of this Annual Report beginning on page F-1.



| | ITEM 19. | EXHIBITS
| | -------- | --------





|Exhibit No. |  | Description                                                                                                                                            
|----------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------
|1.1         |  | Memorandum and Articles of Association of Amira Nature Foods Ltd(1)                                                                                    
|1.2         |  | Certificate of Name Change(1)                                                                                                                          
|1.3         |  | Amended and Restated Memorandum and Articles of Association of Amira Nature Foods Ltd(1)                                                               
|4.1         |  | Underwriting Agreement(1)                                                                                                                              
|4.2         |  | Share Exchange Agreement(1)                                                                                                                            
|4.3         |  | Employment Agreement, dated May 13, 2011, between Amira Foods (India) Limited and Mr. Protik Guha, as amended on October 18, 2011(1)                   
|4.5         |  | Employment Agreement, dated May 2, 2012, between Amira C Foods International DMCC and Mr. Karan A. Chanana(1)                                          
|4.6         |  | Service Agreement, dated June 14, 2012, between Amira Nature Foods Ltd and Mr. Karan A. Chanana(1)                                                     
|4.8         |  | Offer Letter, dated March 28, 2012, between Amira Nature Foods Ltd and Mr. Neal Cravens(1)                                                             
|4.9         |  | Offer Letter, dated March 29, 2012, between Amira Nature Foods Ltd and Mr. Bimal Kishore Raizada(1)                                                    
|4.10        |  | Lease Deed, dated November 24, 2011, between Amira Pure Foods Private Limited and Mr. Karan Chanana(1)                                                 
|4.11        |  | Lease Deed, dated November 24, 2011, between Amira Pure Foods Private Limited and Mr. Anil Chanana(1)                                                  
|4.12        |  | Working Capital Consortium Agreement, dated August 16, 2010, by and among Amira Pure Foods Private Limited and certain lenders(1)                      
|4.13        |  | First Supplement to the Working Capital Consortium Agreement, dated June 15, 2012, by and among Amira Pure Foods Private Limited and certain lenders(1)
|4.14        |  | Personal Guarantee, dated June 15, 2012, issued by Mr. Karan A. Chanana in favor of Canara Bank(1)                                                     
|4.15        |  | Personal Guarantee, dated June 15, 2012, issued by Ms. Anita Daing in favor of Canara Bank(1)                                                          
|4.16        |  | Subscription Agreement(1)                                                                                                                              
|4.17        |  | Form of Indemnification Agreement(1)                                                                                                                   
|4.18        |  | Personal Guarantee issued by Mr. Karan A. Chanana in favor of ICICI Bank Limited(1)                                                                    
|4.19        |  | Personal Guarantee issued by Ms. Anita Daing in favor of ICICI Bank Limited(1)                                                                         
|4.20        |  | Personal Guarantee, dated July 7, 2010, issued by Mr. Karan A. Chanana and Ms. Anita Daing in favor of Bank of Baroda(1)                               
|4.21        |  | Loan Agreement, dated April 1, 2010, between Mr. Karan A. Chanana and Amira Pure Foods Private Limited(1)                                              
|4.22        |  | Loan Agreement, dated April 1, 2011, between Mr. Karan A. Chanana and Amira Pure Foods Private Limited(1)                                              
|4.23        |  | Loan Agreement, dated April 24, 2012, between Mr. Karan A. Chanana and Amira Pure Foods Private Limited(1)                                             
|4.24        |  | 2012 Omnibus Securities and Incentive Plan(1)                                                                                                          
|4.25        |  | Joint Deed of Hypothecation, dated August 16, 2010, by and among Amira Pure Foods Private Limited and certain lenders(1)                               
|4.26        |  | Employment Agreement, dated May 12, 2014, between Mr. Bruce C. Wacha and Amira Nature Foods Ltd.**                                                     
|8.1         |  | Subsidiaries of the Registrant##                                                                                                                       
|11.1        |  | Code of Conduct(1)                                                                                                                                     
|11.2        |  | Code of Ethics for Executive Officers, Senior Officers and Managers(1)                                                                                 
|12.1        |  | Certification of the Chief Executive Officer (Principal Executive Officer) pursuant to Rule 13a-14(a) of the Securities Exchange Act, as amended##     
|12.2        |  | Certification of the Chief Financial Officer (Principal Financial Officer) pursuant to Rule 13a-14(a) of the Securities Exchange Act, as amended##     





85









|Exhibit No. |  | Description                                                                                                                                                                
|----------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|13.1        |  | Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002##
|15.1        |  | Consent of ASA & Associates LLP for inclusion of their Audit Report for fiscal year 2016 in the Annual Report on Form 20-F##                                               
|15.4        |  | Addendum to the Service Agreement, dated November 10, 2013, between Amira Nature Foods Ltd and Mr. Karan A. Chanana *                                                      
|15.5        |  | Loan Agreement dated April 13, 2013, between Mr. Karan A Chanana and Amira Pure Foods Private Limited **                                                                   
|15.6        |  | Amendment to the 2012 Omnibus Securities and Incentive Plan dated November 10, 2013 *                                                                                      
|15.7        |  | Amended and Restated Code of Conduct**                                                                                                                                     
|15.8        |  | Director Restricted Share Award Agreement dated November 10, 2013 between Neal Cravens and Amira Nature Foods Ltd**                                                        
|15.9        |  | Share Option Agreement dated November 10, 2013 between Karan A Chanana and Amira Nature Foods Ltd*                                                                         
|15.10       |  | Addendum to the Service Agreement, dated July 18, 2014, between Amira Nature Foods Ltd and Mr. Karan A. Chanana**                                                          
|15.11       |  | Share Option Agreement dated July 7, 2015 between Karan A Chanana and Amira Nature Foods Ltd ***                                                                           
|15.12       |  | Amended and restated  Insider Trading policy ****                                                                                                                          
|15.13       |  | Loan Agreement dated April 12, 2014, between Mr. Karan A Chanana and Amira Pure Foods Private Limited ****                                                                 
|15.14       |  | Director Share Award Agreement dated November 24, 2014 between Neal Cravens and Amira Nature Foods Ltd****                                                                 
|15.15       |  | Director Share Award Agreement dated November 24, 2014 between Shiv Surinder Kumar and Amira Nature Foods Ltd****                                                          
|15.16       |  | Director Share Award Agreement dated October 16, 2015 between Neal Cravens and Amira Nature Foods Ltd****                                                                  
|15.17       |  | Director Share Award Agreement dated October 16, 2015 between Shiv Surinder Kumar and Amira Nature Foods Ltd****                                                           
|15.18       |  | Director Share Award Agreement dated October 16, 2015 between Harash Pal Sethi and Amira Nature Foods Ltd****                                                              
|15.19       |  | Director Share Award Agreement dated May 15, 2016 between Harash Pal Sethi and Amira Nature Foods Ltd#                                                                     
|15.20       |  | Share Option Agreement dated July 15, 2016 between Karan A Chanana and Amira Nature Foods Ltd#                                                                             
|15.21       |  | Share Award Agreement dated October 17, 2014, between Karan A Chanana and Amira Nature Foods Ltd#                                                                          
|15.22       |  | Share Award Agreement dated March 31, 2016, between Karan A Chanana and Amira Nature Foods Ltd#                                                                            



| | (1) | Incorporated by reference to the Registration Statement on Form F-1, as amended, initially filed with the SEC on August
29, 2012 (File No.: 333-183612).
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------



*Incorporated by reference to the Form 6-K filed with the
SEC on November 13, 2013



**Incorporated by Reference to the Form 20-F filed with the
SEC on 28 July, 2014



*** Incorporated by Reference to the Form 6-K file d with
the SEC on July 13, 2015



**** Incorporated by Reference to the Form 20-F file d with
the SEC on January 24, 2016



#Incorporated by Reference to the Form 20-F file
d with the SEC on July 28, 2016



##Filed herewith



86







SIGNATURES



The Registrant hereby certifies that it
meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual
report on its behalf.



|               | AMIRA NATURE FOODS LTD
|-------------- | ----------------------
|               |                       
|July 29, 2017  | By:                   
|               |                       
|               |                       
|               |                       
|July  29, 2017 | By:                   
|               |                       
|               |                       



87







INDEX TO CONSOLIDATED FINANCIAL STATEMENTS



|Reports of Independent Registered Public Accounting Firm                                          | F-2
|------------------------------------------------------------------------------------------------- | ---
|                                                                                                  |    
|Consolidated Statements of Financial Position as at March 31, 2017 and 2016                       | F-3
|                                                                                                  |    
|Consolidated Statements of Profit or Loss for the years ended March 31, 2017, 2016 and 2015       | F-4
|                                                                                                  |    
|Consolidated Statements of Comprehensive Income for the years ended March 31, 2017, 2016 and 2015 | F-5
|                                                                                                  |    
|Consolidated Statements of Changes in Equity for the years ended March 31, 2017, 2016 and 2015    | F-6
|                                                                                                  |    
|Consolidated Statements of Cash Flows for the years ended March 31, 2017, 2016 and 2015           | F-7
|                                                                                                  |    
|Notes to the Consolidated Financial Statements                                                    | F-8



F-1







REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM



The Board of Directors and Shareholders of

Amira Nature Foods Ltd.

British Virgin Islands



We have audited the accompanying consolidated
statements of financial position of Amira Nature Foods Ltd and subsidiaries (the “Company”) as of March 31, 2017 and
2016, and the related consolidated statements of profit or loss, comprehensive income, changes in equity, and cash flows for each
of the three years in the period ended March 31, 2017. These financial statements are the responsibility of the Company’s management.
Our responsibility is to express an opinion on these financial statements based on our audits.



We conducted our audits in accordance with
the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement.
The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.
Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal
control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence
supporting the amounts and disclosures in the consolidated financial statements, assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.



In our opinion, such consolidated financial
statements present fairly, in all material respects, the consolidated financial position of Amira Nature Foods Ltd and subsidiaries
as of March 31, 2017 and 2016, and the results of their operations and their cash flows for each of the three years in the period
ended March 31, 2017, in conformity with International Financial Reporting Standards as issued by International Accounting Standards
Board.



/s/ ASA & Associates LLP

ASA & Associates LLP

New Delhi, India

July 29, 2017



F-2







Amira Nature Foods Ltd



Consolidated Statements of Financial
Position



|                                                   |  |       |  | (Amounts in USD)      |            
|-------------------------------------------------- |  | ----- |  | --------------------- | -----------
|                                                   |  | Notes |  | As at  March 31, 2017 |            
|ASSETS                                             |  |       |  |                       |            
|Non-current                                        |  |       |  |                       |            
|Property, plant and equipment                      |  | 8     |  | $                     | 18,674,113 
|Goodwill                                           |  | 9     |  |                       | 1,386,322  
|Other intangible assets                            |  | 10    |  |                       | 1,419,363  
|Other long-term financial assets                   |  | 11    |  |                       | 152,814    
|Total non-current assets                           |  |       |  | $                     | 21,632,612 
|                                                   |  |       |  |                       |            
|Current                                            |  |       |  |                       |            
|Inventories                                        |  | 12    |  | $                     | 273,063,839
|Trade receivables                                  |  | 13    |  |                       | 209,673,239
|Derivative financial assets                        |  |       |  |                       | -          
|Other financial assets                             |  | 14    |  |                       | 5,467,164  
|Prepayments                                        |  | 15    |  |                       | 47,272,153 
|Other current assets                               |  | 16    |  |                       | 664,553    
|Cash and cash equivalents                          |  | 17    |  |                       | 16,831,655 
|Total current assets                               |  |       |  | $                     | 552,972,603
|Total assets                                       |  |       |  | $                     | 574,605,215
|                                                   |  |       |  |                       |            
|EQUITY AND LIABILITIES                             |  |       |  |                       |            
|Equity                                             |  |       |  |                       |            
|Share capital                                      |  |       |  | $                     | 11,952     
|Share premium                                      |  |       |  |                       | 102,788,560
|Other reserves                                     |  |       |  |                       | (7,741,969 
|Retained earnings                                  |  |       |  |                       | 167,424,244
|Equity attributable to shareholders of the Company |  |       |  | $                     | 262,482,787
|Equity attributable to non-controlling interest    |  |       |  |                       | 40,741,634 
|Total equity                                       |  |       |  | $                     | 303,224,421
|                                                   |  |       |  |                       |            
|Liabilities                                        |  |       |  |                       |            
|Non-current liabilities                            |  |       |  |                       |            
|Defined benefit obligations                        |  | 24    |  | $                     | 283,944    
|Debt                                               |  | 22    |  |                       | 48,743     
|Deferred tax liabilities (net)                     |  | 23    |  |                       | 4,491,272  
|Total non-current liabilities                      |  |       |  | $                     | 4,823,959  
|                                                   |  |       |  |                       |            
|Current liabilities                                |  |       |  |                       |            
|Trade payables                                     |  | 20    |  | $                     | 13,004,865 
|Debt                                               |  | 22    |  |                       | 224,391,280
|Current tax liabilities (net)                      |  |       |  |                       | 15,799,116 
|Derivative financial liabilities                   |  |       |  |                       | -          
|Other financial liabilities                        |  | 21    |  |                       | 12,259,830 
|Other current liabilities                          |  | 20    |  |                       | 1,101,744  
|Total current liabilities                          |  |       |  | $                     | 266,556,835
|Total liabilities                                  |  |       |  | $                     | 271,380,794
|Total equity and liabilities                       |  |       |  | $                     | 574,605,215



(The
accompanying notes are an integral part of these consolidated financial statements)



F-3







Amira Nature Foods Ltd



Consolidated Statements of Profit or
Loss



|                                               |  |       |        |  | (Amounts
    in USD)   |  
|---------------------------------------------- |  | ----- | ------ |  | ---------------------- | -
|                                               |  |       |        |  | Fiscal
    years ended |  
|                                               |  | Notes |        |  | March
    31, 2017     |  
|Revenue                                        |  |       |        |  |                        | $
|Other
    income                               |  |       |        |  |                        |  
|Cost of materials                              |  |       |        |  |                        |  
|Change in inventory of finished goods          |  |       |        |  |                        |  
|Employee benefit expenses                      |  |       | 24, 31 |  |                        |  
|Depreciation and amortization                  |  |       | 25     |  |                        |  
|Freight, forwarding and handling expenses      |  |       |        |  |                        |  
|Other expenses                                 |  |       | 26     |  |                        |  
|                                               |  |       |        |  |                        | $
|Finance costs                                  |  |       | 27     |  |                        |  
|Finance income                                 |  |       | 27     |  |                        |  
|Other gains and (losses)                       |  |       | 28     |  |                        |  
|Profit before tax                              |  |       |        |  |                        | $
|Income tax expense                             |  |       | 23     |  |                        |  
|                                               |  |       |        |  |                        |  
|Profit after tax for the year                  |  |       |        |  |                        | $
|Profit after tax for the year attributable to: |  |       |        |  |                        |  
|Shareholders of the Company                    |  |       |        |  |                        |  
|Non-controlling interest                       |  |       |        |  |                        |  
|                                               |  |       |        |  |                        |  
|Earnings per share                             |  |       |        |  |                        |  
|Basic earnings per share                       |  |       | 29     |  |                        | $
|Diluted earnings per share                     |  |       | 29     |  |                        | $



(The
accompanying notes are an integral part of these consolidated financial statements)



F-4







Amira Nature Foods Ltd



Consolidated Statements of Comprehensive
Income



|                                                                        |  | (Amounts
    in USD)   |           
|----------------------------------------------------------------------- |  | ---------------------- | ----------
|                                                                        |  | Fiscal
    years ended |           
|                                                                        |  | March
    31, 2017     |           
|Profit
    after tax for the year                                       |  | $                      | 31,511,404
|Other
    comprehensive income                                          |  |                        |           
|Items
    that will not be reclassified subsequently to profit or loss: |  |                        |           
|Re-measurement
    of defined benefit obligation:                       |  |                        |           
|Current
    year gain                                                   |  | $                      | 74,931    
|Income
    tax                                                          |  |                        | (25,932   
|                                                                        |  | $                      | 48,999    
|Items
    that may be reclassified subsequently to profit or loss:      |  |                        |           
|Available
    for sale financial assets:                                |  |                        |           
|Current
    year gain/(loss)                                            |  | $                      | 45,053    
|Reclassification
    to profit or loss                                  |  |                        | -         
|Income
    tax                                                          |  |                        | (15,592   
|                                                                        |  | $                      | 29,461    
|Cash
    flow hedging reserve:                                          |  |                        |           
|Current
    year gain/(loss)                                            |  | $                      | -         
|Reclassification
    to profit or loss                                  |  |                        | -         
|Income
    tax                                                          |  |                        | -         
|                                                                        |  | $                      | -         
|                                                                        |  |                        |           
|Currency
    translation reserve                                        |  | $                      | 4,150,164 
|                                                                        |  |                        |           
|Other
    comprehensive income/(loss) for the year, net of tax          |  | $                      | 4,228,624 
|Total
    comprehensive income/(loss) for the year                      |  | $                      | 35,740,027
|                                                                        |  |                        |           
|Total comprehensive
    income/(loss) for the year attributable to:     |  |                        |           
|Shareholders
    of the Company                                         |  | $                      | 28,511,641
|Non-controlling
    interest                                            |  | $                      | 7,228,386 



(The accompanying notes are an integral part of these consolidated
financial statements)



F-5







Amira Nature Foods Ltd



Consolidated Statements of Changes in
Equity





|                                                    |  |                   |        |   |                   |   |             |                                      |  |   |                                                     |   |  |                                  |         |   | (Amounts
    in USD)          |  
|--------------------------------------------------- |  | ----------------- | ------ | - | ----------------- | - | ----------- | ------------------------------------ |  | - | --------------------------------------------------- | - |  | -------------------------------- | ------- | - | ----------------------------- | -
|                                                    |  |                   |        |   |                   |   |             | Other
    reserves                   |  |   |                                                     |   |  |                                  |         |   |                               |  
|                                                    |  | Share
    capital |        |   | Share
    premium |   |             | Share-based
    compensation reserve |  |   | Reserve
    for available for sale financial assets |   |  | Currency
    translation reserve |         |   | Cash
    flow hedging Reserve |  
|Balance as at April 1, 2014                         |  | $                 | 9,115  |   |                   | $ | 82,804,750  |                                      |  | $ | 2,863,362                                           |   |  | $                                | (30,127 | ) |                               | $
|Issue of shares (Note 18)                           |  |                   | 9      |   |                   |   | 130,032     |                                      |  |   | (130,041                                            | ) |  |                                  | —       |   |                               |  
|Repurchased and cancelled (Note 19.2)               |  |                   | (4     | ) |                   |   | (38,186     | )                                    |  |   | —                                                   |   |  |                                  | —       |   |                               |  
|Share-based compensation (Note 19)                  |  |                   | —      |   |                   |   | —           |                                      |  |   | 1,849,078                                           |   |  |                                  | —       |   |                               |  
|Profit after tax for the year                       |  |                   | —      |   |                   |   | —           |                                      |  |   | —                                                   |   |  |                                  | —       |   |                               |  
|Other comprehensive income /(loss) for the year     |  |                   | —      |   |                   |   | —           |                                      |  |   | —                                                   |   |  |                                  | 23,493  |   |                               |  
|Total comprehensive income/(loss)
    for the year  |  | $                 | —      |   |                   | $ | —           |                                      |  | $ | —                                                   |   |  | $                                | 23,493  |   |                               | $
|Balance as at March 31, 2015                        |  | $                 | 9,120  |   |                   | $ | 82,896,596  |                                      |  | $ | 4,582,399                                           |   |  | $                                | (6,634  | ) |                               | $
|                                                    |  |                   |        |   |                   |   |             |                                      |  |   |                                                     |   |  |                                  |         |   |                               |  
|Balance as at April 1, 2015                         |  | $                 | 9,120  |   |                   | $ | 82,896,596  |                                      |  | $ | 4,582,399                                           |   |  | $                                | (6,634  | ) |                               | $
|Issue of shares (Note 18)                           |  |                   | 181    |   |                   |   | 2,218,159   |                                      |  |   | (2,218,340                                          | ) |  |                                  | -       |   |                               |  
|Share-based compensation (Note 19)                  |  |                   |        |   |                   |   |             |                                      |  |   | 3,523,411                                           |   |  |                                  | -       |   |                               |  
|Profit after tax for the year                       |  |                   | -      |   |                   |   | -           |                                      |  |   | -                                                   |   |  |                                  | -       |   |                               |  
|Other comprehensive income /(loss) for the
    year |  |                   | -      |   |                   |   | -           |                                      |  |   | -                                                   |   |  |                                  | (3,094  | ) |                               |  
|Total comprehensive income/(loss)
    for the year  |  |                   | -      |   |                   |   | -           |                                      |  |   | -                                                   |   |  |                                  | (3,094  | ) |                               |  
|Balance as at March 31, 2016                        |  |                   | 9,301  |   |                   |   | 85,114,755  |                                      |  |   | 5,887,470                                           |   |  |                                  | (9,728  | ) |                               |  
|                                                    |  |                   |        |   |                   |   |             |                                      |  |   |                                                     |   |  |                                  |         |   |                               |  
|Balance as at April 1, 2016                         |  |                   | 9,301  |   |                   |   | 85,114,755  |                                      |  |   | 5,887,470                                           |   |  |                                  | (9,728  | ) |                               |  
|Issue of shares (Note 18)                           |  |                   | 2,651  |   |                   |   | 17,673,805  |                                      |  |   | (17,676,456                                         | ) |  |                                  | -       |   |                               |  
|Share-based compensation (Note 19)                  |  |                   | -      |   |                   |   | -           |                                      |  |   | 17,762,628                                          |   |  |                                  | -       |   |                               |  
|Profit after tax for the year                       |  |                   | -      |   |                   |   | -           |                                      |  |   | -                                                   |   |  |                                  | -       |   |                               |  
|Other comprehensive income /(loss) for the
    year |  |                   | -      |   |                   |   | -           |                                      |  |   | -                                                   |   |  |                                  | 23,857  |   |                               |  
|Total comprehensive income/(loss)
    for the year  |  |                   | -      |   |                   |   | -           |                                      |  |   | -                                                   |   |  |                                  | 23,857  |   |                               |  
|Balance as at March 31, 2017                        |  |                   | 11,952 |   |                   |   | 102,788,560 |                                      |  |   | 5,973,642                                           |   |  |                                  | 14,129  |   |                               |  





