Press Release

Press Release

March 27, 2026

EXCEL PROCESS PRIVATE LIMITED
Rating Reaffirmed

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	9.05	ACUITE B+ \| Stable \| Reaffirmed	-
Bank Loan Ratings	0.95	-	ACUITE A4 \| Reaffirmed
Total Outstanding	10.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

Acuité has reaffirmed the long-term rating of ‘ACUITE B+’ (read as ACUITE B plus) and short-term rating of ‘ACUITE A4’ (read as ACUITE A four) on Rs. 10.00 Cr. bank facilities of Excel Process Private Limited (EPPL). The outlook is ‘Stable’.

Rationale for rating reaffirmation
The rating reaffirmation takes into account the modest scale of operations of the company along with average financial risk profile marked by low net worth, significant loans & advances to group companies and intensive nature of working capital operations. Further, the rating factors the susceptibility of profitability margins to the volatility of input costs and end-user industry trends. However, the rating derives its strength from the established track record of operations with experienced management and reputed clientele profile of the company.

About the Company

Incorporated in 1960, Excel Process Private Limited (EPPL) is a Valsad, Gujarat based company with its registered office located in Mumbai, Maharashtra. The company is engaged in the manufacturing of industrial nameplates, heat sinks, monograms and logos, speaker grills, and specialised panels. EPPL operates a manufacturing facility at Killa Pardi, Valsad, with an installed capacity of 11,825 components, 833 engraving products, 2,17,280 grills, 5,11,152 heat sinks, 4,01,47,233 labels, 22,68,825 logos, and 78,185 panels. The company is currently managed by its directors, Mr. Vinay Prabhubhai Desai, Mr. Neel Harish Desai, and Mr. Harish Prabhubhai Desai.

Unsupported Rating

Not Applicable

Analytical Approach

Acuité has considered the standalone business and financial risk profile of Excel Process Private Limited (EPPL) to arrive at the rating.

Key Rating Drivers

Strengths

Established track record of operations with experienced management and reputed clientele
Established in 1960 by Mr. Prabhubhai Desai, the company is presently managed by second and third generation, Mr. Harish Prabhubhai Desai, Mr. Vinay Prabhubhai Desai, and Mr. Neel Harish Desai, along with other family members. The current directors are actively involved in the company’s day-to-day operations and collectively possess over two decades of industry experience. The company having operational track record of more than six decades, has established healthy relationships with its stakeholders. Moreover, the company generates majority of its revenue from original equipment manufacturers (OEMs) across multiple sectors, with long-standing associations as evident by consistent repeat order inflows.

Weaknesses

Modest scale of operations
The revenue of the company remained stable at Rs. 24.97 Cr. in FY25 (Rs. 23.91 Cr. in FY24) with discontinuation of one of the product segments owing to rising demand of cheaper alternatives available like paper stickers. Additionally, till Jan 2026, there was further moderation in the operating revenue that stood at Rs. 19.46 Cr. (Rs. 21.33 Cr. in 10MFY2025). Moreover, the operating margin reduced to 7.58 percent in FY25 (10.68 percent in FY24), owing to increase in input costs primarily aluminium. Further, owing to ongoing geo-political concerns, the contribution from exports have moderated to around 15 percent in FY26 as against ~20 percent in previous years.

Average financial risk profile
The financial risk profile of the company is marked by its low net worth that stood at Rs. 5.32 Cr. as on March 31, 2025 (Rs. 5.06 Cr. as on March 31, 2024). Further, the debt profile of the company stood increased to Rs. 13.54 Cr. in FY25 (Rs. 12.46 Cr. in FY24) on account of long-term debt availed for installing the captive solar power plant (operational from June 2025) and therefore, the gearing (debt/equity) ratio stood slightly increased to 2.54 times in FY25 (2.46 times in FY24). The coverage ratios of the company remained moderate with interest coverage ratio (ICR) of 1.73 times in FY25 (1.57 times in FY24) and debt service coverage ratio (DSCR) of 1.14 times in FY25 (1.09 times in FY24).

Intensive nature of working capital operations
The operations of the company are working capital-intensive in nature marked by gross current assets (GCA) of 219 days in FY25 (211 days in FY24). The GCA days are majorly driven by other current assets (consisting of advances to suppliers and sister concerns (~90 percent of its net worth) and other receivables) along with inventory and debtor levels. The inventory days stood at 57 days in FY25 (66 days in FY24). Further, the debtor days stood at 46 days in FY25 (45 days in FY24) with an average credit period of 30-45 days extended to its customers. The creditor days stood at 88 days in FY25 (92 days in FY24) with company receiving a credit period of around 60-90 days from its suppliers.
Acuité believes that the working capital operations will remain intensive over the medium term owing to the nature of business of the company.

