Credit Rating

September 02, 2026 The Listing Compliance Department The Listing Compliance Department, BSE Limited National Stock Exchange of India Limited, P. J. Towers, Dalal Street, Fort, Exchange Plaza, C-1, Block G, Mumbai – 400 001 Bandra-Kurla Complex, Bandra (E), Scrip Code – 522295 Mumbai – 400 051 Symbol - CONTROLPR Sub: Disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 Dear Sir/ Madam, Further to our letter dated July 09, 2026, and pursuant to Regulation 30 read with Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI LODR"), we wish to inform that, at the request of the Company, CRISIL Ratings Limited ("CRISIL") has migrated and withdrawn the credit ratings assigned to the Company's long-term and short-term bank facilities, in accordance with CRISIL's policy on withdrawal of ratings. The details of the migrated and withdrawn ratings are as follows: Particulars Rating Long Term Rating Crisil A/Stable (Rating migrated and withdrawn) Short Term Rating Crisil A1 (Rating migrated and withdrawn) The above is for your information and record. Thanking you, For Control Print Limited Murli Manohar Thanvi Company Secretary & Compliance Officer Place: Mumbai Control Print Limited, C-106, Hind Saurashtra Industrial Estate, Andheri-Kurla Road, Marol Naka, Andheri (East), Mumbai 400059, India t. +91 22 28599065 / 66938900 | f. +91 2228528272 | e. ho@controlprint.com I w.www.controlprint.com CIN. L22219MH1991PLC059800 MUMBAI (Regd.Office). AHMEDABAD. BENGALURU. CHANDIGARH. CHENNAI. COLOMBO. DELHI. GUWAHATI HYDERABAD. JAMSHEDPUR. KOLKATA. NALAGARH. PUNE. 02/09/2026, 10:22 Rating Rationale Rating Rationale September 01, 2026 | Mumbai Control Print Limited Ratings migrated to ‘Crisil A/Stable/Crisil A1’; Ratings Withdrawn Rating Action Regulator Of Total Bank Loan Facilities Rated Rs.80 Crore Instrument Crisil A/Stable (Migrated from ‘Crisil BB/Stable Long Term Rating ISSUER NOT COOPERATING*’; Rating RBI Withdrawn) Crisil A1 (Migrated from ‘Crisil A4+ ISSUER NOT Short Term Rating RBI COOPERATING*’; Rating Withdrawn) Note: None of the Directors on Crisil Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings. 1 crore = 10 million Refer to Annexure for Details of Instruments & Bank Facilities *Issuer did not cooperate; based on best-available information Detailed Rationale Due to inadequate information and in line with the Securities and Exchange Board of India guidelines, Crisil Ratings had migrated its ratings on the bank facilities of Control Print Limited (CPL) to ‘Crisil BB/Stable/Crisil A4+ Issuer Not Cooperating'. However, the company’s management has started sharing the information necessary for a comprehensive rating review. Consequently, Crisil Ratings is migrating its rating on the long-term bank facilities of CPL to ‘Crisil A/Stable/Crisil A1’ from 'Crisil BB/Stable/Crisil A4+ Issuer Not Cooperating’ and has subsequently withdrawn the rating at the company's request and on receipt of no-objection certificate from the lender. The withdrawal is in line with the Crisil Ratings policy on withdrawal of bank loan ratings. The ratings reflect the company’s well-established market presence and strong financial risk profile. These strengths are partially offset by its moderate scale of operations and working capital intensive operations. Analytical Approach For arriving at the ratings, Crisil Ratings has combined the business and financial risk profiles of CPL and its subsidiaries, Liberty Chemicals Pvt Ltd (LCPL), Innovative Codes (I) Private Limited (ICPL), Control Print B.V. (CPBV) , Control Print MEA FZE (UAE) , Mark Print B.V. (MPBV),CP Italy SRL., Carton Handling Solutions Ltd , Codeology Group Ltd (UK), Codeology Ltd and Control Print Packaging Pvt Ltd. This is because the promoters are same and there are financial linkages between the group companies. Please refer Annexure - List of Entities Consolidated, which captures the list of entities considered and their analytical treatment of consolidation. Key Rating Drivers - Strengths Well-established market presence with healthy market share: With a promoter who has over three decades of experience in the industrial printer segment, group has established a strong market presence and a legacy of excellence. The brand's extensive experience has enabled it to build a strong reputation in the domestic market, with a loyal customer base that includes prominent clients such as Ashirvad Pipes Pvt Ltd, The Supreme Industries Limited (Crisil AA+/Stable/Crisil A1+), TATA Steel Limited, Finolex Industries Limited (Crisil AA+/Stable/Crisil A1+), Sudhakar PVC Products Private Limited (Crisil A-/Stable/Crisil A2+), Hindustan Unilever Limited (Crisil AAA/Stable/Crisil A1+), Britannia Industries Limited (Crisil AAA/Stable/Crisil A1+), Hindware Limited, KEI Industries Limited, etc. As a pioneer in India's Coding and Marking industry, Group holds a significant market share of over 19-20%, cementing its position as one of the country's leading players. Group's long-standing relationships with its clients have been a key factor in its success, and its market leadership position is a testament to its enduring legacy. Strong financial risk profile: Networth of the group stood at Rs. 421 crores as on March 31, 2026 (Rs. 380 crores as on March 31, 2025). Capital structure remains comfortable as reflected in gearing and TOLANW of 0 times and 0.23 times respectively as on March 31, 2026, due to limited reliance on external debt. With no plans under pipeline for significant debt funded capex, capital structure is estimated to remain comfortable over the medium term. Debt protection measures remain robust marked by interest coverage of more than 25 times for fiscal 2026, backed by healthy profitability and low interest expense. Overall financial risk profile is estimated to remain comfortable, backed by increasing networth and low leverage. Key Rating Drivers - Weaknesses https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/ControlPrintLimited_September 01_ 2026_RR_400345.html 1/8 02/09/2026, 10:22 Rating Rationale Moderate Scale of operations: Group has a moderate scale of operations, with a turnover of Rs 256-485 crore over the past four years. The Indian industrial printer market is dominated by a few multinational companies (MNCs) such as Videojet India, Domino Printech India, and Markem-Imaje India, which have established themselves in the organized market. These MNCs have a larger installed base, which enables them to generate higher revenues. However, Group is making progress in improving its product mix and is expected to increase its market share over the medium term by expanding its installed printer base. Working capital intensive operations: Group’s operations are working capital intensively as indicated by high gross current assets of 235 days as of March 31, 2026. This is primarily on account of high inventory level of around 130 - 135 days, maintained to ensure timely supply of consumable and spare parts to clientele. Operations are expected to remain working capital intensive over the medium term, and may continue to be funded by internal accrual, minimising bank limit utilization. Liquidity Strong Bank limit utilization is low at around 27 percent for the past twelve months ending June 2026 Cash accruals are expected to be over Rs 54 - 55 crores, against nil repayment obligations over the near term. Liquid investments in the form of equity, mutual fund investments and cash/bank balance stood at Rs. 59 crores as on March 31, 2026, while current ratio was around 2.8 times in the same period. Low gearing and moderate net worth support its financial flexibility and provides the financial cus [Showing first 8,000 characters — download PDF for full document]