(The accompanying notes are an integral
part of these consolidated financial statements)



F-6







Amira Nature Foods Ltd



Consolidated Statements of Cash Flows



|                                                                  |  |           |  | (Amounts in USD)   |            
|----------------------------------------------------------------- |  | --------- |  | ------------------ | -----------
|                                                                  |  |           |  | Fiscal years ended |            
|                                                                  |  | Notes     |  | March 31, 2017     |            
|                                                                  |  |           |  |                    |            
|(A) CASH FLOW FROM OPERATING ACTIVITIES                           |  |           |  |                    |            
|Profit before tax for the year                                    |  |           |  | $                  | 36,108,371 
|Adjustments for non-cash items                                    |  | 32        |  |                    | 14,960,995 
|Adjustments for non-operating incomes and expenses                |  | 32        |  |                    | 29,011,112 
|Changes in operating assets and liabilities                       |  | 32        |  |                    | (68,644,523
|                                                                  |  |           |  | $                  | 11,435,955 
|Income taxes paid                                                 |  |           |  |                    | (5,648,895 
|Net cash generated from/(used in) operating activities            |  |           |  | $                  | 5,787,060  
|                                                                  |  |           |  |                    |            
|(B) CASH FLOW FROM INVESTING ACTIVITIES                           |  |           |  |                    |            
|Purchase of property, plant and equipment                         |  |           |  | $                  | (71,885    
|Purchase of intangible assets                                     |  |           |  |                    | -          
|Advance for property, plant and equipment                         |  |           |  |                    | -          
|Proceeds from sale of property, plant and equipment               |  |           |  |                    | 2,262      
|Net cash outflow on acquisition of subsidiaries                   |  |           |  |                    | -          
|Proceeds from term deposits                                       |  |           |  |                    | 17,230,029 
|Investments in term deposits                                      |  |           |  |                    | (14,189,981
|Purchase of short term investments                                |  |           |  |                    | -          
|Proceeds from the sale of short term investments                  |  |           |  |                    | -          
|Interest received                                                 |  |           |  |                    | 381,144    
|Net cash used in investing activities                             |  |           |  | $                  | 3,351,569  
|                                                                  |  |           |  |                    |            
|(C) CASH FLOWS FROM FINANCING ACTIVITIES                          |  |           |  |                    |            
|Net proceeds from issue of shares                                 |  |           |  | $                  | -          
|Repurchase of shares from ex-director                             |  | 32        |  |                    | -          
|Net proceeds from short term debt                                 |  |           |  |                    | 9,384,793  
|Proceeds from long term debt                                      |  |           |  |                    | -          
|Repayment of long term debt                                       |  |           |  |                    | (463,035   
|Interest paid                                                     |  |           |  |                    | (27,520,656
|Net cash generated from financing activities                      |  |           |  | $                  | (18,598,898
|(D)Effect of change in exchange rate on cash and cash equivalents |  |           |  |                    | 8,879,423  
|Net increase/(decrease) in cash and cash equivalents              |  | (A+B+C+D) |  | $                  | (580,846   
|Cash and cash equivalents at the beginning of the year            |  |           |  |                    | 17,412,501 
|Cash and cash equivalents at the end of the year                  |  |           |  | $                  | 16,831,655 



(The
accompanying notes are an integral part of these consolidated financial statements)



F-7







Amira Nature Foods Ltd



Notes to the Consolidated Financial Statements



| | 1. | Background and nature of operations
| | -- | -----------------------------------



Amira Nature Foods Ltd (’‘ANFI” or ’‘the
Company’’) and its subsidiaries (hereinafter together referred to as ’‘Amira’’ or ’‘the
Group’’) are engaged primarily in the business of processing, sourcing and selling packaged Indian specialty rice,
primarily basmati rice and other food products. The Group sells these products to international buyers (located in Asia Pacific,
Europe, Middle East, North Africa and North America), distributors and retail chains in India. The Group has currently one rice
processing plant which is located in Gurgaon, India.



ANFI was incorporated on February 20, 2012 and is domiciled
in the British Virgin Islands. The principal office of the Company is located at 29E, A.U. Tower Jumeirah Lake Towers Dubai, United
Arab Emirates.



| | 2. | Formation of the Company and initial public offering (IPO)
| | -- | ----------------------------------------------------------



ANFI was formed to act as holding company of the Group and to
make an initial public offering of its shares in the United States of America (“USA”). On October 15, 2012 ANFI
completed its IPO in the USA of 9,000,000 ordinary shares of face value of $0.001 at a premium of $9.999 per share. The Company
incurred a total cost of $9.1 million towards share issue and listing of shares. Share issue expenses attributable to raising of
new equity amounting to $7.3 million had been reduced from equity and other expenses amounting to $1.8 million were recorded in
the consolidated statement of profit or loss during the year ended March 31, 2013.



Immediately thereafter, the Company through its wholly owned
subsidiary, Amira Nature Foods Ltd, Mauritius (“ANFI Mauritius”), subscribed for 53,102,500 equity shares of Amira
Pure Foods Private Limited (“APFPL”), incorporated in India representing approximately 80.4% of its outstanding shares
on October 16, 2012, pursuant to a subscription agreement dated September 27, 2012, as amended subsequently through an
amendment agreement dated October 10, 2012 for $77,000,100. The balance of 19.6% in APFPL represents Non-controlling
interest (“NCI”) held by Mr. Karan A. Chanana, Chairman and Chief Executive Officer of ANFI, and his affiliates.



ANFI and APFPL were under common control of Mr. Karan A Chanana,
the controlling shareholder, and accordingly this combination was accounted for using the “Pooling of interest method”.
The assets and liabilities of the entities have been recorded at their carrying amount and previous periods as applicable have
been retrospectively adjusted.



| | 3. | Statement of compliance
| | -- | -----------------------



The consolidated financial statements of the Group have been
prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting
Standards Board (“IASB”).



| | 4. | New standards/amendments relevant for the Group adopted from April 1, 2016
| | -- | --------------------------------------------------------------------------



On April 1, 2016 the Group adopted new
accounting policies where necessary to comply with amendments to IFRS.



The following are those accounting pronouncements
which are relevant to the Group and which have been adopted during 2016 in the preparation of these consolidated financial statements:



| | · | Amendments to IAS 1 - Presentation of Financial Statements
| | - | ----------------------------------------------------------



In December 2014, IASB issued an amendment
to IAS 1 to address perceived impediments to preparers exercising their judgment in presenting their financial reports by making
the following changes:



| | · | Clarification that information should not be obscured by aggregating or by providing immaterial
information, and that materiality considerations apply to the all parts of the financial statements, and even when a standard requires
a specific disclosure, materiality considerations do apply;
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



F-8







| | · | Clarification that the list of line items to be presented in these statements can be disaggregated
and aggregated as relevant and additional guidance on subtotals in these statements and clarification that an entity’s share of
other comprehensive income of equity-accounted associates and joint ventures should be presented in aggregate as single line items
based on whether or not it will subsequently be reclassified to profit or loss; and
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | Additional examples of possible ways of ordering the notes to clarify that understandability and
comparability should be considered when determining the order of the notes and to demonstrate that the notes need not be presented
in the order so far listed in paragraph 114 of IAS 1.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



This amendment is effective for annual
periods beginning on or after January 1, 2016.



The Group does not believe that the adoption
of this amendment will have a material effect on its consolidated financial statements.



| | · | Amendment to IAS 16 – Property, Plant and Equipment and IAS 38 – Intangible Assets
| | - | ----------------------------------------------------------------------------------



In May 2014, the IASB issued “Amendments
to IAS 16 and IAS 38”, clarifying that the use of methods based on revenue to calculate depreciation is not appropriate because
revenue generated by an activity that includes the use of an asset typically reflects factors that are not directly linked to the
consumption of the economic benefits embodied in the asset. Revenue is generally presumed to be an inappropriate basis for measuring
the consumption of the economic benefits embodied in an intangible asset. This presumption, however, can be rebutted in certain
limited circumstances. This Amendment is effective for annual period, beginning on or after January 1, 2016.



The Group does not believe that the adoption
of this amendment will have a material effect on its consolidated financial statements.



| | · | Annual improvements to IFRSs 2012-2014 Cycle
| | - | --------------------------------------------



In September 2014, the IASB issued “Annual Improvements
to IFRSs: 2012-2014 Cycle” and “Annual Improvements to IFRSs: 2012-2014 Cycle”, as part of its annual process
of revising and improving existing standards. These are effective for annual periods beginning on or after January 1, 2016.



| | · | IFRS 5 — Adds specific guidance in IFRS 5 for cases in which an entity reclassifies an asset from held-for-sale to held-for-distribution
or vice versa and cases in which held-for-distribution accounting is discontinued
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | IFRS 7 — Additional guidance to clarify whether a servicing contract is continuing involvement in a transferred asset,
and clarification on offsetting disclosures in condensed interim financial statements
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | IAS 19 — Clarifies that the high quality corporate bonds used in estimating the discount rate for post-employment benefits
should be denominated in the same currency as the benefits to be paid
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | IAS 34 — Clarifies the meaning of “elsewhere in the interim report” and requires a cross-reference
| | - | --------------------------------------------------------------------------------------------------



The Group does not believe that the adoption of these amendments
will have a material effect on its consolidated financial statements.



| | 5. | New standards/amendments issued but not yet effective relevant for the Group
| | -- | ----------------------------------------------------------------------------



The following accounting pronouncements were not effective as
of March 31, 2017 and therefore have not been applied in preparing these consolidated financial statements.



F-9







| | · | IFRS 9 Financial Instruments:
| | - | -----------------------------



In July 2014, the International Accounting
Standards Board issued the final version of IFRS 9, Financial Instruments. The standard reduces the complexity of the current rules
on financial instruments as mandated in IAS 39. IFRS 9 has fewer classification and measurement categories as compared to IAS 39
and has eliminated the categories of held to maturity, available for sale and loans and receivables. Further it eliminates the
rule-based requirement of segregating embedded derivatives and tainting rules pertaining to held to maturity investments. For an
investment in an equity instrument which is not held for trading, IFRS 9 permits an irrevocable election, on initial recognition,
on an individual share-by-share basis, to present all fair value changes from the investment in other comprehensive income. No
amount recognized in other comprehensive income would ever be reclassified to profit or loss. It requires the entity, which chooses
to measure a liability at fair value, to present the portion of the fair value change attributable to the entity’s own credit
risk in other comprehensive income.



IFRS 9 replaces the ‘incurred loss
model’ in IAS 39 with an ‘expected credit loss’ model. The measurement uses a dual measurement approach, under
which the loss allowance is measured as either 12 month expected credit losses or lifetime expected credit losses. The standard
also introduces new presentation and disclosure requirements.



The effective date for adoption of IFRS
9 is annual periods beginning on or after January 1, 2018, though early adoption is permitted. We are in the process of determining
the method of adoption and assessing the impact of IFRS 9 on our consolidated results of operations, cash flows, financial position
and disclosures.



This amendment is effective for annual
periods beginning on or after January 1, 2018.



The Group does not believe that the adoption
of this amendment will have a material effect on its consolidated financial statements.



| | · | IFRS 15 Revenue from Contracts with Customers:
| | - | ----------------------------------------------



In May 2014, the International Accounting
Standards Board and Financial Accounting Standards Board jointly issued IFRS 15, Revenue from Contracts with Customers. The core
principle of the new standard is that an entity should recognize revenue to depict the transfer of promised goods or services to
customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or
services. Further the new standard requires enhanced disclosures about the nature, amount, timing and uncertainty of revenue and
cash flows arising from the entity’s contracts with customers. The standard permits the use of either the retrospective or
cumulative effect transition method. The effective date for adoption of IFRS 15 is annual periods beginning on or after January
1, 2017, though early adoption is permitted.



In September 2015, the IASB issued an amendment
to IFRS 15, deferring the adoption of the standard to periods beginning on or after January 1, 2018 instead of January 1, 2017.
In April 2016, the IASB has amended IFRS 15. The amendments provide clarifications to apply the principles of IFRS 15 and some
additional transitional relief to companies.



The effective date for adoption of IFRS
15 is annual periods beginning on or after January 1, 2018, though early adoption is permitted.



The Group does not believe that the adoption of this amendment
will have a material effect on its consolidated financial statements.



| | · | IFRS 16 Leases:
| | - | ---------------



On January 13, 2016, the International Accounting Standards
Board issued the final version of IFRS 16, Leases. IFRS 16 will replace the existing leases standard, IAS 17, Leases, and related
Interpretations. The Standard sets out the principles for the recognition, measurement, presentation and disclosure of leases for
both parties to a contract i.e., the lessee and the lessor. IFRS 16 introduces a single lessee accounting model and requires a
lessee to recognise assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of
low value. Currently, operating lease expenses are charged to the statement of profit or loss and other comprehensive income (loss).
The Standard also contains enhanced disclosure requirements for lessees.



The effective date for adoption of IFRS 16 is annual periods
beginning on or after January 1, 2019, though early adoption is permitted for companies applying IFRS 15 Revenue from Contracts
with Customers. We are in the process of assessing the impact of IFRS 16 on our consolidated results of operations, cash flows,
financial position and disclosures.



The Group does not believe that the adoption of this amendment
will have a material effect on its consolidated financial statements.



F-10







| | · | IAS 7 Statement of cash flows:
| | - | ------------------------------

In January 2016, the International Accounting Standards Board
issued the amendments to IAS 7, requiring the entities to provide disclosures that enable users of financial statements to evaluate
changes in liabilities arising from financing activities, including both changes arising from cash flows and non-cash changes,
suggesting inclusion of a reconciliation between the opening and closing balances in the balance sheet for liabilities arising
from financing activities, to meet the disclosure requirement. The effective date for adoption of the amendments to IAS 7 is annual
reporting periods beginning on or after January 1, 2017, though early adoption is permitted. The Group has evaluated the disclosure
requirements of the amendment and the effect on the consolidated financial statements is not expected to be material.



The Group does not believe that the adoption of these amendments
will have a material effect on its consolidated financial statements.



| | · | IFRIC 23, Uncertainty over Income Tax Treatments:
| | - | -------------------------------------------------



In June 2017, the International Accounting Standards
Board issued IFRIC 23, Uncertainty over Income Tax Treatments. IFRIC 23 is to be applied while performing the determination
of taxable profit (or loss), tax bases, unused tax losses, unused tax credits and tax rates, when there is uncertainty over
income tax treatments under IAS 12. According to IFRIC 23, companies need to determine the probability of the relevant tax
authority accepting each tax treatment, or group of tax treatments, that the companies have used or plan to use in their
income tax filing which has to be considered to compute the most likely amount or the expected value of the tax treatment
when determining taxable profit (tax loss), tax bases, unused tax losses, unused tax creditsand tax rates.



The standard permits two possible methods of transition:



| | · | Full retrospective approach – Under this approach, IFRIC 23 will be applied retrospectively to each prior reporting period
presented in accordance with IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | · | Retrospectively with cumulative effect of initially applying IFRIC 23 recognized by adjusting equity on initial application,
without adjusting comparatives
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------



The effective date for adoption of IFRC 23 is annual periods
beginning on or after January 1, 2019, though early adoption is permitted.



The Group is yet to evaluate the effect of IFRIC 23 on the consolidated
financial statements.



| | 6. | Summary of significant accounting policies
| | -- | ------------------------------------------



| | 6.1 | Overall considerations
| | --- | ----------------------



The consolidated financial statements have been prepared on
a going concern basis. The significant accounting policies that have been used in the preparation of these consolidated financial
statements are summarized below.



All assets and liabilities have been classified as current or
non-current as per the Group’s normal operating cycle. Based on the nature of products and the time between the acquisition
of assets for processing and their realization in cash and cash equivalents, the Company has ascertained its operating cycle as
12 months for the purpose of current - non-current classification of assets and liabilities.



| | 6.2 | Basis of consolidation
| | --- | ----------------------



The Group’s subsidiaries are those entities which it directly
or indirectly controls. Control over an entity is evidenced by the Group’s ability to exercise its power in order to affect any
variable returns that the Group is exposed to through its involvement with the entity.



When assessing whether to consolidate an entity, the Group evaluates
a range of control factors, namely:



| | · | the purpose and design of the entity
| | - | ------------------------------------



F-11







| | · | the relevant activities and how these are determined
| | - | ----------------------------------------------------

| | · | whether the Group’s rights result in the ability to direct the relevant activities
| | - | ----------------------------------------------------------------------------------

| | · | whether the Group has exposure or rights to variable returns
| | - | ------------------------------------------------------------

| | · | whether the Group has the ability to use its power to affect the amount of its returns
| | - | --------------------------------------------------------------------------------------



Subsidiaries are consolidated from the date on which control
is transferred to the Group and are deconsolidated from the date that control ceases.



The Group reassesses the consolidation status when any changes
in the structure lead to a change in one or more of the control factors.



All intercompany transactions, balances and unrealized gains
on transactions between Group companies are eliminated on consolidation.



Consistent accounting policies are applied throughout the Group
for the purposes of consolidation. Issuances of a subsidiary’s stock to third parties are treated as non-controlling interests.
Profit or loss attributable to non-controlling interests are reported separately in the consolidated statements of profit or loss
and consolidated statements of comprehensive income.



| | 6.3 | Business combinations
| | --- | ---------------------



The Group uses the acquisition method to account for business
combinations. At the date, the Group obtains control of the subsidiary, the cost of an acquisition is measured at the fair value
of the consideration given, including any cash or non-cash consideration (equity instruments) transferred any contingent consideration,
any previously held equity interest in the acquiree and liabilities incurred or assumed. The excess of the aggregate of the cost
of an acquisition and any non-controlling interests in the acquiree over the Group’s share of the fair value of the identifiable
net assets acquired is recorded as goodwill. If the aggregate of the acquisition cost and any non-controlling interests is below
the fair value of the identifiable net assets (negative goodwill), a gain is reported in other income. Acquisition-related costs
are recognized as expenses in the period in which they are incurred.



Non-controlling interests are shown in the consolidated balance
sheet as a separate component of equity, which is distinct from the Group’s shareholders’ equity. The net income attributable
to of non-controlling interests is separately disclosed on the face of the consolidated statement of income. Changes in the ownership
interest in subsidiaries which do not result in a change of control are treated as transactions between equity holders and are
reported in equity.



| | 6.4 | Foreign currency
| | --- | ----------------



Our consolidated financial statements are presented in U.S.
dollars which is the functional currency of ANFI. The functional currencies of APFPL and Amira Dubai, through which we conduct
most of our operations, are Indian Rupees and United Arab Emirates Dirham (AED), respectively. The functional currencies of ANFI,
APFPL, Amira Dubai and our other subsidiaries have been determined on the basis of the primary economic environment in which each
of them operates.



A currency other than the functional currency of the entities
is a foreign currency. Foreign currency transactions are translated into the functional currency of each respective entity, using
the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies
are translated at the rate of exchange on the date of the statement of financial position. Foreign exchange gains and losses resulting
from the settlement of such transactions and from the re-measurement of monetary items at year-end exchange rates are recognized
in the consolidated statements of profit or loss. Non-monetary items measured at historical cost are translated using the exchange
rates at the date of the transaction.



For purposes of our consolidated financial statements, all assets,
liabilities and transactions of our subsidiaries with a functional currency other than the U.S. dollar (our presentation currency)
are translated into U.S. dollars upon consolidation.



F-12







On consolidation, assets and liabilities have been translated
into the U.S. dollar at the closing rate at the statement of financial position date. Income and expenses have been translated
into the presentation currency at the average rate over the reporting period. Exchange differences are recognized in equity as
“Currency translation reserve”.



| | 6.5 | Revenue
| | --- | -------



Sale of basmati rice and other food products



The Group recognizes revenue when the amount of revenue can
be reliably measured; it is probable that future economic benefits will flow to the Group. Revenues are measured at the fair value
of the consideration received or receivable, net of discounts, rebates, outgoing sales taxes, and other indirect taxes. Revenues
are recognized when all significant risks and rewards of ownership of the goods are transferred to the customer and delivery has
occurred as per the contractual terms.



