­Incorporated in 1995, DTC Securities Limited (DTCS) is engaged in carrying out the business of development and construction of residential and commercial projects. Currently, the group is headed by Mr. Satyanarayan Jalan, Mr. Dinesh Jalan, Mr Ayush Jalan and Mrs. Poonam Jalan. The company has constructed and developed a shopping mall “Orchid Mall” in Kolkata which started commercial operation in 2007. The mall has a total built up area of 1 lakh square feet. The mall is fully occupied with reputed tenants namely, Pantaloons, E-Zone and Food Bazaar. Presently, Pantaloons Retail Limited (now Aditya Birla Fashion and Retail Limited (ABFRL)), who has occupied 3 stores of the mall, is the only customer of DTCS.

­Incorporated in 1995, DTC Projects Private Limited (DTCP) is engaged in carrying out the business of development and construction of residential and commercial projects. Currently, the company is headed by Mr. Ayush Jalan, Mr. Dinesh Jalan, Mr Ayush Jalan and Mrs. Poonam Jalan. The company is constructing and developing an integrated township project “DTC Southern Heights” in Kolkata. The total project area is around 1.5 million square feet which is divided into three phases of around 0.5 million square feet each. DTC Securities Limited (DTCS) and DTC Projects Private Limited (DTCP) together referred to as the ‘DTC Group’ (DG).

­­­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.

­The rating is based on information available from sources other than the issuer/borrower (in the absence of information provided by the issuer/borrower). Acuité endeavored to gather information about the entity/industry from the public domain. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based 

­No information provided by the issuer / available for Acuite to comment upon. ­

­­Not Applicable 

­No information provided by the issuer / available for Acuite to comment upon. 

­Not Applicable 

­Not Applicable

­None

­Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups.

­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.