To output a subtitle file in .srt format from a .xls file, you should have the following format in the .xls file:
**************************
Show time in column A
Hide time in column B
Subtitle text in column C
**************************
- copy the .xls worksheet and Paste Special (Formatted Text) into a Word document
- select the entire table
- choose Table->Convert->Table to Text...
- separate cells with paragraph marks
- save the document as a Text file (.txt )
- rename the .txt file to .srt
- open file by Subtitle Edit