Interest and dividend income



Interest income is reported on an accrual basis using the effective
interest method. Dividend income is recognized at the time the right to receive payment is established.



| | 6.6 | Cost of materials
| | --- | -----------------



Cost of materials includes purchase of raw materials and change
in raw materials.



| | 6.7 | Inventories
| | --- | -----------



Inventory is valued at the lower of cost and net realizable
value. Net realizable value is the estimated selling price in the ordinary course of business less estimated cost of completion
and selling expenses.



Paddy (classified under raw materials) and rice (classified
under finished goods) are stored for a substantial period of time (approximately 10 months to 12 months) for natural ageing necessary
to bring these inventories to their intended quality.



Raw materials, stores and spares, packaging materials and
purchased finished goods



Raw materials costs are comprised of purchase price and expenses
incurred to bring inventory to its present location and related taxes net of tax credits available, if any. Cost of such closing
inventory is determined on a first in first out basis (and includes storage costs and borrowing costs as paddy is required to be
stored for a substantial period of time for Basmati’s natural ageing process).



Finished goods



Finished goods include cost of direct materials and manufacturing
expenses incurred to bring inventories to their present location and condition. Cost of finished goods is determined using the
weighted average method. Cost of closing inventory includes interest expense (borrowing costs) as Basmati rice is required to be
stored for a substantial period of time for the natural ageing process to occur.



| | 6.8 | Goodwill
| | --- | --------



Goodwill arising on an acquisition of a business is carried
at cost as established at the date of acquisition of the business less accumulated impairment losses, if any.



For the purposes of impairment testing, goodwill is allocated
to each of the Group’s cash-generating units that is expected to benefit from the synergies of the combination.



F-13







A cash-generating unit to which goodwill has been allocated
is tested for impairment annually, or more frequently when there is indication that the unit may be impaired. If the recoverable
amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying
amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata based on the carrying amount of
each asset in the unit. Any impairment loss for goodwill is recognized directly in profit or loss. An impairment loss recognized
for goodwill is not reversed in subsequent periods.



On disposal of the relevant cash-generating unit, the attributable
amount of goodwill is included in the determination of the profit or loss on disposal.



| | 6.9 | Other intangible assets
| | --- | -----------------------



Other intangible assets including those acquired in a business
combination are stated at cost of acquisition, less accumulated amortization and impairments, if any. Indefinite life intangible
assets are stated at cost less accumulated impairment, if any.



Intangible assets are amortized on straight-line basis over
their estimated useful lives.



Management’s estimate of the useful life of trademarks registration
fees, software licenses, favorable lease and customer relationships is 10, 3, 5 and 12 years, respectively. Acquired brand has
indefinite useful life and tested for impairment annually or more frequently when there is indication that such asset may be impaired.



| | 6.10 | Property, plant and equipment
| | ---- | -----------------------------



Property, plant and equipment are stated at cost of acquisition
less accumulated depreciation and accumulated impairment, if any.



An item of property, plant and equipment is no longer recognized
upon disposal or when no future economic benefits are expected from its use. Any resulting gain or loss (calculated as the difference
between the net disposal proceeds and the carrying amount of the asset) is included in the consolidated statements of profit or
loss within “Other income” in the year the asset is derecognized.



The assets residual values, useful lives and methods are reviewed
by management, and adjusted if appropriate, at each reporting date.



Property, plant and equipment are depreciated using the straight
line method over the useful life of asset as estimated by management. The estimated useful lives are as follows:



|Buildings                                                                                                                     | 5-25 years
|----------------------------------------------------------------------------------------------------------------------------- | ----------
|Plant and machinery – includes storage equipment, pollution and fire control equipment                                        | 3-20 years
|Plant and machinery – includes laboratory equipment, weighing equipment, electrical fittings & packing and generator & boiler | 3-10 years
|Office equipment                                                                                                              | 3-6 years 
|Furniture and fixtures                                                                                                        | 3-5 years 
|Vehicles                                                                                                                      | 5 years   



Freehold land is not a depreciable asset.



Depreciation is not recorded on capital work in progress until
construction and installation are complete and the asset is ready for its intended use. Capital advances are included in capital
work in progress.



| | 6.11 | Impairment testing of property, plant and equipment and intangible assets other than goodwill and indefinite life intangible
assets
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------



At the end of each reporting period the Group reviews the carrying
amounts of tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment
loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment
loss, if any. The Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.



F-14







An impairment loss is recognized for the amount by which the
asset’s or cash-generating unit’s carrying amount exceeds its recoverable amount. Recoverable amount is the higher of fair value
less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present
value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific
to the asset for which the estimates of future cash flows have not been adjusted.



When an impairment loss subsequently reverses, the carrying
amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does
not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset in prior years.



| | 6.12 | Leases
| | ---- | ------



Operating leases are considered to be leases where substantial
risks and rewards related to ownership of the leased asset are retained with the lessor. Payments on operating lease agreements
are recognized as an expense on a straight-line basis over the lease term. Associated costs, such as maintenance and insurance,
are expensed as incurred.



| | 6.13 | Debt costs
| | ---- | ----------



Debt costs primarily comprise interest on our debt. Debt costs
directly attributable to the acquisition, construction or production of a qualifying asset are capitalized during the period of
time that is necessary to complete and prepare the asset for its intended use or sale.



| | 6.14 | Advertising and business promotion expenses
| | ---- | -------------------------------------------



Advertising and business promotion expenses classified under
“Other expenses”, which primarily includes hoarding cost, exhibition cost, publicity cost and cost of other promotional
activities. Advertising and business promotion expenses are recognized in profit or loss as and when incurred.



| | 6.15 | Financial assets and financial liabilities
| | ---- | ------------------------------------------



Financial assets and financial liabilities
are recognized when the Group becomes a party to the contractual provisions of the financial instrument.



Financial assets are derecognized when
the contractual rights to the cash flows from the financial asset expire, or when the financial asset and all substantial risks
and rewards are transferred.



A financial liability is derecognized when
it is extinguished, discharged, cancelled or expires.



Financial assets and financial liabilities
are measured initially at fair value plus transactions costs, except for financial assets and financial liabilities carried at
fair value through profit or loss, which are measured initially at fair value.



Financial assets and financial liabilities
are measured subsequently as described below.



Financial assets



On initial recognition, the Group’s financial assets are
classified into the loans and receivables and available for sales.



Loans and receivables



Loans and receivables are non-derivative financial assets with
fixed or determinable payments that are not quoted in an active market. After initial recognition these are measured at amortized
cost using the effective interest method, less provision for impairment. The Group’s cash and cash equivalents, trade receivables,
term and other deposits and other receivables fall into this category of financial instruments.



F-15







Cash and cash equivalents



Cash and cash equivalents consist of cash in hand and balance
held with banks including deposits. Cash and cash equivalents are unrestricted as to withdrawal or usage.



Available for sale financial assets (referred to as AFS)



Available for sale financial assets are non-derivative financial
assets that are either designated to this category or do not qualify for inclusion in any of the other categories of financial
assets. The Group’s available for sale financial assets include investments in listed securities and mutual funds in India.



Available for sale financial assets are measured at fair value.
Gains and losses are recognized in the consolidated statement of other comprehensive income and reported within the available for
sale reserve within equity. When the asset is disposed of or is determined to be impaired, the cumulative gain or loss recognized
in the consolidated statement of other comprehensive income is reclassified from the equity reserve to the consolidated statement
of profit or loss account.



Financial liabilities



The Group’s financial liabilities include debt, trade payables
and other financial liabilities. Financial liabilities are measured subsequently at amortized cost using the effective interest
method except for derivative financial liabilities.



Equity instruments



An equity instrument is any contract that evidences a residual
interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued are recognized at the proceeds
received net of direct issue costs.



Impairment of financial assets



Financial assets are assessed for indicators of impairment at
the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result
of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the
financial assets have been affected.



For financial assets carried at amortized cost, the amount of
the impairment loss recognized is the difference between the asset’s carrying amount and the present value of estimated future
cash flows, discounted at the financial asset’s original effective interest rate.



The carrying amount of the financial asset is reduced by the
impairment loss directly for all financial assets with the exception of trade receivables and other receivables, where the carrying
amount is reduced through the use of an allowance account. When a trade receivable is considered uncollectible, it is written off
against the allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account.
Changes in the carrying amount of the allowance account are recognized in profit or loss.

When an AFS financial asset is considered to be impaired, cumulative
gains or losses previously recognized in other comprehensive income are reclassified to profit or loss in the period.



For financial assets measured at amortized cost, if, in a subsequent
period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the
impairment was recognized, the previously recognized impairment loss is reversed through profit or loss to the extent that the
carrying amount of the investment at the date the impairment is reversed does not exceed what the amortized cost would have been
had the impairment not been recognized.



F-16







In respect of AFS equity securities, impairment losses previously
recognized in profit or loss are not reversed through profit or loss. Any increase in fair value subsequent to an impairment loss
is recognized in other comprehensive income and accumulated under the heading of “Reserve for available for sale financial
assets”.



| | 6.16 | Derivatives
| | ---- | -----------



Derivatives are initially recognized at fair value and subsequently
re-measured to their fair value at the end of each reporting period. The resulting gain or loss is recognized in profit or loss
immediately unless the derivative is designated and effective as a hedging instrument in which event the timing of the subsequent
recognition in profit or loss depends on the nature of the hedge relationship.



| | 6.17 | Cash flow hedges
| | ---- | ----------------



The Group designates forward currency derivative contracts in
respect of foreign currency risk, as cash flow hedges. Hedges of foreign exchange risk on highly probable forecasted sales are
accounted for as cash flow hedges.



At the inception of the hedge relationship, the Group documents
the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy
for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents
whether the hedging instrument is highly effective in offsetting changes in cash flows of the hedged item attributable to the hedged
risk.



Gain/ loss arising due to change in fair value of forward currency
derivative contracts not designated as cash flow hedges are recognized in the consolidated statements of profit or loss under “Other
gains and (losses)”.



The effective portion of changes in the fair value of derivatives
that are designated and qualify as cash flow hedges is recognized in other comprehensive income and accumulated under the heading
of cash flow hedging reserve. The gain or loss relating to the ineffective portion is recognized immediately in the consolidated
statements of profit or loss, and is included under “Other gains and (losses)”.



Amounts previously recognized in other comprehensive income
and accumulated in equity are reclassified to the consolidated statements of profit or loss in the periods when the hedged item
is recognized in consolidated statements of profit or loss, and is included under “Other gains and (losses)”.



Hedge accounting is discontinued when the Group revokes the
hedging relationship, when the hedging instrument expires or is sold, terminated, or exercised, or when it no longer qualifies
for hedge accounting. Any gain or loss recognized in other comprehensive income and accumulated in equity at that time remains
in equity and is recognized when the forecast transaction is ultimately recognized in consolidated statements of profit or loss.
When a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognized immediately in
the consolidated statements of profit or loss, and is included under “Other gains and (losses)”.



| | 6.18 | Share-based compensation
| | ---- | ------------------------



The fair value of share-based payment awards granted to employees/directors
as of grant date is recognized as employee benefit expenses, with a corresponding increase in equity, over the period that the
employees unconditionally become entitled to the awards. The amount recognized as an expense is adjusted to reflect the number
of awards for which the related service conditions are expected to be met, such that the amount ultimately recognized as an expense
is based on the number of awards that do meet the related service and non-market vesting conditions at the vesting date. The increase
in equity recognized in connection with a share-based compensation transaction is presented in “Share-based compensation
reserve”. At the time of issue of respective shares, the corresponding share-based compensation reserve is reclassified to
share capital and share premium.



The share options granted by the Group to its employees/directors
are valued with respect to the fair values of the equity instruments granted, using appropriate option pricing models.



F-17







| | 6.19 | Income taxes
| | ---- | ------------



Income tax comprises current tax and deferred tax. Income tax
is recognized in the consolidated statements of profit or loss except where it relates to items that are recognized in the consolidated
statements of other comprehensive income or directly in equity in which case the related income tax is recognized in the consolidated
statements of other comprehensive income or equity, respectively. The basis for computation of current tax and deferred tax is
described below.



Current tax



Calculation of current tax is based on tax rates applicable
for the respective years in respective tax jurisdictions and is calculated using tax rates that have been enacted or substantively
enacted by the end of the reporting period. Current income tax assets and/or liabilities comprises those obligations to, or claims
from, fiscal authorities relating to the current or prior reporting periods, that are unpaid/un-recovered at the reporting date.
Current tax is payable on taxable profit, which differs from the consolidated statements of profit or loss.



Deferred tax



Deferred income tax is calculated using the balance sheet method
on temporary differences between the carrying amounts of assets and liabilities and their tax bases using the tax laws that have
been enacted or substantively enacted by the reporting date. However, deferred tax is not provided on the initial recognition of
an asset or liability unless the related transaction is a business combination or affects tax or accounting profit. In respect
of taxable temporary difference associated with investment in subsidiaries, where the timing of reversal is controllable and are
not probable to reverse in foreseeable future, a deferred tax liability is not recognized. Tax losses available to be carried forward
and other income tax credits available to the Group are assessed for recognition as deferred tax assets.



Where current tax or deferred tax arises from the initial accounting
for a business combination, the tax effect is included in the accounting for business combination.



Deferred tax liabilities are recognized for in full. Deferred
tax assets are recognized to the extent that it is probable that they will be able to be utilized against future taxable income.



Deferred tax assets and liabilities are offset only when the
Group has a right and intention to set off current tax assets and liabilities from the same taxation authority.



The carrying amount of deferred tax assets is reviewed at each
reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow
all or part of the deferred tax asset to be utilized.



| | 6.20 | Other reserves
| | ---- | --------------



Other reserves consist of the following:



Share-based compensation reserve



Share-based compensation reserve relates to share options granted
by the Group to its directors under its share option plan. Further information about share-based payments to directors is set out
in Note 19.



Reserve available for sale financial assets



The reserve available for sale financial assets created by the
Group represents the unrealized changes in the fair value of securities classified as available for sale financial assets.



F-18







Currency translation reserve



Translation differences arising on translation of foreign operations
are recognized in other comprehensive income and included in a separate heading of “Currency translation reserve” within
equity.



Cash flow hedging reserve



The cash flow hedging reserve represents the cumulative effective
portion of gains or losses arising on changes in fair value of hedging instruments entered into for cash flow hedges. The cumulative
gain or loss arising on changes in fair value of the hedging instruments that are recognized and accumulated under the heading
of “Cash flow hedging reserve” are reclassified to profit or loss only when the hedged transaction affects the profit
or loss.



Restructuring reserve



Restructuring reserve relates to reserve created during IPO
(Note 2). This is a free reserve.



| | 6.21 | Post-employment benefits, short term and long term employee benefits and employee costs
| | ---- | ---------------------------------------------------------------------------------------



The Group provides post-employment benefits through defined
contribution plans as well as defined benefit plans.



Defined contribution plan



A defined contribution plan is a plan under which APFPL pays
fixed contributions into an independent fund administered by the Government of India (GOI). APFPL has no legal or constructive
obligations to pay further contributions after its payment of the fixed contribution. The contributions recognized in respect of
defined contribution plans are expensed in the period that relevant employee services are received. There are no other obligations
other than the contribution payable to the fund. There are no other defined contribution plans in other entities of the Group.



Defined benefit plan



The defined benefit plan which includes gratuity benefit is
sponsored by APFPL and it defines the amount of the benefit that an employee will receive on completion of services by reference
to length of service and last drawn salary.



The liability recognized in the statement of financial position
for defined benefit plans is the present value of the defined benefit obligation (“DBO”) at the reporting date, together
with adjustments for unrecognized actuarial gains or losses and past service costs.



Management estimates the present value of the DBO annually through
valuations by an external actuary using the projected unit credit method. The present value of the defined benefit obligation is
determined by discounting the estimated future cash outflows based on management’s assumptions.



The estimate of its benefit obligations is based on standard
rates of inflation and mortality. Discount rate is based upon the market yield available on government bonds at the reporting date
with a term that matches that of the liabilities and the salary increase taking into account inflation, seniority, promotion and
other relevant factors. Actuarial gains and losses are included in other comprehensive income.



There are no other defined benefit plans in other entities of
the Group.



Short term employee benefits



Short term benefits comprise employee costs such as salaries,
bonuses, and paid annual leave and sick leave that are accrued in the year in which the associated services are rendered by employees
of the Group.



The liability in respect of compensated absences expected to
be availed within one year from the reporting date are considered as short term benefits and are recognized at the undiscounted
amount of estimated value of benefit expected to be availed by the Group’s employees.



F-19







| | 6.22 | Provisions and contingent liabilities
| | ---- | -------------------------------------



Provisions



Provisions are recognized when present obligations as a result
of a past event will probably lead to an outflow of economic resources from the Group and amounts can be estimated reliably. Timing
or amount of the outflow may still be uncertain. A present obligation arises from the presence of a legal or constructive commitment
that has resulted from past events. Provisions are not recognized for future operating losses. Provisions are measured at the estimated
expenditure required to settle the present obligation, based on the most reliable evidence available at the reporting date, including
the risks and uncertainties associated with the present obligation. Where there are a number of similar obligations, the likelihood
that an outflow will be required in settlement is determined by considering the class of obligations as a whole. Provisions are
discounted to their present values, where the time value of money is material. Any reimbursement that the Group can be virtually
certain to collect from a third party with respect to the obligation is recognized as a separate asset. However, this asset may
not exceed the amount of the related provision. All provisions are reviewed at each reporting date and adjusted to reflect the
current best management’s estimate.



Contingent Liabilities



Where the possible outflow of economic resources as a result
of present obligations is considered improbable or where the amount of the obligation cannot be determined reliably, no liability
is recognized and such cases are disclosed as contingent liabilities.



| | 6.23 | Significant judgment and estimation uncertainty
| | ---- | -----------------------------------------------



When preparing the consolidated financial statements, management
undertakes a number of judgments, estimates and assumptions about recognition and measurement of assets, liabilities, income and
expenses. The actual results may differ from the judgments, estimates and assumptions made by management, and may be materially
different from the estimated results. Information about significant judgments, estimates and assumptions that have the most significant
effect on recognition and measurement of assets, liabilities, income and expenses are discussed below.



Significant management judgments regarding the following
consolidated financial statement elements



Inventories



Interest expense amounting to $14,015,122 (March 31, 2016: $14,778,839)
has been capitalized in inventory cost as of March 31, 2017 because paddy and rice are stored for a substantial period of time
for natural ageing necessary to bring these inventories to their intended quality.



Estimates



| | i. | Useful lives of depreciable assets
| | -- | ----------------------------------



Management reviews the useful lives of depreciable assets at
each reporting date based on the expected utility of the assets to the Group. Actual results, however, may vary due to technical
obsolescence, particularly relating to plant and machinery equipment.



| | ii. | Impairment of goodwill
| | --- | ----------------------



Determination of whether goodwill is impaired requires an estimation
of the value in use of the cash-generating units to which goodwill has been allocated. The value in use calculation requires management
to estimate the future cash flows expected to arise from the cash-generating unit and an appropriate discount rate in order to
calculate the present value. Where actual future cash flows are less than expected, impairment loss may arise. The carrying amount
of goodwill at March 31, 2017 was $ 1,386,322 (March 31, 2016: $1,461,139) and there is no impairment to be recognized during the
year ended March 31, 2017.





