Privi specialty chemicals – Waste to wealth story

I was going through its Financial statements of Privi’s subsidiaries. March 22 financial are currently their on website:

1. Prigiv is JV between Privi and Givaudan, project was yet to be operational as per separate financial of FY21-22
2. Privi Biotechnology is WoS of Privi. Total revenue of this subsidiary flows from Privi Sepciality (Holding co)
3. Privi USA is trading arm of Privi Speciality. High inventory at USA location is big risk, needs to understand why co is not able to liquidate the inventory and facing challenge from getting money against receivable. Even Co has to borrow working capital facilities from bank (As per separate FS available on Co website for year ended March-2022)