* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
Rating Rationale
Acuité has reaffirmed the long-term rating of ‘ACUITE D’ (read as ACUITE D) and the short term rating of ‘ACUITE D’ (read as ACUITE D) on Rs. 200.00 Cr. bank facilities of Dion Global Solutions Limited (DGSL).
The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information.?
Rationale for rating:
Acuite notes the NCLT approval of the resolution plan for Dion Global Solutions Limited on July 21, 2026. The approval follows the Corporate Insolvency Resolution Process (CIRP) initiated against the company on August 18, 2020 pursuant to an insolvency petition filed by an operational creditor. The order provides for implementation of the Committee of Creditors approved resolution plan and a change in management of the company. As per information available in the public domain and the NCLT order, the company is to be taken over by Indus IntelliRisk and IntelliSense Services Private Limited (IIRIS Consulting).
About the Company
Delhi-based Dion Global Solutions Limited (DGSL) was incorporated in 1994 as Fortis Financial Services Limited (FFSL) by the late Dr. Parvinder Singh (former Chairman and Managing Director of Ranbaxy Laboratories Limited). It is engaged in the business of providing financial technology solutions to banks and other financial institutions. DGSL has its subsidiaries and offices across UK, Hong Kong, Malaysia, Germany, Australia, Singapore and other geographies.
Unsupported Rating
Not Applicable
Non-cooperation by the issuer/borrower:
Acuité has been requesting for data, information and undertakings from the rated entity for conducting surveillance & review of the rating. However, the issuer/borrower failed to submit such information before the due date. Acuité believes that information risk is a critical component in such ratings, and non-cooperation by the issuer along with unwillingness to provide information could be a sign of potential deterioration in its overall credit quality. This rating is, therefore, being flagged as “Issuer not-cooperating”, in line with prevailing SEBI regulations and Acuité’s policies.
Limitation regarding information availability
Rating Sensitivity
Potential triggers (individual or collective) for an upward rating action:
No information provided by the issuer / available for Acuite to comment upon
Potential triggers (individual or collective) for a downward rating action:
Not Applicable
Liquidity Position
No information provided by the issuer / available for Acuite to comment upon
* The issuer did not co-operate; based on best available information.
Lender’s Name
ISIN
Facilities
Listing Status
Regulated By
Date Of Issuance
Coupon Rate
Maturity Date
Quantum (Rs. Cr.)
Complexity Level
Rating
Not Applicable
Not avl. / Not appl.
Proposed Letter of Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
12.08
Simple
ACUITE D | Reaffirmed | Issuer not co-operating*
YES BANK LIMITED
Not avl. / Not appl.
Stand By Line of Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
130.00
Simple
ACUITE D | Reaffirmed | Issuer not co-operating*
YES BANK LIMITED
Not avl. / Not appl.
Term Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
6.25
Simple
ACUITE D | Reaffirmed | Issuer not co-operating*
INDUSIND BANK LIMITED
Not avl. / Not appl.
Term Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
16.67
Simple
ACUITE D | Reaffirmed | Issuer not co-operating*
YES BANK LIMITED
Not avl. / Not appl.
Working Capital Demand Loan (WCDL)
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
35.00
Simple
ACUITE D | Reaffirmed | Issuer not co-operating*
* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