F-20











| | iii. | Impairment of indefinite life intangible
| | ---- | ----------------------------------------



Determination of whether the indefinite life intangible consisting
of a brand is impaired requires an estimation of the recoverable amount of the brand. The recoverable amount has been measured
using the relief from royalty method. The carrying amount of the indefinite life intangible assets at March 31, 2017 was $816,127
(March 31, 2016: $867,598) and there is no impairment to be recognized during the year ended March 31, 2017.



| | 7. | Subsidiaries
| | -- | ------------



Details of the Group’s subsidiaries as at the end of the
reporting period are as follows:



|Name of subsidiary                               |  | Principal activity                                                                                    |  | Place of incorporation and operation |  | Proportion of ownership interest and voting power held by the Group |      
|------------------------------------------------ |  | ----------------------------------------------------------------------------------------------------- |  | ------------------------------------ |  | ------------------------------------------------------------------- | -----
|                                                 |  |                                                                                                       |  |                                      |  | 31/03/2017                                                          |      
|Amira Nature Foods Ltd                           |  | Non-operating                                                                                         |  | Mauritius                            |  |                                                                     | 100.0
|Amira I Grand Foods Inc.                         |  | Non-operating                                                                                         |  | BVI                                  |  |                                                                     | 100.0
|Amira Grand I Foods Inc.*                        |  | Non-operating                                                                                         |  | USA                                  |  |                                                                     | 100.0
|Amira K.A. Foods International DMCC*             |  | Non-operating                                                                                         |  | UAE                                  |  |                                                                     | 100.0
|Amira Pure Foods Private Limited                 |  | Processing and selling packaged Indian specialty rice, primarily basmati rice and other food products |  | India                                |  |                                                                     | 80.4 
|Amira I Grand Foods Inc.                         |  | Selling packaged Indian specialty rice, primarily basmati rice                                        |  | USA                                  |  |                                                                     | 80.4 
|Amira C Foods International DMCC (“Amira Dubai”) |  | Selling packaged Indian specialty rice, primarily basmati rice and other food products                |  | UAE                                  |  |                                                                     | 80.4 
|Amira Foods Pte. Ltd.                            |  | Selling packaged Indian specialty rice, primarily basmati rice and other food products                |  | Singapore                            |  |                                                                     | 80.4 
|Amira G Foods Limited                            |  | Selling packaged Indian specialty rice, primarily basmati rice                                        |  | UK                                   |  |                                                                     | 80.4 
|Amira Ten Nigeria Limited                        |  | No operations                                                                                         |  | Nigeria                              |  |                                                                     | 80.4 
|Amira Foods (Malaysia) SDN. BHD.                 |  | Selling packaged Indian specialty rice, primarily basmati rice and other food products                |  | Malaysia                             |  |                                                                     | 80.4 
|Amira Basmati Rice GmbH EUR**                    |  | Processing and selling packaged specialty rice                                                        |  | Germany                              |  |                                                                     | 80.4 
|Basmati Rice North America LLC                   |  | Selling packaged specialty rice                                                                       |  | USA                                  |  |                                                                     | 80.4 



F-21







| | * | Formed during the year ended March 31, 2015
| | - | -------------------------------------------

| | ## | These entities are 100% owned by an intermediary subsidiary
APFPL wherein the Group holds 80.4% of shareholding as at March 31, 2016 and 2015
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------

| | ** | Formerly known as Basmati Rice GmbH Europe
| | -- | ------------------------------------------



| | 7.1 | Information about the composition of the Group at the end of the reporting period is as follows:
| | --- | ------------------------------------------------------------------------------------------------



Wholly owned subsidiaries



|Principal activity |  | Name of subsidiary                  |  | Place ofincorporation andoperation |  | Number of wholly ownedsubsidiaries
|------------------ |  | ----------------------------------- |  | ---------------------------------- |  | ----------------------------------
|                   |  |                                     |  |                                    |  | March 31, 2017                    
|Non-operating      |  | Amira Nature Foods Ltd              |  | Mauritius                          |  | 1                                 
|Non-operating      |  | Amira I Grand Foods Inc.            |  | BVI                                |  | 1                                 
|Non-operating      |  | Amira Grand I Foods Inc.            |  | USA                                |  | 1                                 
|Non-operating      |  | Amira K.A. Foods International DMCC |  | UAE                                |  | 1                                 
|                   |  |                                     |  |                                    |  | 4                                 



Non-wholly owned subsidiaries



|Principal activity                                                                                              |  | Name of subsidiary               |  | Place ofincorporation andoperation |  | Number of non-wholly ownedsubsidiaries
|--------------------------------------------------------------------------------------------------------------- |  | -------------------------------- |  | ---------------------------------- |  | --------------------------------------
|                                                                                                                |  |                                  |  |                                    |  | March 31, 2017                        
|Processing, sourcing and selling packaged Indian specialty rice, primarily basmati rice and other food products |  | Amira Pure Foods Private Limited |  | India                              |  | 1                                     
|Sourcing and selling packaged Indian specialty rice, primarily basmati rice and other food products             |  | Amira C Foods International DMCC |  | UAE                                |  | 1                                     
|Selling packaged specialty rice                                                                                 |  | Basmati Rice North America LLC   |  | USA                                |  | 1                                     
|Selling packaged Indian specialty rice, primarily basmati rice                                                  |  | Amira I Grand Foods Inc.         |  | USA                                |  | 1                                     
|Selling packaged Indian specialty rice, primarily basmati rice and other food products                          |  | Amira Foods Pte. Ltd.            |  | Singapore                          |  | 1                                     
|Selling packaged Indian specialty rice, primarily basmati rice                                                  |  | Amira G Foods Limited            |  | United Kingdom                     |  | 1                                     
|Selling packaged Indian specialty rice, primarily basmati rice and other food products                          |  | Amira Foods (Malaysia) SDN. BHD. |  | Malaysia                           |  | 1                                     
|Non-operating                                                                                                   |  | Amira Ten Nigeria Limited        |  | Nigeria                            |  | 1                                     
|Processing, sourcing and selling packaged specialty rice                                                        |  | Amira Basmati Rice GmbH EUR*     |  | Germany                            |  | 1                                     
|                                                                                                                |  |                                  |  |                                    |  | 9                                     

*Formerly known
as Basmati Rice GmbH Europe



F-22







| | 7.2 | Details of non-wholly owned subsidiaries that have material non-controlling interest
| | --- | ------------------------------------------------------------------------------------



|Name of subsidiary                                                           |  | Place of incorporation 
and principal place of business |  | Proportion of ownership
    interest and voting rights held by non-controlling interest (in USD) |      |   | Profit/(loss) allocated to
    non- controlling interest (in USD) |  |      | Accumulated non-controlling 
interest (in USD) | 
|---------------------------------------------------------------------------- |  | ------------------------------------------------------- |  | ------------------------------------------------------------------------------------------------ | ---- | - | ----------------------------------------------------------------- |  | ---- | ---------------------------------------------- | 
|                                                                             |  |                                                         |  | March 31, 2017                                                                                   |      |   | March 31, 2016                                                    |  |      | March 31, 2017                                 | 
|Amira Pure Foods Private Limited*                                            |  | India                                                   |  |                                                                                                  | 19.6 | % |                                                                   |  | 19.6 | %                                              | 
|Amira C Foods International DMCC                                             |  | Dubai (UAE)                                             |  |                                                                                                  | 19.6 | % |                                                                   |  | 19.6 | %                                              | 
|Others (individually immaterial subsidiaries with non-controlling interests) |  |                                                         |  |                                                                                                  |      |   |                                                                   |  |      |                                                | 
|Total                                                                        |  |                                                         |  |                                                                                                  |      |   |                                                                   |  |      |                                                | 



* The Non-controlling interest (NCI) is computed using 7,005,434
shares (assuming exchange under the’ exchange agreement’).



| | 7.3 | Summarized financial information in respect of each of the Group’s subsidiaries that has material non-controlling
interests is set out below. The summarized financial information below represents amount before intra group eliminations:
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | Amira Pure Foods Private Limited:
| | --- | ---------------------------------



|                                                   |  | March 31, 2017 |             |  | March 31, 2016 |  
|-------------------------------------------------- |  | -------------- | ----------- |  | -------------- | -
|Current assets                                     |  | $              | 386,363,122 |  |                | $
|Non-current assets                                 |  |                | 19,281,871  |  |                |  
|Current liabilities                                |  |                | 240,955,062 |  |                |  
|Non-current liabilities                            |  |                | 4,444,021   |  |                |  
|Equity attributable to shareholders of the Company |  |                | 143,994,429 |  |                |  
|Equity attributable to non-controlling interest    |  |                | 16,251,481  |  |                |  



F-23









|                                                                               |  | March 31, 2017 |              |   | March 31, 2016 |  
|------------------------------------------------------------------------------ |  | -------------- | ------------ | - | -------------- | -
|Revenue                                                                        |  | $              | 293,962,379  |   |                | $
|Expenses                                                                       |  |                | (285,019,654 | ) |                |  
|Profit after tax for the year                                                  |  |                | 8,942,725    |   |                |  
|                                                                               |  |                |              |   |                |  
|Profit attributable to shareholders of the Company                             |  |                | 7,241,633    |   |                |  
|Profit attributable to non-controlling interest*                               |  |                | 1,701,092    |   |                |  
|Profit for the year                                                            |  | $              | 8,942,725    |   |                | $
|                                                                               |  |                |              |   |                |  
|Other comprehensive income/ (loss) attributable to shareholders of the Company |  |                | 2,848,816    |   |                |  
|Other comprehensive income/ (loss) attributable to non-controlling interest*   |  |                | 669,200      |   |                |  
|Other comprehensive loss for the year                                          |  |                | 3,518,015    |   |                |  
|                                                                               |  |                |              |   |                |  
|Total comprehensive income attributable to shareholders of the Company         |  |                | 10,090,448   |   |                |  
|Total comprehensive income attributable to non-controlling interest*           |  |                | 2,370,292    |   |                |  
|Total comprehensive income for the year                                        |  | $              | 12,460,740   |   |                | $
|                                                                               |  |                |              |   |                |  
|Dividend paid to non-controlling interest                                      |  |                | -            |   |                |  
|                                                                               |  |                |              |   |                |  
|Net cash generated from/ (used in) operating activities                        |  |                | 9,717,456    |   |                |  
|Net cash generated from/ (used in) investing activities                        |  |                | 3,951,540    |   |                |  
|Net cash generated from financing activities                                   |  |                | (15,529,830  | ) |                |  
|Effect of change in exchange rate on cash and cash equivalents                 |  |                | 275,905      |   |                |  
|Net increase in cash and cash equivalents                                      |  |                | (1,584,928   | ) |                |  



* The Non-controlling interest (NCI) is computed using 7,005,434
shares (assuming exchange under the’ exchange agreement’).



| | (ii) | Amira C Foods International DMCC:
| | ---- | ---------------------------------



|                                                   |  | March 31, 2017 |             |  | March 31, 2016 |  
|-------------------------------------------------- |  | -------------- | ----------- |  | -------------- | -
|Current assets                                     |  | $              | 188,227,361 |  |                | $
|Non-current assets                                 |  |                | 8,438,064   |  |                |  
|Current liabilities                                |  |                | 47,425,204  |  |                |  
|Non-current liabilities                            |  |                | -           |  |                |  
|Equity attributable to shareholders of the Company |  |                | 120,146,769 |  |                |  
|Equity attributable to non-controlling interest    |  |                | 29,093,452  |  |                |  



|                                                                       |  | March 31, 2017 |              |   | March 31, 2016 |  
|---------------------------------------------------------------------- |  | -------------- | ------------ | - | -------------- | -
|Revenue                                                                |  | $              | 261,420,512  |   |                | $
|Expenses                                                               |  |                | (232,643,488 | ) |                |  
|Profit after tax for the year                                          |  |                | 28,777,024   |   |                |  
|                                                                       |  |                |              |   |                |  
|Profit attributable to shareholders of the Company                     |  |                | 23,303,035   |   |                |  
|Profit attributable to non-controlling interest                        |  |                | 5,473,989    |   |                |  
|Profit for the year                                                    |  | $              | 28,777,024   |   |                | $
|                                                                       |  |                |              |   |                |  
|Other comprehensive income attributable to Shareholders of the Company |  |                | -            |   |                |  
|Other comprehensive income attributable to non-controlling interest    |  |                | -            |   |                |  
|Other comprehensive income for the year                                |  |                | -            |   |                |  
|                                                                       |  |                |              |   |                |  
|Total comprehensive income attributable to shareholders of the Company |  |                | 23,303,035   |   |                |  
|Total comprehensive income attributable to non-controlling interest    |  |                | 5,473,989    |   |                |  
|Total comprehensive income for the year                                |  | $              | 28,777,024   |   |                | $
|                                                                       |  |                |              |   |                |  
|Dividend paid to non-controlling interest                              |  |                | -            |   |                |  
|                                                                       |  |                |              |   |                |  
|Net cash generated from/ (used in) operating activities                |  |                | 5,841,544    |   |                |  
|Net cash generated from/ (used in) investing activities                |  |                | 101,386      |   |                |  
|Net cash generated from financing activities                           |  |                | (4,939,873   | ) |                |  
|Effect of change in exchange rate on cash and cash equivalents         |  |                | -            |   |                |  
|Net increase/ (decrease) in cash and cash equivalents                  |  |                | 1,003,057    |   |                |  



F-24







| | 8. | Property, plant and equipment
| | -- | -----------------------------





|                             |  | Buildings |           |   | Freehold Land |   |           | Plant and machinery |  |   | Furniture and fixtures |   |  | Office Equipment |         |   | Vehicles |   |           | Total | 
|---------------------------- |  | --------- | --------- | - | ------------- | - | --------- | ------------------- |  | - | ---------------------- | - |  | ---------------- | ------- | - | -------- | - | --------- | ----- | 
|Cost                         |  |           |           |   |               |   |           |                     |  |   |                        |   |  |                  |         |   |          |   |           |       | 
|Balance as at March 31, 2015 |  | $         | 4,716,979 |   |               | $ | 3,179,835 |                     |  | $ | 24,124,585             |   |  | $                | 792,638 |   |          | $ | 937,216   |       | 
|- Additions                  |  |           | 138,448   |   |               |   | -         |                     |  |   | 91,702                 |   |  |                  | 153,809 |   |          |   | 85,470    |       | 
|- Disposals                  |  |           | -         |   |               |   | -         |                     |  |   | -                      |   |  |                  | -       |   |          |   | (285      | )     | 
|- Translation adjustment     |  |           | (248,654  | ) |               |   | (176,680  | )                   |  |   | (1,320,102             | ) |  |                  | (43,889 | ) |          |   | (50,313   | )     | 
|Balance as at March 31, 2016 |  | $         | 4,606,773 |   |               | $ | 3,003,155 |                     |  | $ | 22,896,185             |   |  | $                | 902,558 |   |          | $ | 972,088   |       | 
|- Additions                  |  |           | (939      | ) |               |   | -         |                     |  |   | 31,247                 |   |  |                  | 433     |   |          |   | 11,028    |       | 
|- Disposals                  |  |           |           |   |               |   | -         |                     |  |   | (545                   | ) |  |                  | -       |   |          |   | -         |       | 
|- Translation adjustment     |  |           | 92,045    |   |               |   | 63,795    |                     |  |   | 469,190                |   |  |                  | 18,328  |   |          |   | 17,723    |       | 
|Balance as at March 31, 2017 |  | $         | 4,697,879 |   |               | $ | 3,066,950 |                     |  | $ | 23,396,077             |   |  | $                | 921,319 |   |          | $ | 1,000,839 |       | 
|Depreciation and impairment  |  |           |           |   |               |   |           |                     |  |   |                        |   |  |                  |         |   |          |   |           |       | 
|Balance as at March 31, 2015 |  | $         | 1,385,660 |   |               | $ | -         |                     |  | $ | 8,948,457              |   |  | $                | 397,420 |   |          | $ | 790,298   |       | 
|- Depreciation charge        |  |           | 171,222   |   |               |   | -         |                     |  |   | 1,401,159              |   |  |                  | 116,880 |   |          |   | 125,862   |       | 
|- Disposals                  |  |           | -         |   |               |   | -         |                     |  |   | -                      |   |  |                  | -       |   |          |   | (127      | )     | 
|- Translation adjustment     |  |           | (78,594   | ) |               |   | -         |                     |  |   | (504,771               | ) |  |                  | (22,511 | ) |          |   | (43,293   | )     | 
|Balance as at March 31, 2016 |  | $         | 1,478,288 |   |               | $ | -         |                     |  | $ | 9,844,845              |   |  | $                | 491,789 |   |          | $ | 872,740   |       | 
|- Depreciation charge        |  |           | 167,340   |   |               |   | -         |                     |  |   | 1,197,210              |   |  |                  | 119,992 |   |          |   | 83,595    |       | 
|- Disposals                  |  |           | -         |   |               |   | -         |                     |  |   | -                      |   |  |                  | -       |   |          |   | -         |       | 
|- Translation adjustment     |  |           | 36,097    |   |               |   | -         |                     |  |   | 239,350                |   |  |                  | 13,824  |   |          |   | 19,112    |       | 
|Balance as at March 31, 2017 |  | $         | 1,681,725 |   |               | $ | -         |                     |  | $ | 11,281,405             |   |  | $                | 625,606 |   |          | $ | 975,447   |       | 
|Carrying value               |  |           |           |   |               |   |           |                     |  |   |                        |   |  |                  |         |   |          |   |           |       | 
|At March 31, 2016            |  | $         | 3,128,485 |   |               | $ | 3,003,155 |                     |  | $ | 13,051,340             |   |  | $                | 410,769 |   |          | $ | 99,348    |       | 
|At March 31, 2017            |  | $         | 3,016,154 |   |               | $ | 3,066,950 |                     |  | $ | 12,114,672             |   |  | $                | 295,713 |   |          | $ | 25,392    |       | 



Property, plant and equipment with carrying values of $ 15,808,040
as of March 31, 2017 (March 31, 2016: $17,059,921) has been pledged as collateral against the Group’s debt (Note 22).



Plant and machinery, building and furniture and fixtures include
capital work in progress and capital advance as follows:



|                                                           |  | March 31, 2017 |           |  | March 31, 2016 |  
|---------------------------------------------------------- |  | -------------- | --------- |  | -------------- | -
|Work in progress                                           |  |                |           |  |                |  
|Plant and machinery                                        |  | $              | 16,585    |  |                | $
|Building                                                   |  |                | 958,456   |  |                |  
|Furniture and fixtures  (including leasehold improvements) |  |                | -         |  |                |  
|                                                           |  | $              | 975,041   |  |                | $
|                                                           |  |                |           |  |                |  
|Capital advance                                            |  |                |           |  |                |  
|Plant and machinery                                        |  | $              | 1,518,895 |  |                | $
|Furniture and fixtures                                     |  |                | -         |  |                |  
|                                                           |  | $              | 1,518,895 |  |                | $
|                                                           |  |                |           |  |                |  
|Total                                                      |  | $              | 2,493,936 |  |                | $



F-25







Capital commitments for each of the three years have been summarized
in Note 33.



| | 9. | Goodwill
| | -- | --------



|Cost                         |  |   |          
|---------------------------- |  | - | ---------
|Balance as at March 31, 2015 |  | $ | 1,405,057
|- Additions                  |  |   | -        
|- Translation adjustment     |  |   | 56,082   
|Balance as at March 31, 2016 |  | $ | 1,461,139
|- Additions                  |  |   | -        
|- Translation adjustment     |  |   | (74,817  
|Balance as at March 31, 2017 |  | $ | 1,386,322
|                             |  |   |          
|Carrying value               |  |   |          
|At March 31, 2016            |  | $ | 1,461,139
|At March 31, 2017            |  |   | 1,386,322



Goodwill has been allocated to the rice and
related products, an operating segment.



The recoverable amount of at least $2 million
for the cash-generating unit (Amira Basmati Rice GmbH EUR (formerly known as Basmati Rice GmbH Europe) and Basmati Rice North America
LLC, collectively “Basmati GmbH/LLC”) has been determined based on a value in use calculation which uses estimated
cash flows for a period of 5 years which were developed using forecasts, and a pre-tax discount rate of 15%. The cash flows beyond
5 years have been extrapolated assuming a steady growth rate of 1.5%. The management believes that any reasonably possible change
in the key assumptions would not cause the carrying amount to exceed the recoverable amount of the cash-generating unit. There
is no impairment loss to be recognized during the year ended March 31, 2017.



| | 10. | Other intangible assets
| | --- | -----------------------





|                             |  | Trademarks registration fees |         |   | Software |   |         | Indefinite life Brands |  |   | Customer relationships |   |  | Favorable lease |         |   | Total |  
|---------------------------- |  | ---------------------------- | ------- | - | -------- | - | ------- | ---------------------- |  | - | ---------------------- | - |  | --------------- | ------- | - | ----- | -
|Cost                         |  |                              |         |   |          |   |         |                        |  |   |                        |   |  |                 |         |   |       |  
|Balance as at March 31, 2015 |  | $                            | 855,957 |   |          | $ | 135,031 |                        |  | $ | 829,016                |   |  | $               | 314,679 |   |       | $
|- Additions                  |  |                              | -       |   |          |   | -       |                        |  |   | -                      |   |  |                 | -       |   |       |  
|- Translation adjustment     |  |                              | (47,178 | ) |          |   | (7,503  | )                      |  |   | 38,582                 |   |  |                 | 14,645  |   |       |  
|Balance as at March 31, 2016 |  | $                            | 808,779 |   |          | $ | 127,528 |                        |  | $ | 867,598                |   |  | $               | 329,324 |   |       | $
|- Additions                  |  |                              | -       |   |          |   | -       |                        |  |   | -                      |   |  |                 | -       |   |       |  
|- Translation adjustment     |  |                              | 16,878  |   |          |   | 2,709   |                        |  |   | (51,471                | ) |  |                 | (19,537 | ) |       |  
|Balance as at March 31, 2017 |  | $                            | 825,657 |   |          | $ | 130,237 |                        |  | $ | 816,127                |   |  | $               | 309,787 |   |       | $
|Amortization and impairment  |  |                              |         |   |          |   |         |                        |  |   |                        |   |  |                 |         |   |       |  
|Balance as at March 31, 2015 |  | $                            | 317,777 |   |          | $ | 135,031 |                        |  | $ | -                      |   |  | $               | 32,779  |   |       | $
|- Amortization charge        |  |                              | 80,451  |   |          |   | -       |                        |  |   | -                      |   |  |                 | 26,762  |   |       |  
|- Translation adjustment     |  |                              | (18,258 | ) |          |   | (7,503  | )                      |  |   | -                      |   |  |                 | 2,283   |   |       |  
|Balance as at March 31, 2016 |  | $                            | 379,970 |   |          | $ | 127,528 |                        |  | $ | -                      |   |  | $               | 61,824  |   |       | $
|- Amortization charge        |  |                              | 78,310  |   |          |   | -       |                        |  |   | -                      |   |  |                 | 26,525  |   |       |  
|- Translation adjustment     |  |                              | 10,488  |   |          |   | 2,709   |                        |  |   | -                      |   |  |                 | (4,377  | ) |       |  
|Balance as at March 31, 2017 |  | $                            | 468,768 |   |          | $ | 130,237 |                        |  | $ | -                      |   |  | $               | 83,972  |   |       | $
|Carrying value               |  |                              |         |   |          |   |         |                        |  |   |                        |   |  |                 |         |   |       |  
|At March 31, 2016            |  | $                            | 428,809 |   |          | $ | -       |                        |  | $ | 867,598                |   |  | $               | 267,500 |   |       | $
|At March 31, 2017            |  |                              | 356,889 |   |          |   | -       |                        |  |   | 816,127                |   |  |                 | 225,815 |   |       |  



F-26







The useful life of brands (consisting mainly of the Atry and
Scheherazade brand names) in respect of the acquisition have been determined to be indefinite as the Group expects to generate
future economic benefits indefinitely from these assets.



