­­Incorporated in October 2014 in Telangana, Ivis International Private Limited is engaged in providing video monitoring services to banks & financial institutions for ATMs, retail outlets, warehouses and government institutions. Ivis is a part of the larger Provigil Group (defined later in the document) which is also engaged in similar line of business. Further, the company also sells the video monitoring equipment to its customers, depending upon the nature of the order. Mr. Prabhakara Rao Bollina, Mr. Rachapoodi Venkata Nagendra Murali Mohan, Mr. Ameeruddin Syed and Mr. Joseph Sudheer Reddy Thumma are the directors of the company.

­­Ivis International Private Limited and Provigil Surveillance Limited are together referred to as Provigil Group. Since 2007, Provigil was initially engaged in the business of providing technology and back-end monitoring operations to US-based Provigil Inc. which was incorporated in 2006. However, Provigil Inc. has now been bought by a US-based private equity firm and looks after the US operations, whereas Provigil has been retained by the current management to look after the Indian operations. Currently, Ivis and Provigil are engaged providing video monitoring services to banks & financial institutions for ATMs, retail outlets, warehouses and government institutions. Further, both the companies also sell the video monitoring equipment to its customers, depending upon the nature of the order. Since Provigil as a brand has more experience in the market, most of the orders are currently routed through Provigil, although Ivis executes those orders.

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­The Group generated healthy net cash accruals worth Rs. 46.17 Cr. and Rs. 44.37 Cr. in FY2023 and FY2022 respectively as against moderate debt repayment obligations Rs. 9.98 Cr. and Rs. 8.66 Cr. in those respective years. Furthermore, the current ratio stood healthy at 2.19 times as on March 31, 2023 as against 2.24 times as on March 31, 2022. The working capital requirements are majorly funded by way of internal accruals, whereas the average CC utilization in the last 12 months ended December 2023 stood moderately at 53.19% for the group. The cash and bank balance of the group is Rs.42.07 Cr. as on March 31 2023.

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­In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’ s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.

1. Ivis International Private Limited
2. Provigil Surveillance Limited