Susceptibility of operating margins to volatility in raw material prices
EPPL manufactures industrial nameplates, heat sinks, monograms & logos, speaker grills and specialized panels, which is sold to key customers/OEMs like Godrej, Panasonic, Schneider Electric, Bosch, Havells, amongst others, wherein the company has limited bargaining power due to highly competitive pressures within the industry. The company, on the other hand, procures raw materials such as aluminium, PVA plastics through domestic markets and the prices of which have remained volatile in the past few years. Further, EPPL has limited flexibility while passing on the raw material price changes to the customers leading to volatile profitability.

Rating Sensitivities

Potential triggers (individual or collective) for an upward rating action:

Improvement in scale of operations and profitability margins leading to growth in net cash accruals above Rs. 2 Cr.
Improvement in working capital operations

Potential triggers (individual or collective) for a downward rating action:

Decline in scale of operations and profitability leading to generation of net cash accruals below Rs. 0.75 Cr.
Increase in debt levels thereby impacting the financial risk profile

Liquidity Position

Adequate

EPPL has adequate liquidity position marked by net cash accruals of Rs. 1.02 Cr. in FY25 against its maturing debt obligations of Rs. 0.72 Cr. for the same period. Going forward, the cash accruals of the company are estimated to be around Rs. 1.00 - 1.15 Cr. during FY2026-27 period against its maturing debt obligations of around ~Rs. 0.55 - 0.63 Cr. respectively during the same period. Moreover, the average utilisation for the fund-based bank facility stood high at ~98.62 percent and for the non-fund-based facility the average utilisation stood at ~23.31 percent for the last six months ended January 2026. Furthermore, the company maintained unencumbered cash and bank balances of Rs. 0.23 Cr. as on March 31, 2025, and the current ratio stood at 1.13 times as on March 31, 2025.

Outlook: Stable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	24.97	23.91
PAT	Rs. Cr.	0.22	0.12
PAT Margin	(%)	0.87	0.49
Total Debt/Tangible Net Worth	Times	2.54	2.46
PBDIT/Interest	Times	1.73	1.57

Status of non-cooperation with previous CRA (if applicable)

Not Applicable

Any other information

None

Applicable Criteria

• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm
• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm

Note on complexity levels of the rated instrument

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.

Rating History

Date	Name of Instruments/Facilities	Term	Amount (Rs. Cr)	Rating/Outlook
03 Jan 2025	Letter of Credit	Short Term	0.45	ACUITE A4 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	0.50	ACUITE A4 (Reaffirmed)
	Cash Credit	Long Term	3.00	ACUITE B+ \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	0.27	ACUITE B+ \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	5.00	ACUITE B+ \| Stable (Reaffirmed)
	Term Loan	Long Term	0.78	ACUITE B+ \| Stable (Reaffirmed)
09 Oct 2023	Letter of Credit	Short Term	0.45	ACUITE A4 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	0.50	ACUITE A4 (Reaffirmed)
	Cash Credit	Long Term	3.00	ACUITE B+ \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	0.55	ACUITE B+ \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	5.00	ACUITE B+ \| Stable (Reaffirmed)
	Term Loan	Long Term	0.50	ACUITE B+ \| Stable (Reaffirmed)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
UCO BANK	Not avl. / Not appl.	Bank Guarantee (BLR)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	0.10	Simple	ACUITE A4 \| Reaffirmed
UCO BANK	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	3.00	Simple	ACUITE B+ \| Stable \| Reaffirmed
UCO BANK	Not avl. / Not appl.	Letter of Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	0.45	Simple	ACUITE A4 \| Reaffirmed
Not Applicable	Not avl. / Not appl.	Proposed Long Term Bank Facility	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	0.27	Simple	ACUITE B+ \| Stable \| Reaffirmed
Not Applicable	Not avl. / Not appl.	Proposed Short Term Bank Facility	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	0.40	Simple	ACUITE A4 \| Reaffirmed
UCO BANK	Not avl. / Not appl.	Secured Overdraft	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	5.00	Simple	ACUITE B+ \| Stable \| Reaffirmed
UCO BANK	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	31 Oct 2028	0.78	Simple	ACUITE B+ \| Stable \| Reaffirmed

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Akshit Agrawal
Associate Analyst - Rating Operations

Contact details exclusively for investors and lenders

Mob: +91 8591310146
Email ID: analyticalsupport@acuite.in

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai.

Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating.

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