The indefinite life intangible assets relates to the Amira Basmati
Rice GmbH EUR (formerly known as Basmati Rice GmbH Europe) and Basmati Rice North America LLC business (Note 9).



Amira has acquired a portfolio of packaged specialty rice brands
which include Al Amir, Al Hakim, Bano, Dalia, Hanna and Shah Pari brands from Euro Basmati GmbH in Germany.



| | 11. | Other long-term financial assets
| | --- | --------------------------------



Other long-term financial assets comprise the following:



|                              |  | March 31, 2017 |         |  | March 31, 2016 |  
|----------------------------- |  | -------------- | ------- |  | -------------- | -
|Security deposits, restricted |  | $              | 151,121 |  |                | $
|Term deposits                 |  |                | 1,693   |  |                |  
|Total                         |  | $              | 152,814 |  |                | $



Security deposits



Security deposits primarily include refundable interest free
deposits placed with electricity board and paid for office premises and warehouses.



Term deposits



Term deposits represent deposits with banks along with corresponding
interest accrued that has been pledged with banks for guarantees and letter of credit issued to meet contractual obligations related
to sale and purchase arrangements.



| | 12. | Inventories
| | --- | -----------



Inventories comprise the following:



|                          |  | March 31, 2017 |             |  | March 31, 2016 |  
|------------------------- |  | -------------- | ----------- |  | -------------- | -
|Raw materials             |  | $              | 3,761,813   |  |                | $
|Finished goods            |  |                | 266,751,906 |  |                |  
|Stores, spares and others |  |                | 2,550,119   |  |                |  
|Total                     |  | $              | 273,063,839 |  |                | $



Inventories with carrying values of $270,399,288 as of March
31, 2017 (March 31, 2016: $232,374,599) have been pledged against the Group’s debt (Note 22).



F-27







The cost of inventories as expense during the year was $456,671,991
(March 31, 2016: $454,540,269).



An amount of $23,776 (March 31, 2016: $207,796) for inventory
write downs are recognized for the year ended March 31, 2017. No reversals for inventory are recognized for the years ended March
31, 2017 and 2016. Inventory also includes borrowing costs (Note 27).



| | 13. | Trade receivables
| | --- | -----------------



Trade receivables comprise the following:



|                                           |  | March 31, 2017 |             |   | March 31, 2016 |  
|------------------------------------------ |  | -------------- | ----------- | - | -------------- | -
|Gross value                                |  | $              | 213,313,181 |   |                | $
|Less: Provision for bad and doubtful debts |  |                | (3,639,942  | ) |                |  
|Net trade receivables                      |  | $              | 209,673,239 |   |                | $



Trade receivables of $48,002,350 as of March 31, 2017 (March
31, 2016: $42,867,010) have been pledged as collateral against the Group’s debt (Note 22).



All of the Group’s trade receivables have been reviewed for
indicators of impairment. An analysis of net unimpaired trade receivables that are past due is given in Note 37.2.



Movement in provision for bad and doubtful debts is shown below:



|                                     |  | March 31, 2017 |           |  | March 31, 2016 |  
|------------------------------------ |  | -------------- | --------- |  | -------------- | -
|At the beginning of the year         |  | $              | 708,001   |  |                | $
|Add: During the year                 |  |                | 2,915,702 |  |                |  
|Add/ (less): Translation adjustments |  |                | 16,239    |  |                |  
|At the end of the year               |  | $              | 3,639,942 |  |                | $



| | 14. | Other financial assets
| | --- | ----------------------



Other financial assets comprise the following:



|                                                 |  | March 31, 2017 |           |  | March 31, 2016 |  
|------------------------------------------------ |  | -------------- | --------- |  | -------------- | -
|Security deposits, restricted                    |  | $              | 212,611   |  |                | $
|Term deposits, restricted                        |  |                | 4,152,019 |  |                |  
|Interest receivable                              |  |                | 675,401   |  |                |  
|Investment in listed securities and mutual funds |  |                | 351,787   |  |                |  
|Other receivables                                |  |                | 75,346    |  |                |  
|Total                                            |  | $              | 5,467,164 |  |                | $



As at March 31, 2017, security deposits primarily
comprise of deposits being placed with corporate credit cards agency.



As at March 31, 2017 and 2016, security deposits
primarily comprise of deposits being placed with global public sector organization customers. Such deposits were given as part
of contracts between the Group and such organizations.



Term deposits represent deposits with banks,
along with corresponding accrued interest, that have been pledged with banks for guarantees and letter of credit issued to meet
contractual obligations related to sale and purchase arrangements.



F-28







| | 15. | Prepayments
| | --- | -----------



Prepayments comprise the following:



|                      |  | March 31, 2017 |            |  | March 31, 2016 |  
|--------------------- |  | -------------- | ---------- |  | -------------- | -
|Prepaid expenses      |  | $              | 612,832    |  |                | $
|Advances to suppliers |  |                | 46,659,321 |  |                |  
|Total                 |  | $              | 47,272,153 |  |                | $



| | 16. | Other current assets
| | --- | --------------------



Other current assets comprise the following:



|                                            |  | March 31, 2017 |         |  | March 31, 2016 |  
|------------------------------------------- |  | -------------- | ------- |  | -------------- | -
|Advances to employees                       |  | $              | 346,827 |  |                | $
|Service tax and other tax credit receivable |  |                | 184,084 |  |                |  
|Other receivables                           |  |                | 133,642 |  |                |  
|Total                                       |  | $              | 664,553 |  |                | $



| | 17. | Cash and cash equivalents
| | --- | -------------------------



Cash and cash equivalents comprise the following:



|                         |  | March 31, 2017 |            |  | March 31, 2016 |  
|------------------------ |  | -------------- | ---------- |  | -------------- | -
|Cash on hand             |  | $              | 191,360    |  |                | $
|Cash in current accounts |  |                | 16,640,295 |  |                |  
|Bank deposits            |  |                | -          |  |                |  
|Total                    |  | $              | 16,831,655 |  |                | $



| | 18. | Equity
| | --- | ------



| | 18.1 | Share capital
| | ---- | -------------



ANFI was incorporated on February 20, 2012 with unlimited
authorized share capital and an issued share capital of $100 by issuing 100 shares for $1 per share. Thereafter, on May 24,
2012, a 1,000 for 1 share split was made increasing the number of shares to 100,000 with nominal value of $0.001 per share. The
Company further made a 196.6 for 1 share split on October 15, 2012 thereby increasing the total number of shares to 19,660,000.



Shares authorized and issued are summarized as follows:



|Shares issued and fully paid:                                                    |  | No. of Shares |           
|-------------------------------------------------------------------------------- |  | ------------- | ----------
|Balance as at April 1, 2012 (consequent to share split as explained above)       |  |               | 19,660,000
|Shares issued during the year ended March 31, 2013 (IPO shares)                  |  |               | 9,000,000 
|Shares issued** during the year ended March 31, 2013 (Note 19.2)                 |  |               | 11,000    
|Total shares issued and fully paid as at March 31, 2013                          |  |               | 28,671,000
|Shares issued** during the year ended March 31, 2014 (Note 19.2)                 |  |               | 3,997     
|Total shares issued and fully paid as at March 31, 2014                          |  |               | 28,674,997
|Shares issued** during the year ended March 31, 2015 (Note 19.2)                 |  |               | 105,167   
|Total shares issued and fully paid as at March 31, 2015                          |  |               | 28,780,164
|Shares issued** during the year ended March 31, 2016 (Note 19.2)                 |  |               | 179,334   
|Total shares issued and fully paid as at March 31, 2016                          |  |               | 28,959,498
|Shares issued** during the year ended March 31, 2017 (Note 19.2)                 |  |               | 2,233,264 
|Shares issued to Mr. Karan A. Chanana as consideration towards repayment of loan |  |               | 416,667   
|Total shares issued and fully paid as at March 31, 2017 (A)                      |  |               | 31,609,429
|Shares issuable pursuant to share exchange agreement*(B)                         |  |               | 7,005,434 
|Total (C) = (A) + (B)                                                            |  |               | 38,614,863



*Represents ordinary shares issuable
to NCI shareholders in APFPL pursuant to share exchange agreement.

**Represents shares issued under share-based compensation
plan (2012 Omnibus Plan) and also otherwise.



F-29









| | 19. | Share-based compensation
| | --- | ------------------------



ANFI has adopted and approved the 2012 Omnibus Securities and
Incentive Plan, or 2012 Plan (the “Plan”). The 2012 Plan is effective from October 10, 2012 and is a comprehensive
incentive compensation plan under which the management can grant equity-based and other incentive awards to officers, employees,
directors and consultants and advisers to ANFI and its subsidiaries.



The 2012 Plan is administered by the compensation committee
of the Board of Directors.



The 2012 Plan provides for the granting of Distribution Equivalent
Rights, Incentive Share Options, Non-Qualified Share Options, Performance Share Awards, Performance Unit Awards, Restricted
Share Awards, Restricted Share Unit Awards, Share Appreciation Rights, Tandem Share Appreciation Rights, Unrestricted Share Awards
or any combination of the foregoing, to key management employees and non-employee directors of, and non-employee consultants of,
ANFI or any of its subsidiaries. However, incentive share options awards are solely for employees of the Group. The Group had reserved
a total of 3,962,826 ordinary shares for issuance as or under awards to be made under the Plan.



|Details of Share authorized for share based compensation as per 2012 Omnibus 
Securities and Incentive Plan      |  | No. of Shares |           
|---------------------------------------------------------------------------------------------------------------- |  | ------------- | ----------
|Shares authorized for share-based compensation                                                                   |  |               | 3,962,826 
|Less: Share awards granted during the year ended March 31, 2013                                                  |  |               | (11,000   
|Shares authorized for share-based compensation (Net of shares already granted to directors) as on March 31, 2013 |  |               | 3,951,826 
|Less: Share awards granted during the year ended March 31, 2014                                                  |  |               | (3,997    
|Shares authorized for share-based compensation (Net of shares already granted to directors) as on March 31, 2014 |  |               | 3,947,829 
|Less: Share awards granted during the year ended March 31, 2015                                                  |  |               | (105,167  
|Shares authorized for share-based compensation (Net of shares already granted to directors) as on March 31, 2015 |  |               | 3,842,662 
|Less: Share awards granted during the year ended March 31, 2016                                                  |  |               | (179,334  
|Shares authorized for share-based compensation (Net of shares already granted to directors) as on March 31, 2016 |  |               | 3,663,328 
|Less: Share awards granted during the year ended March 31, 2017                                                  |  |               | (2,233,264
|Shares authorized for share-based compensation (Net of shares already granted to directors) as on March 31, 2017 |  |               | 1,430,064 



19.1 Share options



| | a) | Mr. Karan A. Chanana (ANFI’s Chairman and Chief Executive Officer)
| | -- | ------------------------------------------------------------------



ANFI has granted share options to Mr. Karan A. Chanana (ANFI’s
Chairman and Chief Executive Officer) under the 2012 Plan, as approved by the Compensation Committee, as follows:



F-30







|For the period ended                                  |  | March 31, 2017 |               |   | March 31, 2016 |   |              | March 31, 2014 | 
|----------------------------------------------------- |  | -------------- | ------------- | - | -------------- | - | ------------ | -------------- | 
|No. of share options granted                          |  |                | 375,899       |   |                |   | 367,749      |                | 
|Exercise price                                        |  | $              | 10            |   |                | $ | 10           |                | 
|Grant date                                            |  |                | July 15, 2016 |   |                |   | July 7, 2015 |                | 
|Exercise period                                       |  |                | 10 years      |   |                |   | 10 years     |                | 
|Valuation model used                                  |  |                | Binomial      |   |                |   | Binomial     |                | 
|Share based compensation recognized in profit or loss |  | $              | 853,776       | # |                | $ | 1,890,910    |                | 



# These share options (fair value of $853,776
as on the grant date) have been granted as on July 15, 2016, after the end of fiscal 2016; hence it was a non-adjusting event for
the year ended March 31, 2016. Since these share options vested immediately as on the grant date of July 15, 2016, accordingly,
a corresponding expense of $853,776 has been charged to Profit or loss for the year ended on March 31, 2017.



*These share options were originally granted
for vesting on a monthly basis over a period of four years from the grant date. The total amount to be expensed over the vesting
period is determined by reference to the fair value of the options granted. This vesting period has been amended by the Compensation
Committee and approved by the Board on December 9, 2013 which makes the options immediately exercisable. Consequent to this amendment,
the unamortized amount of $1,916,226 (included in $2,679,848) has been charged to profit or loss for the year ended March 31, 2014
relating to the share option issued during the years ended March 31, 2014 and 2013.



The fair values of options granted during the years ended March
31, 2016, 2014 and 2013 as mentioned above, were determined using appropriate pricing model that takes into account following factors
and assumptions specific to the share incentive plans along with other external inputs:



| | · | Expected volatility was determined based on historical volatility of entities in similar industry following a comparable period
in their lives.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------



| | · | Similarly, expected exercise period of the option has been taken as a period over which share price will be twice of the exercise
price which is based on industry average considering the Group do not have any historical pattern for exercise of share option.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | Dividend yield is taken as zero as the Group does not intend to pay dividends in the foreseeable future.
| | - | --------------------------------------------------------------------------------------------------------



| | · | The risk-free rate is the rate associated with a risk-free security.
| | - | --------------------------------------------------------------------



|Grant date                                       |  | July 15, 2016 |       |   | July 7, 2015 |   |       | October 15,  2013 | 
|------------------------------------------------ |  | ------------- | ----- | - | ------------ | - | ----- | ----------------- | 
|Fair value of the option using appropriate model |  | $             | 2.27  |   |              | $ | 5.14  |                   | 
|Fair value of shares at grant date               |  | $             | 7.48  |   |              | $ | 11.47 |                   | 
|Exercise price                                   |  | $             | 10.00 |   |              | $ | 10.00 |                   | 
|Exercise multiple                                |  |               | 2.5   |   |              |   | 2.5   |                   | 
|Expected time to exercise (years)                |  |               | -     |   |              |   | 3.4   |                   | 
|Expected volatility                              |  |               | 28.89 | % |              |   | 27.00 | %                 | 
|Total life of Options                            |  |               | 10    |   |              |   | 10    |                   | 
|Dividend yield                                   |  |               | 0     | % |              |   | 0     | %                 | 
|Risk-free interest rate                          |  |               | 1.56  | % |              |   | 2.26  | %                 | 



F-31







| | b) | Mr. Bruce C. Wacha (Chief Financial Officer of ANFI)
| | -- | ----------------------------------------------------



On July 15, 2016, Mr. Bruce C. Wacha (Chief
Financial Officer of ANFI) was granted share options as follows:



|                                                      |  | Mr. Bruce C. Wacha |               
|----------------------------------------------------- |  | ------------------ | --------------
|No. of share options granted                          |  |                    | 56,061        
|Exercise price                                        |  | $                  | 7.48          
|Grant date                                            |  |                    | July 15, 2016 
|Exercise period                                       |  |                    | 10 years      
|Valuation model used                                  |  |                    | Binomial      
|Share based compensation recognized in profit or loss |  |                    | See note below



* These share options (fair value of $162,500
as on the grant date) were granted on July 15, 2016, which was after the end of fiscal 2016 and thus was a non-adjusting event
for the year ended March 31, 2016.These share options will vest over the course of three years in equal annual installments
following the grant date of July15, 2017.The annual vesting dates and number of shares vesting are as follows:



|Grant date    |  | Vesting date (equal annual instalment
following grant date) |               |  | Number of Share options vested as on Vesting date  (subject to continued employment) | 
|------------- |  | ----------------------------------------------------------- | ------------- |  | ------------------------------------------------------------------------------------ | 
|July 15, 2016 |  |                                                             | -             |  |                                                                                      | 
|July 15, 2016 |  |                                                             | July 15, 2017 |  |                                                                                      | 
|July 15, 2016 |  |                                                             | July 15, 2018 |  |                                                                                      | 
|July 15, 2016 |  |                                                             | July 15, 2019 |  |                                                                                      | 
|July 15, 2016 |  |                                                             | Total         |  |                                                                                      | 



The Company has recorded a corresponding pro-rated expense of
total $39,700 for the period starting from July 15, 2016 to March 31, 2017 and charged to profit or loss $39,700 for the year ended
on March 31, 2017, on account of share options to be vested on July 15, 2017.



The fair values of options granted on July 7, 2016 as mentioned
above, were determined using appropriate pricing model that takes into account following factors and assumptions specific to the
share incentive plans along with other external inputs:



| | · | Expected volatility was determined based on historical volatility of entities in similar industry following a comparable period
in their lives.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------



| | · | Similarly, expected exercise period of the option has been taken as a period over which share price will be twice of the exercise
price which is based on industry average considering the Company does not have any historical pattern for the exercise of share
options.
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | Dividend yield is taken as zero as the Company does not intend to pay dividends in the foreseeable future.
| | - | ----------------------------------------------------------------------------------------------------------



| | · | The risk-free rate is the rate associated with a risk-free security.
| | - | --------------------------------------------------------------------



|                                                 |  | Granted to Mr. Bruce C. Wacha (CFO) |      
|------------------------------------------------ |  | ----------------------------------- | -----
|Grant date                                       |  | July 15, 2016                       |      
|Fair value of the option using appropriate model |  | $                                   | 2.90 
|Fair value of shares at grant date               |  | $                                   | 7.48 
|Exercise price                                   |  | $                                   | 7.48 
|Exercise multiple                                |  |                                     | 2.5  
|Expected time to exercise (years)                |  |                                     | -    
|Expected volatility                              |  |                                     | 28.89
|Total life of Options                            |  |                                     | 10   
|Dividend yield                                   |  |                                     | 0    
|Risk-free interest rate                          |  |                                     | 1.56 



F-32









| | c) | The total outstanding and exercisable share options and weighted average exercise price and remaining contractual life (in
years) during the reporting period is as follows:
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------





|For the period ended                        |  | March 31, 2017    |          
|------------------------------------------- |  | ----------------- | ---------
|Share options                               |  | Number of Options |          
|Balance as on April 1, 2016                 |  |                   | 1,089,284
|Granted during the period                   |  |                   | 385,228  
|Forfeited during the period                 |  |                   | -        
|Exercised during the period                 |  |                   | -        
|Balance at end of the period                |  |                   | 1,474,512
|Vested and exercisable at end of the period |  |                   | 1,474,512



19.2 Share awards granted to directors and officers



On July 15, 2016, Mr. Bruce C. Wacha (Chief
Financial Officer of ANFI) was granted 10,027 ordinary equity shares (fair value $75,000 as on the grant date) which will vest
over the course of three years in equal annual installments following the grant date July 15, 2016. The annual vesting dates and
number of shares vesting are as follows:



|Grant date    |  | Vesting date (equal annual instalment following grant date) |               |  | Number of Share awards vested as
on Vesting date  (subject to
continued employment) | 
|------------- |  | ----------------------------------------------------------- | ------------- |  | ----------------------------------------------------------------------------------- | 
|July 15, 2016 |  |                                                             | -             |  |                                                                                     | 
|July 15, 2016 |  |                                                             | July 15, 2017 |  |                                                                                     | 
|July 15, 2016 |  |                                                             | July 15, 2018 |  |                                                                                     | 
|July 15, 2016 |  |                                                             | July 15, 2019 |  |                                                                                     | 
|July 15, 2016 |  |                                                             | Total         |  |                                                                                     | 



Accordingly, the Company has recorded a corresponding pro-rated
expense of total $18,323 for the period starting from July 15, 2016 to March 31, 2017 and charged to profit or loss $18,323 for
the year ended on March 31, 2017, on account of share awards to be vested on July 15, 2017.



In addition to share awards to directors, shares have been awarded
to certain employees, vendors against the services rendered to the Company.



