Amira Nature Foods Ltd Announces Change in Certifying Accountant

  Amira Nature Foods Ltd Announces Change in Certifying Accountant

Business Wire

DUBAI, United Arab Emirates -- April 14, 2014

Amira Nature Foods Ltd (the “Company”; NYSE: ANFI), a leading global provider
of packaged Indian specialty rice, announced today that the Audit Committee of
its Board of Directors engaged Deloitte Haskins & Sells LLP (“Deloitte”) as
the Company’s independent auditors, effective April 14, 2014. Deloitte will
commence work immediately to audit the Company’s financial results for the
fiscal year ended March 31, 2014.

The decision by the Company’s Audit Committee to engage Deloitte was made as a
result of a mutual agreement with Grant Thornton India LLP (“GT India”) that
GT India could not continue as the Company’s independent accounting firm. In
March 2014, it was determined that two directors of the Company’s wholly owned
non-operating subsidiary Amira Nature Foods Ltd. (Mauritius) had affiliations
that were inconsistent with Rule 2-01 of Regulation S-X. Prior to such
determination, the Company did not believe there were any issues relating to
GT India’s independence. GT India therefore tendered its resignation on April
4, 2014.

The reports of GT India on the Company’s consolidated financial statements as
of and for the years ended March 31, 2013 and 2012 did not contain an adverse
opinion or a disclaimer of opinion, and were not qualified or modified as to
uncertainty, audit scope or accounting principles. Those reports have not been
withdrawn or modified.

In addition, for the years ended March 31, 2013 and 2012 and through April 4,
2014, there were no (a) disagreements with GT India on any matter of
accounting principles or practices, financial statement disclosure, or
auditing scope or procedure, which disagreements, if not resolved to GT
India’s satisfaction, would have caused GT India to make reference to the
subject matter thereof in connection with its reports for such years; or (b)
reportable events that would be required to be described under Item
16F(a)(1)(v) of Form 20-F in connection with the Company’s annual report on
Form 20-F.

Additional information on this announcement can be found in the Company’s Form
6-K filed today with the Securities and Exchange Commission.

About Amira Nature Foods

Founded in 1915, Amira has evolved into a leading global provider of packaged
Indian specialty rice, with sales in over 40 countries today. Amira sells
Basmati rice, which is a premium long-grain rice grown only in certain regions
of the Indian sub-continent, under their flagship Amira brand as well as under
other third party brands. Amira sells its products primarily in emerging
markets through a broad distribution network. Amira’s headquarters are in
Dubai, United Arab Emirates, and it also has offices in India, Malaysia,
Singapore, the United Kingdom, and the United States. For more information
please visit www.amira.net

Cautionary Note on Forward-Looking Statements

This release may contain forward-looking statements within the meaning of the
U.S. federal securities laws. These forward-looking statements generally can
be identified by phrases such as that we or our members of management
“believe,” “expect,” “anticipate,” “foresee,” “forecast,” “estimate” or other
words or phrases of similar import. Specifically, these statements include,
among other things, statements that describe our expectations for the growth
of our business, expansion into new geographic markets, maintaining and
expanding our relationship with key retail partners, the financial impact of
new sales contracts on our revenue, our plan to make significant capital
expenditure, and other statements of management’s beliefs, intentions or
goals. It is uncertain whether any of the events anticipated by the
forward-looking statements will transpire or occur, or if any of them do, what
impact they will have on our results of operations, financial condition, or
the price of our ordinary shares. These forward-looking statements involve
certain risks and uncertainties that could cause actual results to differ
materially from those indicated in such forward-looking statements, including
but not limited to our ability to penetrate and increase the acceptance of our
product in new geographic markets; to perform our agreements with customers
and further develop our relationships with key retail partners; our ability to
recognize revenue from our contracts; continued competitive pressures in the
marketplace; our reliance on a few customers for a substantial part of our
revenue; our ability to implement our plans, forecasts and other expectations
with respect to our business and realize additional opportunities for growth;
and the other risks and important factors contained and identified in our
filings with the Securities and Exchange Commission. All forward-looking
statements attributable to us or to persons acting on our behalf are expressly
qualified in their entirety by these risk factors. Since we operate in an
emerging and evolving environment and new risk factors and uncertainties
emerge from time to time, you should not rely upon forward looking statements
as predictions of future events. Except as required under the securities laws
of the United States, we undertake no obligation to update any forward-looking
or other statements herein to reflect events or circumstances after the date
hereof, whether as a result of new information, future events or otherwise.

Contact:

ICR
Katie Turner, 646.277.1200
 
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