The corresponding charge for the share awards and options granted
to the directors and officers for the respective period are summarized below:

|                     |  | For the Years ended March 31, |          
|-------------------- |  | ----------------------------- | ---------
|                     |  | 2017                          |          
|Share awards expense |  | $                             | 1,312,246
|Total                |  | $                             | 1,312,246



F-33







| | 20. | Trade payables and other current liabilities
| | --- | --------------------------------------------



Trade payables and other current liabilities comprise the following:



|                                    |  | March 31, 2017 |            |  | March 31, 2016 |  
|----------------------------------- |  | -------------- | ---------- |  | -------------- | -
|                                    |  |                |            |  |                |  
|Trade payables*(A)                  |  | $              | 13,004,865 |  |                | $
|                                    |  |                |            |  |                |  
|Other current liabilities           |  |                |            |  |                |  
|Statutory dues                      |  |                | 547,852    |  |                |  
|Advance received from customers     |  |                | 507,557    |  |                |  
|Other liabilities                   |  |                | 46,335     |  |                |  
|Total other current liabilities (B) |  | $              | 1,101,744  |  |                | $
|                                    |  |                |            |  |                |  
|Total (A) + (B)                     |  | $              | 14,106,609 |  |                | $



| | 21. | Other financial liabilities
| | --- | ---------------------------



Other financial liabilities comprise the following:



|                                   |  | March 31, 2017 |            |  | March 31, 2016 |  
|---------------------------------- |  | -------------- | ---------- |  | -------------- | -
|Expenses payable                   |  | $              | 3,028,650  |  |                | $
|Salary payable                     |  |                | 2,293,789  |  |                |  
|Security deposits                  |  |                | 10,840     |  |                |  
|Liability for compensated absences |  |                | 168,718    |  |                |  
|Other liabilities                  |  |                | 6,757,833  |  |                |  
|Total other financial liabilities  |  | $              | 12,259,830 |  |                | $



| | 22. | Debt
| | --- | ----



Debt comprises working capital loans, vehicle loans and term
loans. These can be classified in the categories mentioned below:



| | 22.1 | Non-current debt
| | ---- | ----------------



|                                          |  | March 31, 2017 |            |   | March 31, 2016 |  
|----------------------------------------- |  | -------------- | ---------- | - | -------------- | -
|Term loans                                |  | $              | 1,211,236  |   |                | $
|Vehicle loans                             |  |                | 53,392     |   |                |  
|Total debt                                |  | $              | 1,264,628  |   |                | $
|Less: Amount reclassified to current debt |  |                | (1,215,885 | ) |                |  
|Total non-current debt                    |  | $              | 48,743     |   |                | $



Term loans relate to plant and machinery and carry a floating
rate of interest and all vehicle loans carry a fixed rate of interest.



F-34







The weighted average interest rates for each of the reporting
periods are as follows:



|              |  | March 31, 2017 |      |   | March 31, 2016 | 
|------------- |  | -------------- | ---- | - | -------------- | 
|Term loans    |  |                | 13.0 | % |                | 
|Vehicle loans |  |                | 7.0  | % |                | 



| | 22.2 | Current debt
| | ---- | ------------

|                                              |  | March 31, 2017 |             |  | March 31, 2016 |  
|--------------------------------------------- |  | -------------- | ----------- |  | -------------- | -
|Working capital loans                         |  | $              | 205,272,318 |  |                | $
|Debt from Mr. Karan A. Chanana and affiliates |  |                | 17,903,077  |  |                |  
|                                              |  | $              | 223,175,395 |  |                | $
|Add: Current portion of long term debt        |  |                | 1,215,885   |  |                |  
|Total current debt                            |  | $              | 224,391,280 |  |                | $



Working capital loans represent credit limits from banks with
renewal period not exceeding one year. The Group’s property, plant and equipment (Note 8), trade receivables (Note 13) and inventories
(Note 12) have been pledged as collateral to secure repayment of these debts. These secured revolving credit facilities carry floating
rates of interest.



Debt from Mr. Karan A. Chanana comprises debt taken from a director
of the Company that is payable on demand and carries a fixed rate of interest of 11% per annum, compounded daily.



The weighted average interest rates (including corresponding
bank processing charges and fees) for each of the reporting periods for working capital debt and debt from related party is as
follows:



|                               |  | March 31, 2017 |       |   | March 31, 2016 | 
|------------------------------ |  | -------------- | ----- | - | -------------- | 
|Working capital loans          |  |                | 13.69 | % |                | 
|Debt from Mr. Karan A. Chanana |  |                | 11.60 | % |                | 
|Debt from other related party  |  |                | 9.29  | % |                | 



| | 23. | Income taxes
| | --- | ------------



| | 23.1 | Deferred tax liabilities (net)
| | ---- | ------------------------------



Deferred tax assets and (liabilities) arising from temporary
differences are summarized as follows:



|                                                  |  | March 31,
    2015 |            |   | Business
    combination |   |   | Recognized in
    consolidated statements of other comprehensive income |  |   | Recognized in
    consolidated statement of 
    profit or loss |   |  | Translation
    adjustment |         |   | March 31,
    2016 |  
|------------------------------------------------- |  | ------------------ | ---------- | - | ------------------------ | - | - | ----------------------------------------------------------------------- |  | - | --------------------------------------------------------------- | - |  | -------------------------- | ------- | - | ------------------ | -
|Intangible assets                                 |  | $                  | (371,877   | ) |                          | $ | - |                                                                         |  | $ | -                                                               |   |  | $                          | 48,053  |   |                    | $
|Property, plant and equipment                     |  |                    | (411,262   | ) |                          |   | - |                                                                         |  |   | -                                                               |   |  |                            | 467,478 |   |                    |  
|Employee benefits                                 |  |                    | 197,975    |   |                          |   | - |                                                                         |  |   | (24,116                                                         | ) |  |                            | 62,648  |   |                    |  
|Derivative assets/liabilities:                    |  |                    |            |   |                          |   |   |                                                                         |  |   |                                                                 |   |  |                            |         |   |                    |  
|- Forward contracts not used for cash flow hedges |  |                    | (121,654   | ) |                          |   | - |                                                                         |  |   | -                                                               |   |  |                            | (37,506 | ) |                    |  
|- Forward contracts used for cash flow hedges     |  |                    | -          |   |                          |   | - |                                                                         |  |   | -                                                               |   |  |                            | -       |   |                    |  
|Available for sale reserve                        |  |                    | 5,553      |   |                          |   | - |                                                                         |  |   | 2,183                                                           |   |  |                            | -       |   |                    |  
|Interest on Inventory                             |  |                    | (5,630,017 | ) |                          |   | - |                                                                         |  |   | -                                                               |   |  |                            | 60,619  |   |                    |  
|Debt                                              |  |                    | (3,641     | ) |                          |   | - |                                                                         |  |   | -                                                               |   |  |                            | (583    | ) |                    |  
|Others                                            |  |                    | 117,858    |   |                          |   | - |                                                                         |  |   | -                                                               |   |  |                            | 114,305 |   |                    |  
|Total                                             |  | $                  | (6,217,065 | ) |                          | $ | - |                                                                         |  | $ | (21,933                                                         | ) |  | $                          | 715,014 |   |                    | $



F-35







|                                                  |  | March 31,
    2016 |            |   | Business
    combination |   |   | Recognized in
    consolidated statements of other comprehensive income |  |   | Recognized in
    consolidated statement of 
    profit or loss |   |  | Translation
    adjustment |         |   | March 31,
    2017 |  
|------------------------------------------------- |  | ------------------ | ---------- | - | ------------------------ | - | - | ----------------------------------------------------------------------- |  | - | --------------------------------------------------------------- | - |  | -------------------------- | ------- | - | ------------------ | -
|Intangible assets                                 |  | $                  | (339,317   | ) |                          | $ | - |                                                                         |  | $ | -                                                               |   |  | $                          | 211     |   |                    | $
|Property, plant and equipment                     |  |                    | 74,229     |   |                          |   | - |                                                                         |  |   | -                                                               |   |  |                            | 499,646 |   |                    |  
|Employee benefits                                 |  |                    | 225,036    |   |                          |   | - |                                                                         |  |   | (25,932                                                         | ) |  |                            | (28,689 | ) |                    |  
|Derivative assets/liabilities:                    |  |                    |            |   |                          |   |   |                                                                         |  |   |                                                                 |   |  |                            |         |   |                    |  
|- Forward contracts not used for cash flow hedges |  |                    | (151,942   | ) |                          |   | - |                                                                         |  |   | -                                                               |   |  |                            | 149,960 |   |                    |  
|- Forward contracts used for cash flow hedges     |  |                    | -          |   |                          |   | - |                                                                         |  |   | -                                                               |   |  |                            | -       |   |                    |  
|Available for sale reserve                        |  |                    | 7,401      |   |                          |   | - |                                                                         |  |   | (15,592                                                         | ) |  |                            | -       |   |                    |  
|Interest on Inventory                             |  |                    | (5,236,986 | ) |                          |   | - |                                                                         |  |   | -                                                               |   |  |                            | 251,073 |   |                    |  
|Debt                                              |  |                    | (4,015     | ) |                          |   | - |                                                                         |  |   | -                                                               |   |  |                            | 2,373   |   |                    |  
|Others                                            |  |                    | 224,222    |   |                          |   | - |                                                                         |  |   | -                                                               |   |  |                            | (65,810 | ) |                    |  
|Total                                             |  | $                  | (5,201,372 | ) |                          | $ | - |                                                                         |  | $ | (41,524                                                         | ) |  | $                          | 808,764 |   |                    | $



| | 23.2 | Deferred tax assets not recognized
| | ---- | ----------------------------------



The Group has not created deferred tax assets of $4,748,944
and $5,780,302 as of March 31, 2017 and 2016 respectively relating to carry forward tax losses in Group entities located in
Singapore, USA, United Kingdom, Mauritius Malaysia and Germany in the absence of reasonable certainty of availability of sufficient
taxable profit in these entities in the future. The following table provides the information relating to expiry period of the carry
forward of the tax losses and related deferred tax assets:





|                                                             |  | March 31, 2017 |           
|------------------------------------------------------------ |  | -------------- | ----------
|                                                             |  | Tax losses     |           
|Losses that can be carried forwarded indefinitely            |  | $              | 1,819,771 
|Losses that will expire by the year ending March 31, 2020    |  |                | 61,240    
|Losses that will expire after the year ending March 31, 2030 |  |                | 14,709,187
|Total                                                        |  | $              | 16,590,198





| | 23.3 | Unrecognized temporary differences on account of undistributed earnings of subsidiaries
| | ---- | ---------------------------------------------------------------------------------------



The Group has not recognized deferred tax liability on undistributed
profits of certain subsidiaries amounting to $45,856,609 (March 31, 2016: $39,135,455) because it is able to control the timing
of the reversal of temporary differences associated with such undistributed profits and management believes it is probable that
such differences will not reverse in the foreseeable future.



F-36







| | 23.4 | Deferred tax liabilities (net)
| | ---- | ------------------------------



|                               |  | March 31, 2017 |           |  | March 31, 2016 |  
|------------------------------ |  | -------------- | --------- |  | -------------- | -
|Deferred tax assets            |  | $              | 925,418   |  |                | $
|Less: Deferred tax liabilities |  |                | 5,416,690 |  |                |  
|Deferred tax liabilities (net) |  | $              | 4,491,272 |  |                | $



| | 23.5 | Income tax expense
| | ---- | ------------------



Income tax is based on tax rate applicable on profit and loss
in various jurisdictions in which the Group operates.



Income tax expense reported in the consolidated statements of
profit or loss for the years ended March 31, 2017, 2016 and 2015 is as follows:



|                               |  | March 31, 2017 |           |   | March 31, 2016 |   |           | March 31, 2015 | 
|------------------------------ |  | -------------- | --------- | - | -------------- | - | --------- | -------------- | 
|Current tax expense            |  | $              | 5,405,733 |   |                | $ | 5,406,882 |                | 
|Deferred tax expense /(income) |  |                | (808,765  | ) |                |   | (715,012  | )              | 
|Tax expense for earlier years  |  |                | -         |   |                |   | 205,455   |                | 
|Income tax expense             |  | $              | 4,596,968 |   |                | $ | 4,897,325 |                | 



The income tax expense for the year can be reconciled to the
accounting profit as follows:



|                                                                                          |  | March 31, 2017 |            |  | March 31, 2016 |   |            | March 31, 2015 | 
|----------------------------------------------------------------------------------------- |  | -------------- | ---------- |  | -------------- | - | ---------- | -------------- | 
|Profit before tax                                                                         |  | $              | 36,108,373 |  |                | $ | 37,810,922 |                | 
|                                                                                          |  |                |            |  |                |   |            |                | 
|Tax expense reconciliation:                                                               |  |                |            |  |                |   |            |                | 
|Taxes at domestic rate of British Virgin Island*                                          |  |                | -          |  |                |   | -          |                | 
|Taxes in India at domestic statutory rate – (2016: 34.61%, 2015: 33.99% and 2014: 33.99%) |  |                | 3,522,732  |  |                |   | 2,472,816  |                | 
|Impact of change in tax rate                                                              |  |                | -          |  |                |   | 110,689    |                | 
|Non-deductible expenses                                                                   |  |                | 14,710     |  |                |   | 155,095    |                | 
|Tax for earlier years                                                                     |  |                | -          |  |                |   | (205,454   | )              | 
|Others                                                                                    |  |                | 1,059,526  |  |                |   | 2,364,179  |                | 
|Tax expense                                                                               |  | $              | 4,596,968  |  |                | $ | 4,897,325  |                | 

*Profits and income are not statutorily taxable
in British Virgin Islands.



| | 24. | Employee benefit expenses
| | --- | -------------------------



Expense recognized for employee benefits comprises the following:



|                                        |  | March 31, 2017 |           |   | March 31, 2016 |   |            | March 31, 2015 | 
|--------------------------------------- |  | -------------- | --------- | - | -------------- | - | ---------- | -------------- | 
|Salaries and wages                      |  | $              | 6,555,976 |   |                | $ | 8,579,070  |                | 
|Bonus to Mr. Karan A. Chanana (Note 31) |  |                | 351,000   |   |                |   | 351,000    |                | 
|Compensated absence cost                |  |                | (88,830   | ) |                |   | 118,885    |                | 
|Gratuity cost                           |  |                | 75,329    |   |                |   | 102,853    |                | 
|Contribution to provident fund          |  |                | 19,965    |   |                |   | 25,192     |                | 
|Share-based compensation  (Note 31)     |  |                | 1,312,246 |   |                |   | 3,523,412  |                | 
|Staff welfare expenses                  |  |                | 527,489   |   |                |   | 183,854    |                | 
|Total                                   |  | $              | 8,753,175 |   |                | $ | 12,884,266 |                | 



F-37







Category-wise employee benefits expense:



|                           |  | March 31, 2017 |           |  | March 31, 2016 |   |            | March 31, 2015 | 
|-------------------------- |  | -------------- | --------- |  | -------------- | - | ---------- | -------------- | 
|Post-employment benefit:   |  |                |           |  |                |   |            |                | 
|Defined benefit plans      |  | $              | 75,329    |  |                | $ | 102,853    |                | 
|Defined contribution plans |  |                | 19,965    |  |                |   | 25,192     |                | 
|                           |  |                |           |  |                |   |            |                | 
|Share-based compensation   |  |                | 1,312,246 |  |                |   | 3,523,412  |                | 
|Short term benefit         |  |                | 7,345,635 |  |                |   | 9,232,809  |                | 
|Total                      |  | $              | 8,753,175 |  |                | $ | 12,884,266 |                | 



Post-employment benefits



Post-employment benefits comprises gratuity (defined benefit
plan) and provident fund (defined contribution plan), details of which are given below.



| | 24.1 | Gratuity
| | ---- | --------



The Group provides gratuity benefits to its employees working
in APFPL. The gratuity benefit is a defined benefit plan that, at retirement or termination of employment, provides eligible employees
with a lump sum payment, which is a function of the last drawn salary and completed years of service. This is an unfunded plan.
The defined benefit obligation is calculated annually by an external actuary using the projected unit credit method.



Amount recognized in the consolidated statements of profit or
loss in respect of gratuity cost (defined benefit plan) is as follows:



|                                                                    |  | March 31, 2017 |        |  | March 31, 2016 |   |         | March 31, 2015 | 
|------------------------------------------------------------------- |  | -------------- | ------ |  | -------------- | - | ------- | -------------- | 
|Current service cost                                                |  | $              | 48,884 |  |                | $ | 77,912  |                | 
|Interest cost                                                       |  |                | 26,445 |  |                |   | 24,941  |                | 
|Expense recognized in the consolidated statements of profit or loss |  | $              | 75,329 |  |                | $ | 102,853 |                | 



Amount recognized in other comprehensive income consist of:



|               |  | March 31, 2017 |        |  | March 31, 2016 |   |        | March 31, 2015 | 
|-------------- |  | -------------- | ------ |  | -------------- | - | ------ | -------------- | 
|Actuarial gain |  | $              | 74,931 |  |                | $ | 69,682 |                | 
|               |  | $              | 74,931 |  |                | $ | 69,682 |                | 



Cumulative amount of actuarial gains and losses recognized in
the other comprehensive income consist of:



|               |  | March 31, 2017 |         |  | March 31, 2016 |   |        | March 31, 2015 | 
|-------------- |  | -------------- | ------- |  | -------------- | - | ------ | -------------- | 
|Actuarial gain |  | $              | 139,974 |  |                | $ | 87,416 |                | 
|               |  | $              | 139,974 |  |                | $ | 87,416 |                | 



The principal assumptions used for the purpose
of actuarial valuation are as follows:



|                                                 |  | March 31, 2017 |      |   | March 31, 2016 |  |      | March 31, 2015 | 
|------------------------------------------------ |  | -------------- | ---- | - | -------------- |  | ---- | -------------- | 
|Discount rate                                    |  |                | 7.54 | % |                |  | 8.00 | %              | 
|Expected rate of increase in compensation levels |  |                | 8.00 | % |                |  | 8.00 | %              | 



F-38







Change in present value of defined benefit obligation is summarized
below:



|                                                        |  | March 31, 2017 |         |   | March 31, 2016 |   |         | March 31, 2015 | 
|------------------------------------------------------- |  | -------------- | ------- | - | -------------- | - | ------- | -------------- | 
|Change in defined benefit obligation                    |  |                |         |   |                |   |         |                | 
|Defined benefit obligation at the beginning of the year |  | $              | 334,928 |   |                | $ | 331,041 |                | 
|Interest cost                                           |  |                | 26,445  |   |                |   | 24,941  |                | 
|Current service cost                                    |  |                | 48,884  |   |                |   | 77,912  |                | 
|Benefits paid                                           |  |                | (56,547 | ) |                |   | (10,615 | )              | 
|Actuarial (gain) / loss                                 |  |                | (74,931 | ) |                |   | (69,682 | )              | 
|Translation adjustment                                  |  |                | 5,165   |   |                |   | (18,669 | )              | 
|Defined benefit obligation at the end of the year       |  | $              | 283,944 |   |                | $ | 334,928 |                | 



Experience adjustments on actuarial gain / (loss):



|                              |  | March 31, 2017 |        |  | March 31, 2016 |   |        | March 31, 2015 |  |   | March 31, 2014 |  |  | March 31, 2013 |      
|----------------------------- |  | -------------- | ------ |  | -------------- | - | ------ | -------------- |  | - | -------------- |  |  | -------------- | -----
|                              |  |                |        |  |                |   |        |                |  |   |                |  |  |                |      
|On defined benefit obligation |  | $              | 74,931 |  |                | $ | 69,682 |                |  | $ | 41,547         |  |  | $              | 6,290
|Total                         |  | $              | 74,931 |  |                | $ | 69,682 |                |  | $ | 41,547         |  |  | $              | 6,290



A quantitative sensitivity analysis for significant assumptions
as at March 31, 2017 is as shown below:



|Assumptions                          |  | Discount rate |         |   | Future Salary increases | 
|------------------------------------ |  | ------------- | ------- | - | ----------------------- | 
|                                     |  | 0.5% increase |         |   | 0.5% decrease           | 
|Impact on defined benefit obligation |  |               | (15,217 | ) |                         | 



The sensitivity analysis above have been determined based on
a method that extrapolates the impact on defined benefit obligation as a result of reasonable changes in key assumptions occurring
at the end of the reporting period.



The following payments are expected contributions to the defined
benefit plan obligation in future years:

|                                                  |  | March 31, 2017 |        
|------------------------------------------------- |  | -------------- | -------
|Within the next 12 months (next reporting period) |  | $              | 4,732  
|Between 2 and 5 years                             |  |                | 24,615 
|Beyond 5 years                                    |  |                | 254,597
|Total expected payments                           |  | $              | 283,944



| | 24.2 | Defined contribution
| | ---- | --------------------



Employees of APFPL also participate in a Provident Fund in India.



The Provident Fund is a defined contribution plan whereby APFPL
deposits an amount determined as a fixed percentage of pay to the GOI fund every month. The benefit vests upon commencement of
employment. The Group does not have any further obligation in the plan beyond making such contributions.



APFPL has contributed $19,965, $25,192 and $19,886 to defined
contribution plans during the years ended March 31, 2017, 2016 and 2015 respectively.



| | 25. | Depreciation and amortization
| | --- | -----------------------------



Depreciation and amortization comprise the following:



|             |  | March 31, 2017 |           |  | March 31, 2016 |   |           | March 31, 2015 | 
|------------ |  | -------------- | --------- |  | -------------- | - | --------- | -------------- | 
|Depreciation |  | $              | 1,662,059 |  |                | $ | 1,942,305 |                | 
|Amortization |  |                | 116,908   |  |                |   | 119,393   |                | 
|Total        |  | $              | 1,778,968 |  |                | $ | 2,061,698 |                | 



F-39







| | 26. | Other expenses
| | --- | --------------



Other expenses comprise the following:



|                                            |  | March 31, 2017 |            |  | March 31, 2016 |   |            | March 31, 2015 | 
|------------------------------------------- |  | -------------- | ---------- |  | -------------- | - | ---------- | -------------- | 
|Insurance                                   |  | $              | 1,459,792  |  |                | $ | 1,442,959  |                | 
|Communication expenses                      |  |                | 193,400    |  |                |   | 554,885    |                | 
|Repairs and maintenance                     |  |                | 345,375    |  |                |   | 687,482    |                | 
|Travel and conveyance                       |  |                | 832,006    |  |                |   | 2,679,194  |                | 
|Legal and professional                      |  |                | 4,670,277  |  |                |   | 8,679,891  |                | 
|Rent                                        |  |                | 1,954,959  |  |                |   | 2,659,193  |                | 
|Power and fuel                              |  |                | 424,533    |  |                |   | 877,788    |                | 
|Security expenses                           |  |                | 292,745    |  |                |   | 415,284    |                | 
|Advertising and business promotion expenses |  |                | 1,160,661  |  |                |   | 4,123,228  |                | 
|Commission, claims and compensation         |  |                | 179,979    |  |                |   | 414,213    |                | 
|Others                                      |  |                | 3,391,983  |  |                |   | 741,056    |                | 
|Total                                       |  | $              | 14,905,710 |  |                | $ | 23,275,173 |                | 



| | 27. | Finance costs and finance income
| | --- | --------------------------------



Finance costs comprise the following:



|                                       |  | March 31, 2017 |            |  | March 31, 2016 |   |            | March 31, 2016 | 
|-------------------------------------- |  | -------------- | ---------- |  | -------------- | - | ---------- | -------------- | 
|Interest on debt                       |  | $              | 26,472,908 |  |                | $ | 23,486,019 |                | 
|Interest to suppliers                  |  |                | -          |  |                |   | 764,257    |                | 
|Interest on loan from related party    |  |                | 1,107,351  |  |                |   | 492,791    |                | 
|Total interest expense                 |  |                | 27,580,259 |  |                |   | 24,743,067 |                | 
|Add: Debt processing and other charges |  |                | 1,692,567  |  |                |   | 2,320,389  |                | 
|Total                                  |  | $              | 29,272,826 |  |                | $ | 27,063,456 |                | 



Inventory carrying value includes capitalized interest cost
of $14,015,122, $14,778,839 and $18,045,659 as of March 31, 2017, 2016 and 2015.



Borrowing costs have been included in the cost of inventory
using weighted average interest rate (including corresponding bank processing charges and fees) of 13.69%, 13.63% and 12.73% for
the years ended March 31, 2017, 2016 and 2015 respectively.



Debt processing and other charges primarily comprise letter
of credit opening charges, processing fees and other miscellaneous bank charges.



Finance income comprises the following:

|                                |  | March 31, 2017 |         |  | March 31, 2016 |   |           | March 31, 2015 | 
|------------------------------- |  | -------------- | ------- |  | -------------- | - | --------- | -------------- | 
|Interest on deposits with banks |  | $              | 263,095 |  |                | $ | 1,184,084 |                | 
|Other interest received         |  |                | 136     |  |                |   | 3,011     |                | 
|Total                           |  | $              | 263,231 |  |                | $ | 1,187,095 |                | 



F-40







| | 28. | Other gains and (losses)
| | --- | ------------------------



Other gains and (losses) comprise the following:



|                                                                                                   |  | March 31, 2017 |            |   | March 31, 2016 |   |           | March 31, 2015 | 
|-------------------------------------------------------------------------------------------------- |  | -------------- | ---------- | - | -------------- | - | --------- | -------------- | 
|Net gain/(loss) on change in exchange rate on non-derivative foreign currency transactions/balance |  | $              | (1,424,689 | ) |                | $ | 663,503   |                | 
|Gain/ (loss) on sale of property, plant and equipment                                              |  |                | (1,517     | ) |                |   | 3,008     |                | 
|Cumulative gain/(loss) reclassified from equity on sale of available for sale financial assets     |  |                | -          |   |                |   | 14,090    |                | 
|Hedge ineffectiveness on cash flow hedges                                                          |  |                | -          |   |                |   | -         |                | 
|Net gain/(loss) on revaluation/settlement of forward contracts not used for cash flow hedges       |  |                | (86,722    | ) |                |   | 443,299   |                | 
|Net gain/(loss) on settlement of forward contracts used for cash flow hedges                       |  |                | -          |   |                |   | -         |                | 
|Total                                                                                              |  | $              | (1,512,928 | ) |                | $ | 1,123,900 |                | 



| | 29. | Earnings per share
| | --- | ------------------



As explained in Note 2, the Group has accounted for the restructuring
using the pooling of interests method and accordingly, financial information of ANFI includes assets, liabilities, revenues and
expenses of APFPL at their respective carrying values as if combination was completed at the beginning of the first period presented.
This combination gives rise to a 19.6% non-controlling interest (NCI) in APFPL. Earnings per share have been calculated using outstanding
shares of ANFI which are reflected in the table below:



|                                                       |  | March 31, 2017 |            |   | March 31, 2016 |   |            | March 31, 2015 | 
|------------------------------------------------------ |  | -------------- | ---------- | - | -------------- | - | ---------- | -------------- | 
|Profit attributable to Shareholders of the Company (A) |  | $              | 25,087,388 |   |                | $ | 25,792,843 |                | 
|Weighted average number of shares:                     |  |                |            |   |                |   |            |                | 
|- For calculation of basic earnings per share (B)      |  |                | 29,822,470 |   |                |   | 28,805,738 |                | 
|- Dilutive impact of equivalent stock options (C)      |  |                | -          | # |                |   | -          | *              | 
|- For diluted earnings per share (D) = (B) + (C)       |  |                | 29,822,470 |   |                |   | 28,805,738 |                | 
|Basic earnings per share (A) ÷ (B)                     |  | $              | 0.84       |   |                | $ | 0.90       |                | 
|Diluted earnings per share (A) ÷ (D)                   |  | $              | 0.84       |   |                | $ | 0.90       |                | 



The Company has granted an option to NCI shareholders in APFPL
to exchange shares in ANFI at a pre-determined share exchange ratio. The exchange ratio is reflective of fair values of the shares
to be exchanged and therefore, the option is not considered as dilutive (Note 18).



# The dilutive impact of total share options of
375899, 360,257, 361,278 and 367,749 granted to Mr. Karan A. Chanana in the years ended March 31, 2013, 2014, 2016 and 2017, respectively
is anti-dilutive and hence there is no change in the presented basic and diluted earnings per share in the table above.



* The dilutive impact of total share options of
360,257, 361,278 and 360,257 granted to Mr. Karan A. Chanana in the years ended March 31, 2013, 2014 and 360,257 respectively is
not material and hence there is no change in the presented basic and diluted earnings per share in the table above.



| | 30. | Operating leases as lessee
| | --- | --------------------------



The Group has operating lease agreements for office facility
and warehouses. The average lease period is 11-36 months and can be cancelled with a notice period of 1-3 months (non-cancellable
period). These leases are renewable on a periodic basis at the option of both the lessors and the lessees. Lease expense for the
years ended March 31, 2017, 2016 and 2015 is $1,954,959, $2,659,193 and $2,577,207 respectively. The total future lease obligation
for the non-cancellable period amounts to $321,447, $368,998 and $480,882 as at March 31,
2017, 2016 and 2015, respectively.



F-41







| | 31. | Related party transactions
| | --- | --------------------------



Mr. Karan A. Chanana is the principal shareholder of ANFI and
as of March 31, 2017, he held majority effective interest (including 7,005,434 ordinary shares issuable pursuant to the Exchange
Agreement and 1,465,183 share options granted and vested (Note 19) pursuant to the 2012 Omnibus Securities and Incentive Plan)
in ANFI.



The Group’s related parties include transactions with key management
personnel (“KMPs”) and enterprises over which KMPs are able to exercise control/significant influence. All the directors
(both executive and others) of ANFI and Ms. Anita Daing (a former director of Amira Pure Foods Private Limited “APFPL”)
are considered as KMPs for related party transactions disclosures.



| | 31.1 | Transactions with KMPs (including independent directors)
| | ---- | --------------------------------------------------------



|Transactions during the year                                                                                                            |  | March 31, 2017 |           |  | March 31, 2016 |   |            | March 31, 2015 | 
|--------------------------------------------------------------------------------------------------------------------------------------- |  | -------------- | --------- |  | -------------- | - | ---------- | -------------- | 
|Short term employee benefits - Salaries including bonus of $351,000 for each of  the  respective years relating to Mr. Karan A. Chanana |  | $              | 2,450,169 |  |                | $ | 1,858,011  |                | 
|Share-based compensation:                                                                                                               |  |                |           |  |                |   |            |                | 
|- expense recognized on share options granted (Mr. Karan A. Chanana)                                                                    |  |                | 853,776   |  |                |   | 1,890,910  |                | 
|- expense recognized on share awards granted (Mr. Karan A. Chanana)                                                                     |  |                | -         |  |                |   | 977,000    |                | 
|- expense recognized on share awards granted (others)                                                                                   |  |                | 377,165   |  |                |   | 238,538    |                | 
|- expense recognized on share options granted (others)                                                                                  |  |                | 81,308    |  |                |   | 30,624     |                | 
|Defined benefit plan – Gratuity                                                                                                         |  |                | -         |  |                |   | -          |                | 
|Rent expense                                                                                                                            |  |                | 3,758     |  |                |   | 3,855      |                | 
|Loan received                                                                                                                           |  |                | 727,652   |  |                |   | 17,628,629 |                | 
|Loan repaid                                                                                                                             |  |                | 637,923   |  |                |   | 2,247,276  |                | 
|Interest expense                                                                                                                        |  |                | 1,107,351 |  |                |   | 492,791    |                | 
|Advance paid back                                                                                                                       |  |                | 2,800,000 |  |                |   | -          |                | 
|Advance received                                                                                                                        |  |                | 2,840,833 |  |                |   | 143,688    |                | 



|Outstanding balances                               |  | March 31, 2017 |            |  | March 31, 2016 |   |            | March 31, 2015 | 
|-------------------------------------------------- |  | -------------- | ---------- |  | -------------- | - | ---------- | -------------- | 
|Salary and bonus payable - to Mr. Karan A. Chanana |  | $              | 647,000    |  |                | $ | 698,107    |                | 
|Salary and bonus payable – to others               |  |                | 323,019    |  |                |   | 155,771    |                | 
|Advance receivables                                |  |                | 11,641     |  |                |   | 1,240      |                | 
|Advance payable to Mr. Karan A. Chanana            |  |                | 651,785    |  |                |   | 143,688    |                | 
|Loan and interest payable                          |  |                | 17,903,077 |  |                |   | 16,460,805 |                | 
|Rent payable to Mr. Karan A. Chanana               |  |                | 24,500     |  |                |   | 20,799     |                | 



All of the above payables are payables on demand and carry no
collateral.



| | 31.2 | Guarantee given by KMP
| | ---- | ----------------------



Mr. Karan A. Chanana, ANFI’s Chairman and Chief Executive
Officer and Ms. Anita Daing a former Director of APFPL have issued personal guarantees in favor of consortium of banks that granted
APFPL its outstanding term loans and secured revolving credit facilities. Under these personal guarantees Mr. Karan A. Chanana
and Ms. Anita Daing have guaranteed the repayment of term loans and secured revolving credit facilities up to a limit of $237,981,538,
$237,790,263 and $241,155,400 as at March 31, 2017, 2016 and 2015, respectively. ANFI has indemnified its directors and officers,
including Mr. Karan A. Chanana (Chairman and Chief Executive Officer of ANFI) and Ms. Anita Daing (a former director of APFPL)
as permitted by ANFI’s amended and restated memorandum and articles of association and pursuant to indemnification agreements
entered into with such directors and officers. Such indemnification will include indemnification for Mr. Karan A. Chanana and Ms.
Anita Daing personal guarantees described above. Ms. Anita Daing was a director of Amira India until May 23, 2016.



F-42







| | 31.3 | Share-based payments to KMP
| | ---- | ---------------------------



The Group has granted share options to Mr. Karan A. Chanana
and Mr. Bruce A. Wacha. Further, the Group has granted restricted share awards to its directors pursuant to the 2012 Omnibus Securities
and Incentive Plan (Note 19 and 41.1).



On September 12, 2016, our Board of Directors approved the conversion
of $3,000,000 of loans (“Loans”) provided to the Company by its Chief Executive Officer and Chairman, Karan A. Chanana
into 416,666 of the Company’s restricted ordinary shares (the “Ordinary Shares”). The Loans were provided to
the Company from July 1, 2016 through August 24, 2016. The Loans were converted into the Ordinary Shares at the price of $7.20
per share representing the closing market price of the Ordinary Shares on September 9, 2016, as reported by the New York Stock
Exchange (“NYSE”).



| | 31.4 | Share Exchange agreement with KMP (representing NCI)
| | ---- | ----------------------------------------------------



The NCI have entered into a share exchange agreement with ANFI
(Note 18.1).



| | 31.5 | Transactions with enterprises over which KMP is able to exercise control/significant influence
| | ---- | ----------------------------------------------------------------------------------------------



|Transactions during the year |  | March 31, 2017 |   |  | March 31, 2016 |   |        | March 31, 2015 | 
|---------------------------- |  | -------------- | - |  | -------------- | - | ------ | -------------- | 
|Sales(1)                     |  | $              | - |  |                | $ | -      |                | 
|Advances received back       |  |                | - |  |                |   | -      |                | 
|Purchase of asset            |  |                | - |  |                |   | 10,889 |                | 



|Outstanding balances |  | March 31, 2017 |    |  | March 31, 2016 |   |         | March 31, 2015 | 
|-------------------- |  | -------------- | -- |  | -------------- | - | ------- | -------------- | 
|Trade payables       |  | $              | 47 |  |                | $ | 46      |                | 
|Advances receivables |  |                |    |  |                |   | 138,151 |                | 



| | 32. | Cash flow adjustments and changes in operating assets and liabilities
| | --- | ---------------------------------------------------------------------



Adjustments to arrive at the operating cash flow before taxes
are summarized below:



| | 32.1 | Adjustment for non-cash items
| | ---- | -----------------------------



|                                                                                                  |  | March 31, 2017 |            |  | March 31, 2016 |   |           | March 31, 2015 | 
|------------------------------------------------------------------------------------------------- |  | -------------- | ---------- |  | -------------- | - | --------- | -------------- | 
|Depreciation and amortization                                                                     |  | $              | 1,778,968  |  |                | $ | 2,061,698 |                | 
|Impairment loss recognized on trade receivables and other current assets                          |  |                | 2,926,165  |  |                |   | (186,564  | )              | 
|Unrealized (gains)/ losses on account of foreign exchange differences                             |  |                | 373,026    |  |                |   | (711,341  | )              | 
|Unrealized fair value (gains)/ losses on derivative financial assets recognized in profit or loss |  |                | 433,311    |  |                |   | (102,264  | )              | 
|Share-based compensation                                                                          |  |                | 9,449,525  |  |                |   | 3,137,070 |                | 
|Total                                                                                             |  | $              | 14,960,995 |  |                | $ | 4,198,599 |                | 



| | 32.2 | Adjustment for non-operating income and expense
| | ---- | -----------------------------------------------



|                                              |  | March 31, 2017 |            |   | March 31, 2016 |   |            | March 31, 2015 | 
|--------------------------------------------- |  | -------------- | ---------- | - | -------------- | - | ---------- | -------------- | 
|Interest expense                              |  | $              | 29,272,826 |   |                | $ | 27,063,456 |                | 
|Interest and dividend income                  |  |                | (263,231   | ) |                |   | (1,187,095 | )              | 
|Gain on sale of property, plant and equipment |  |                | 1,517      |   |                |   | (2,973     | )              | 
|Gain on sale of shares                        |  |                | -          |   |                |   | (14,090    | )              | 
|Total                                         |  | $              | 29,011,112 |   |                | $ | 25,859,298 |                | 



F-43







| | 32.3 | Change in operating assets and liabilities
| | ---- | ------------------------------------------



|                                             |  | March 31, 2017 |             |   | March 31, 2016 |   |             | March 31, 2015 | 
|-------------------------------------------- |  | -------------- | ----------- | - | -------------- | - | ----------- | -------------- | 
|Trade payables and other current liabilities |  | $              | 3,825,278   |   |                | $ | (15,194,955 | )              | 
|Inventories                                  |  |                | (28,206,199 | ) |                |   | 9,937,335   |                | 
|Trade receivables                            |  |                | (21,603,553 | ) |                |   | (60,778,090 | )              | 
|Other current assets and prepayments         |  |                | (22,660,049 | ) |                |   | (4,869,230  | )              | 
|Total                                        |  | $              | (68,644,523 | ) |                | $ | (70,904,940 | )              | 



| | 32.4 | Net proceeds from issue of shares
| | ---- | ---------------------------------





|                                                       |  | March 31, 2017 |   |  | March 31, 2016 |   |   | March 31, 2015 | 
|------------------------------------------------------ |  | -------------- | - |  | -------------- | - | - | -------------- | 
|Proceeds from issue of shares                          |  | $              | - |  |                | $ | - |                | 
|Share issue expenses reduced directly from equity      |  |                | - |  |                |   | - |                | 
|Repurchase of shares from ex-director and cancellation |  |                | - |  |                |   |   |                | 
|Total                                                  |  | $              | - |  |                | $ |   |                | 





| | 33. | Commitments and contingent liabilities
| | --- | --------------------------------------



Commitments



Capital commitments, net of advances amounted to $8,533,570,
$8,355,038 and $9,078,905 as of March 31, 2017, 2016 and 2015 respectively. The capital commitment is on account of entering
into a contract towards purchase of plant and machinery and office equipment in connection with the new rice processing plant.



Contingent liabilities



|                   |  | March 31, 2017 |         |  | March 31, 2016 |   |         | March 31, 2015 | 
|------------------ |  | -------------- | ------- |  | -------------- | - | ------- | -------------- | 
|Market fees(a)     |  | $              | 71,585  |  |                | $ | 70,242  |                | 
|Income tax case(b) |  |                | 202,535 |  |                |   | 198,734 |                | 
|Total              |  | $              | 274,120 |  |                | $ | 268,976 |                | 



(a)Represents
market fees demand raised by Haryana State Agricultural Marketing Board (“HSAMB”) in respect of certain paddy purchases.
The Group has paid $35,793 (INR 2,324,195) under protest and the case is pending with local authorities against the demand. The
Group expects that the likelihood of any liability is not probable. Accordingly, no provision has been created for this matter.



(b)Represents
tax litigations with the income tax department of India in respect of various years’ cases pending with the High Court of
Delhi and High Court of Punjab and Haryana. The Group has been contesting these demands and has received favorable orders in the
majority of cases from the Tribunal, which have been contested by the Income tax department in the High Court of Delhi and High
Court of Punjab and Haryana. The Group expects that the likelihood of any liability is not probable. Accordingly, no provision
has been created for this matter.



F-44







(1)	During the year ended March 31, 2013, products temporarily
stored in Subic, a free trade zone located in the Republic of Philippines, were subjected to a seizure and forfeiture process decision
by the Collector of Customs, Port of Subic, against a “locator” (customs broker) engaged by the Amira C Foods International
DMCC (“Amira Dubai”) to unload and warehouse the cargo. The Amira Dubai, as an intervener, or legal owner of the products,
has appealed this decision with the Commissioner of Customs (“COC”) of the Republic of the Philippines, seeking reversal
of the decision, which appeal was denied on October 3, 2012. On October 16, 2012, the Amira Dubai filed a Petition for
review with the Court of Tax Appeals challenging the correctness of the decision of COC as being contrary to the law. The case
is currently in the pre-trial stage. On October 17, 2012, a public auction was conducted by the Bureau of Customs (’‘BOC’’)
and an entity named Veramar Rice Mill and Trading Company was declared as the highest bidder with a bid of Php 487 million Pesos
(equivalent to $11.7 million). Based on representations of legal counsel for the COC, the full bid amount has been remitted
to the COC and that the amount has been deposited in escrow to be released to the party who will prevail in this case. Based on
the advice provided by its attorneys, the Amira Dubai expects that the likelihood of any liability to the Amira Dubai is not probable.
Accordingly, no provision has been created for this matter. These products, currently undergoing the above process, were sold on
June 27, 2012 for $11,445,000 to the aforesaid parties.



With respect to these contingent liabilities, the Group does
not expect any reimbursement from any third party.



| | 34. | Segment reporting
| | --- | -----------------



The Group is primarily engaged in the business of processing
and selling packaged Indian specialty rice, primarily basmati rice, and other food products. The chief operating decision maker
reviews the operations of the Group as one operating segment. Hence no separate segment information has been furnished herewith.



The Group generates its revenue primarily from the sale of rice.
An analysis of the Group’s revenue from sales of rice and other food products is as follows:



|                               |  | March 31, 2017 |             |  | % |  |     | March 31, 2016 |  |   | %           |  |  | March 31, 2015 |     |   |  |  
|------------------------------ |  | -------------- | ----------- |  | - |  | --- | -------------- |  | - | ----------- |  |  | -------------- | --- | - |  | -
|Rice and rice related products |  | $              | 485,474,856 |  |   |  | 88  | %              |  | $ | 484,919,535 |  |  |                | 86  | % |  | $
|Other food products            |  |                | 66,356,110  |  |   |  | 12  | %              |  |   | 78,531,482  |  |  |                | 14  | % |  |  
|Total                          |  | $              | 551,830,966 |  |   |  | 100 | %              |  | $ | 563,451,016 |  |  |                | 100 | % |  | $



The Group categorizes its revenue by geographical region based
on product destination to the external customers, as summarized below, which as per management is most appropriate:



|Region                         |  | March 31, 2017 |             |  | % |  |      | March 31, 2016 |  |   | %           |  |  | March 31, 2015 |      |   | % |  
|------------------------------ |  | -------------- | ----------- |  | - |  | ---- | -------------- |  | - | ----------- |  |  | -------------- | ---- | - | - | -
|EMEA                           |  | $              | 242,773,808 |  |   |  | 44.0 | %              |  | $ | 299,151,613 |  |  |                | 53.1 | % |   | $
|India                          |  |                | 275,183,618 |  |   |  | 49.9 | %              |  |   | 245,927,307 |  |  |                | 43.6 | % |   |  
|North America                  |  |                | 27,735,547  |  |   |  | 5.0  | %              |  |   | 12,453,514  |  |  |                | 2.2  | % |   |  
|Asia Pacific (excluding India) |  |                | 6,137,993   |  |   |  | 1.1  | %              |  |   | 5,918,691   |  |  |                | 1.1  | % |   |  
|Total                          |  | $              | 551,830,966 |  |   |  | 100  | %              |  | $ | 563,451,126 |  |  |                | 100  | % |   | $



Information relating revenue generated from major customer(s)
that represent more than 10% of Group’s total revenue:



|                                                                  |  | March 31, 2017 |   |  | March 31, 2016 |   |             | March 31, 2015 | 
|----------------------------------------------------------------- |  | -------------- | - |  | -------------- | - | ----------- | -------------- | 
|No. of customer(s)                                                |  |                | 0 |  |                |   | 1           |                | 
|Group’s revenue (A)                                               |  | $              | - |  |                | $ | 563,451,016 |                | 
|Revenue generated from major customer(s) (B)                      |  |                | - |  |                |   | 77,180,506  |                | 
|Concentration of revenue in % in such major customer(s) [(B)/(A)] |  |                | - |  |                |   | 14          | %              | 



F-45







Non-current assets other than financial instruments located
in the ANFI’s country of domicile and in all foreign countries in total in which the entity holds assets are provided as
follows:



|        |  | March 31, 2017 |            |  | March 31, 2016 |   |            | March 31, 2015 | 
|------- |  | -------------- | ---------- |  | -------------- | - | ---------- | -------------- | 
|India   |  | $              | 18,642,280 |  |                | $ | 19,915,502 |                | 
|Germany |  |                | 2,359,060  |  |                |   | 2,550,136  |                | 
|Others  |  |                | 478,458    |  |                |   | 525,585    |                | 
|Total   |  | $              | 21,479,798 |  |                | $ | 22,991,223 |                | 



| | 35. | Fair value hierarchy
| | --- | --------------------



The following is the hierarchy for determining and disclosing
the fair value of financial instruments by valuation technique:



•Level 1 - Quoted prices (unadjusted)
in active markets for identical assets or liabilities.



•Level 2 - Inputs other than quoted
prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly
(i.e. derived from prices).



•Level 3 - Inputs for the assets or
liabilities that are not based on observable market data (unobservable inputs).

No financial assets/liabilities have been valued using level 3
fair value measurements.



The following table presents fair value hierarchy of assets
and liabilities measured at fair value on a recurring basis:



|                                    |  | Fair value measurements at reporting date using |         |  | Valuation techniques and key inputs
|----------------------------------- |  | ----------------------------------------------- | ------- |  | -----------------------------------
|March 31, 2017                      |  | Total                                           |         |  | Level 1                            
|Assets                              |  |                                                 |         |  |                                    
|Derivative assets                   |  |                                                 |         |  |                                    
|Forward contracts                   |  | $                                               | -       |  |                                    
|Available for sale financial assets |  |                                                 |         |  |                                    
|Mutual funds                        |  |                                                 | 243,751 |  |                                    
|Listed securities                   |  |                                                 | 108,036 |  |                                    
|                                    |  |                                                 |         |  |                                    
|Liabilities                         |  |                                                 |         |  |                                    
|Derivative liabilities              |  |                                                 |         |  |                                    
|Forward contracts                   |  |                                                 | -       |  |                                    



F-46







|                                    |  | Fair value measurements at reporting date using |         |  |        
|----------------------------------- |  | ----------------------------------------------- | ------- |  | -------
|March 31, 2016                      |  | Total                                           |         |  | Level 1
|Assets                              |  |                                                 |         |  |        
|Derivative assets                   |  |                                                 |         |  |        
|Forward contracts                   |  | $                                               | 439,488 |  |        
|Available for sale financial assets |  |                                                 |         |  |        
|Mutual funds                        |  |                                                 | 215,501 |  |        
|Listed securities                   |  |                                                 | 83,322  |  |        
|                                    |  |                                                 |         |  |        
|Liabilities                         |  |                                                 |         |  |        
|Derivative liabilities              |  |                                                 |         |  |        
|Forward contracts                   |  |                                                 | 453     |  |        



| | 36. | Financial assets and liabilities
| | --- | --------------------------------



The fair value of trade receivables, other current financial
assets, cash and cash equivalents, trade payables, working capital debt and other financial liabilities approximate the carrying
amounts because of the short term nature of these financial instruments.



The fair values of non-current financial assets consisting of
security and term deposits are not significantly different from the carrying amount. The fair value of term and vehicle loans and
loan from related party was $19,167,706as compared to the carrying
amount of $ 19,167,706.



Financial assets that are neither past due nor impaired include
cash and cash equivalents, security deposits, term deposits, portion of trade receivables, investment and other financial assets.



The fair value of cash and cash equivalents, current security
deposits, current term deposits, trade receivables, other receivables, trade payables, other current liabilities and debt approximate
their carrying amount largely due to the short term nature of these instruments.



Non-current debt largely comprises term loans from banks which
carry floating interests. Therefore, the fair value of these term loans approximates their carrying values. The impact of fair
value of outstanding other non-current debt is not material and therefore not considered for above disclosure. Similarly, carrying
values of non-current security deposits and non-current term deposits are not significant and therefore the impact of fair value
is not considered for above disclosure.



F-47







| | 37. | Financial risk management
| | --- | -------------------------



The Group is exposed to various financial risks. These risks
are categorized into market risk, credit risk and liquidity risk. The Group’s risk management is coordinated by the Board of Directors
and focuses on securing long term and short term cash flows. The Group does not engage in trading of financial assets for speculative
purposes.



| | 37.1 | Market risk analysis
| | ---- | --------------------



Market risk is the risk that changes in market prices will have
an effect on our income or value of the financial assets and liabilities. We are exposed to various types of market risks which
result from its operating and investing activities. The most significant financial risks to which we are exposed are described
below.



Currency risk (foreign exchange risk)



We operate internationally and a significant portion of the
business is transacted in the U.S. dollar and consequently we are exposed to foreign exchange risk through its sales. The exchange
rate risk primarily arises from foreign exchange receivables. A significant portion of revenue is in U.S. dollars while a significant
portion of our costs is in Indian Rupee (INR).



The exchange rate between the INR and the U.S. dollar has fluctuated
significantly in recent years and may continue to fluctuate in the future. Appreciation of the INR against the U.S. dollar can
adversely affect our results of operations. We also have exposure to foreign currency exchange risk from other currencies, namely
the Euro; however, management considers the impact of any fluctuation in these currencies to be insignificant. Further, Amira C
Foods International DMCC, having a functional currency of United Arab Emirates Dirham (AED), has significant foreign currency transactions
denominated in U.S. dollars. There is no risk of change in the same, as the exchange rate between the U.S. dollar and the AED is
fixed at $1 = AED 3.6735.



We evaluate exchange rate exposure arising from these transactions
and enter into foreign currency derivative instruments to mitigate such exposure. We follow established risk management policies,
including the use of derivatives like foreign exchange forward contracts to hedge forecasted cash flows denominated in foreign
currency. The analysis assumes that all other variables remain constant.



The table below presents non-derivative financial instruments
which are exposed to currency risk as of March 31, 2016, 2015 and 2014:



|March 31, 2017               |  | U.S. Dollars |            |   | Other currencies |  
|---------------------------- |  | ------------ | ---------- | - | ---------------- | -
|Trade receivables            |  | $            | 524,388    |   |                  | $
|Intercompany receivables     |  |              | 16,993,042 |   |                  |  
|Trade payables               |  |              | (147,996   | ) |                  |  
|Intercompany payables        |  |              | (8,973,929 | ) |                  |  
|Debt                         |  |              | -          |   |                  |  
|Intercompany debt receivable |  |              | 5,000,000  |   |                  |  
|Intercompany debt payable    |  |              | (2,249,986 | ) |                  |  
|Cash and cash equivalents    |  |              | 1,462,024  |   |                  |  
|Total                        |  | $            | 12,607,543 |   |                  | $
|March 31, 2016               |  |              |            |   |                  |  
|Trade receivables            |  | $            | 312,652    |   |                  | $
|Intercompany receivables     |  |              | 31,819,855 |   |                  |  
|Trade payables               |  |              | (150,095   | ) |                  |  
|Intercompany payables        |  |              | (1,598,578 | ) |                  |  
|Debt                         |  |              | -          |   |                  |  
|Intercompany debt receivable |  |              | 5,000,033  |   |                  |  
|Cash and cash equivalents    |  |              | 5,209      |   |                  |  
|Total                        |  | $            | 35,389,076 |   |                  | $
|March 31, 2015               |  |              |            |   |                  |  
|Trade receivables            |  | $            | 807,170    |   |                  | $
|Intercompany receivables     |  |              | 31,563,037 |   |                  |  
|Trade payables               |  |              | (160,231   | ) |                  |  
|Intercompany payables        |  |              | (1,467,493 | ) |                  |  
|Debt                         |  |              | -          |   |                  |  
|Intercompany debt receivable |  |              | -          |   |                  |  
|Cash and cash equivalents    |  |              | 26,655     |   |                  |  
|Total                        |  | $            | 30,769,138 |   |                  | $



F-48







As of March 31, 2017, 2016 and 2015, every 1% increase or decrease
of the respective foreign currencies compared to our functional currency of the respective group entities would impact our profit
before tax by approximately $188,828, $412,110 and $373,833, respectively.



There are no long term exposures in foreign currency denominated
financial asset and liabilities as of reporting date.



We use forward foreign exchange contracts to mitigate exchange
rate exposure arising from forecasted sales in U.S. dollars in APFPL whose functional currency is INR. U.S. Dollar forward exchange
contracts covering forecasted revenue have been designated as hedging instruments in cash flow hedges in accordance with IAS 39.
Outstanding U.S. dollar forward contracts relate to revenue forecasted for the year ended March 31, 2017. Forecasted transactions
for which hedge accounting has been applied are expected to occur and affect profit or loss in the year ended March 31, 2017.



Based on expected volatility, the management does not expect
the foreign currency hedges to become ineffective due to changes in the exchange rates and therefore, there is no impact expected
on profit on changes in the values of such derivatives consequent to changes in foreign currency exchange rates.This analysis assumes that all other variables remain constant.



Interest rate sensitivity



Our results of operations are subject to fluctuations in interest
rates because we maintain substantial levels of short term indebtedness in the form of secured revolving credit facilities, which
are subject to floating interest rates, to fulfill our capital requirements. As of March 31, 2017, 2016 and 2015, we had $ 224,440,023,
$209,442,252 and $211,041,182 of total indebtedness, respectively, of which more than 98% had floating rates of interest. The sensitivity
analysis below has been determined based on the exposure to interest rates for non-derivative financial instruments at the balance
sheet date. For floating rate liabilities, the analysis is prepared assuming the amount of liability outstanding at the balance
sheet date was outstanding for the whole year.The analysis assumes that all other variables
remain constant.



In computing the sensitivity analysis, management has assumed
a change of 100 basis points movement in the interest rate per annum. This movement in the interest rate would have led to an increase
or decrease in the profit before tax by $2,203,228, $2,057,225 and $2,097,094 in the years ended March 31, 2017, 2016 and 2015,
respectively.



Price risk sensitivity



We are exposed to price risk in respect of APFPL’s investments
in listed equity securities and investment in mutual funds in India. These investments are held for short term and are designated
as available for sale financial assets and therefore do not impact the profit or loss in the consolidated statements of profit
or loss unless impaired. Further, the amount of investment is not material. Accordingly, sensitivity towards the change in price
is not presented.



F-49







| | 37.2 | Credit risk analysis
| | ---- | --------------------



Credit risk refers to the risk of default by the counterparty
to a financial instrument to meet its contractual obligation resulting in a financial loss to us. Our credit risk primarily arises
from trade receivables. Accordingly, credit risk from trade receivables has been separately evaluated from all other financial
assets in the following paragraphs.



Trade receivables



Trade receivables are unsecured and are derived from revenue
earned from customers. Credit risk in trade receivables is managed through the monitoring of creditworthiness of the customers
and by granting credit approvals in the normal course of the business. An analysis of age of trade receivables at each reporting
date is summarized as follows:



|                                                             |  | March 31, 2017 |             |  | March 31, 2016 |  
|------------------------------------------------------------ |  | -------------- | ----------- |  | -------------- | -
|                                                             |  | Gross          |             |  | Impairment     |  
|Not past due                                                 |  | $              | 164,373,125 |  |                | $
|Past due less than three months                              |  |                | 43,134,363  |  |                |  
|Past due more than three months but not more than six months |  |                | 310,671     |  |                |  
|Past due more than six months but not more than one year     |  |                | 1,545,177   |  |                |  
|More than one year                                           |  |                | 3,949,844   |  |                |  
|Total                                                        |  | $              | 213,313,180 |  |                | $



Trade receivables are impaired in full when recoverability is
considered doubtful based on the recovery analysis performed by the Group for individual trade receivables. The Group considers
that all the above financial assets that are not impaired and past due for each reporting datesunder
review are of good credit quality.



Receivables from our top five customers are as follows:



|                                                         |  | March 31, 2017 |            |   | March 31, 2016 |  
|-------------------------------------------------------- |  | -------------- | ---------- | - | -------------- | -
|                                                         |  |                |            |   |                |  
|Receivables from top five customers as of reporting date |  | $              | 32,648,938 |   |                | $
|Percentage to total receivables                          |  |                | 15.6       | % |                |  



Receivables from our top two customers are as follows:



|                                                            |  | March 31, 2017 |       |   | March 31, 2016 |  
|----------------------------------------------------------- |  | -------------- | ----- | - | -------------- | -
|Receivables from our top two customers as of reporting date |  | $              | 1,749 |   |                | $
|Percentage to total receivables                             |  |                | 0.0   | % |                |  



Management considers the credit quality of these trade receivables
to be good. No collateral is held for trade receivables.



F-50







Other financial assets



The maximum exposure to credit risk in other financial assets
is summarized as follows:



Credit risk relating to cash and cash equivalents and derivative
financial instruments is considered negligible because our counterparties are banks. We consider the credit quality of term deposits
with such banks that are majority-owned by the Government of India and subject to the regulatory oversight of the Reserve Bank
of India to be good, and we review these banking relationships on an ongoing basis.



Security deposits are primarily comprised of deposits made with
customers who are public sector organizations. Such deposits were given as part of our contracts with such organizations.



We donot hold any security
in respect of the above financial assets. There are no impairment provisions as at each reporting date against these financial
assets. We consider all the above financial assets as at the reporting dates to be of good credit quality.



| | 37.3 | Liquidity risk analysis
| | ---- | -----------------------



Our liquidity needs are monitored on the basis of monthly and
yearly projections. We manage our liquidity needs by continuously monitoring cash flows from customers and by maintaining adequate
cash and cash equivalents. Net cash requirements are compared to available cash in order to determine any shortfalls.



Short term liquidity requirements consists mainly of sundry
creditors, expense payable, employee dues, debt and security deposits received arising during the normal course of business as
of each reporting date. We maintain a sufficient balance in cash and cash equivalents to meet our short term liquidity requirements.
We assess long term liquidity requirements on a periodical basis and manage them through internal accruals and through our ability
to negotiate long term debt facilities. Our non-current liabilities include vehicle loans, term loans and liabilities for DBO.



As of March 31, 2017, the Group had following undrawn financing
facilities which remained available for drawdown under our existing financing arrangements:



|                             |  | March 31, 2017 |        
|---------------------------- |  | -------------- | -------
|                             |  | (Amount in $)  |        
|Working capital – fund based |  | $              | 815,043
|Total                        |  | $              | 815,043



As at each reporting date, our liabilities having contractual
maturities are summarized as follows:



|                            |  | Current         |             |  | Non-Current |  
|--------------------------- |  | --------------- | ----------- |  | ----------- | -
|March 31, 2017              |  | Within 6 months |             |  | 6-12 months |  
|Long term debt*             |  | $               | 1,271,624   |  |             | $
|Short term debt             |  |                 | 223,175,395 |  |             |  
|Trade payables              |  |                 | 13,004,865  |  |             |  
|Other financial liabilities |  |                 | 12,259,830  |  |             |  
|Lease obligation            |  |                 | 321,447     |  |             |  
|Total                       |  | $               | 250,033,161 |  |             | $



|                            |  | Current         |             |  | Non-Current |  
|--------------------------- |  | --------------- | ----------- |  | ----------- | -
|March 31, 2016              |  | Within 6 months |             |  | 6-12 months |  
|Long term debt*             |  | $               | 799,135     |  |             | $
|Short term debt             |  |                 | 207,817,702 |  |             |  
|Trade payables              |  |                 | 14,513,988  |  |             |  
|Other financial liabilities |  |                 | 6,856,677   |  |             |  
|Lease obligation            |  |                 | 368,998     |  |             |  
|Total                       |  | $               | 230,356,500 |  |             | $



*Includes future interest
costs on account of long term debt as at reporting period to be payable over the period of term loan.



F-51







The above contractual maturities reflect the gross cash outflows,
not discounted at the current values. As a result, these values will differ as compared to the carrying values of the liabilities
at the balance sheet date.



| | 38. | Additional capital disclosures
| | --- | ------------------------------



The Group’s capital management objectives are (a) to ensure
the Group’s ability to continue as a going concern and (b) to provide an adequate return to shareholders. The Group has not
distributed any dividend to its shareholders since the date of initial public offering. The Group monitors gearing ratio i.e. total
debt in proportion to its overall financing structure, i.e. equity and debt. Total debt comprises of all liabilities of the Group.
The Group manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk
characteristics of the underlying assets.



|                                                            |  | March 31, 2017 |             |  | March 31, 2016 |  
|----------------------------------------------------------- |  | -------------- | ----------- |  | -------------- | -
|Total equity (A)                                            |  | $              | 303,224,423 |  |                | $
|Total debt - comprising of all liabilities of the Group (B) |  |                | 271,380,792 |  |                |  
|Overall financing (C) = (A) + (B)                           |  | $              | 574,605,215 |  |                | $
|Gearing ratio (B) / (C)                                     |  |                | 0.47        |  |                |  



| | 39. | Class Action suit and related complaint
| | --- | ---------------------------------------



39.1. Class action suit



In February 2015, two shareholder class action lawsuits were
filed in the United States District Court for the Central District of California.  The complaints, which were subsequently
consolidated, name as defendants the Company and certain of our current and former officers and directors.  The consolidated
lawsuit purports to state claims for violation of Section 11 and Section 15 of the Securities Act and Section 10(b) and Section
20(a) of the Exchange Act, generally alleging that certain statements in the Company’s Registration Statement and certain subsequent
Exchange Act filings were false and misleading and seeking damages in an unspecified amount. We contested the allegations in the
complaint and intend to vigorously defend against the action. We filed a Motion to Dismiss the Plaintiff’s amended complaint
on October 2, 2015, and on July 18, 2016 the Court granted our Motion to Dismiss in its entirety. The option to file a Third Amended
Complaint (by August 4, 2016) was never exercised by the Plaintiffs.



39.2. Complaint against a short-selling
firm



In December 2015, the Company filed a formal complaint in the
United States District Court in the Southern District of New York against this short-selling firm, related entities and individuals
as a result of their dissemination of material false, misleading and defamatory information about the Company. We sought damages
and injunctive relief for defamation and a permanent injunction. On March 21, 2017, the Company and PPRG entered into a preliminary
settlement agreement. On April 6, 2017, we accepted a formal settlement agreement with the defendants and dismissed the action.
The financial terms of the settlement are subject to confidentiality requirements and as such, have not been disclosed. The financial
settlement was a non-adjusting event for fiscal 2017 and will be accounted for in fiscal 2018.



F-52







| | 40. | Events after the reporting period
| | --- | ---------------------------------



Other than the item mentioned above, there have been no material
events other than already disclosed in the financial statement after reporting date which would require disclosure or adjustments
to the financial statements as of and for the year ended March 31, 2017.

.

| | 41. | Authorization of financial statements
| | --- | -------------------------------------



These consolidated financial statements were approved and authorized
for issue by the Board of Directors on July 28, 2017.



F-53