Fly-Hi Maritime Travels Ltd Auditor Reports

Independent Auditors Examination Report on Restated Standalone Financial Information of Fly-Hi Maritime Travels Limited

To,

The Board of Directors

Fly-Hi Maritime Travels Limited

SF-04, 2nd Floor, Vasant Square Mall,

Vasant Kunj, New Delhi, India, 110070

Dear Sirs/ Madams,

1. We have examined the attached Restated Financial Information of Fly-Hi Maritime Travels Limited (The “Company” or the “Issuer”) comprising the Restated Statement of Assets and Liabilities for the Financial Year ended as at March 31st, 2026, March 31st, 2025 and March 31st, 2024, the Restated Statements of Profit and Loss, the Restated Cash Flow Statement for the Financial Year ended as at March 31st, 2026, March 31st, 2025 and March 31st 2024, the Statement of Significant Accounting Policies, and other explanatory information (collectively, the “Restated Standalone Financial Information”) as approved by the Board of Directors of the Company at their meeting held on July 31st, 2026 for the purpose of inclusion in the Draft Prospectus (DP)

/ Prospectus prepared by the Company in connection with its proposed Initial Public Offer of Equity Shares (“IPO”).

2. These Restated Financial Information have been prepared in terms of the requirements of:

a) Section 26 of Part I of Chapter III of the Companies Act, 2013 (the “Act”)

b) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended (”ICDR Regulations”); and

c) The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the Institute of Chartered Accountants of India (“ICAI”), as amended from time to time (the Guidance Note”).

3. The Companys Board of Directors is responsible for the preparation of the Restated Financial Information for the purpose of inclusion in the Draft Prospectus (DP) / Prospectus to be filed with Securities and Exchange Board of India, Registrar of Companies, ROC Delhi I and the SME Platform of BSE Limited (BSE SME) in connection with the proposed IPO. The Restated Financial Information have been prepared by the Management of the Company on the basis of preparation stated in Annexure 1 to the Restated Financial Information. The Board of Directors responsibility includes designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the Restated Financial Information. The Board of Directors are also responsible for identifying and ensuring that the Company complies with the Act, ICDR Regulations and the Guidance Note.

4. We have examined such Restated Standalone Financial Information taking into consideration:

a) The Terms of Reference and Terms of our Engagement agreed upon with you in accordance with our Engagement Letter dated July 28th, 2025 in connection with the proposed IPO of Equity Shares of the Issuer;

b) The Guidance Note also requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI;

c) Concepts of Test Checks and Materiality to obtain reasonable assurance based on verification of evidence supporting the Restated Financial Information; and

d) The requirements of Section 26 of the Act and the ICDR Regulations. Our work was performed solely to assist you in meeting your responsibilities in relation to your compliance with the Act, the ICDR Regulations and the Guidance Note in connection with the IPO.

5. These Restated Financial Information have been compiled by the Management from the Audited Financial Statements of the Company for the period ended March 31st 2026, Audited Financial Statements of the Company for the Financial Year ended as on March 31st, 2025 and March 31st, 2024 which has been approved by the Board of Directors.

a) We have Audited the Standalone Financial Statements of the Company for the Financial Year ended as at prepared by the Company in accordance with Accounting Standard as prescribed under the Companies (Accounting Standards) Rules, 2021. We have issued our report dated July 31st, 2026 on this Financial Statements which have been approved by the Board of Directors at their meeting held on July 31st, 2026.

b) We have Audited the Standalone Financial Statements of the Company for the Financial Year ended as at March 31st, 2025 prepared by the Company in accordance with Accounting Standard as prescribed under the Companies (Accounting Standards) Rules, 2021. We have issued our report dated September 28th, 2025 on this Financial Statements which have been approved by the Board of Directors at their meeting held on September 28th, 2025.

c) We have Audited the Standalone Financial Statements of the Company for the Financial Year ended as at March 31, 2024 prepared by the Company in accordance with Accounting Standard as prescribed under the Companies (Accounting Standards) Rules, 2021. We have issued our report dated September 01st, 2024 on this Financial Statements which have been approved by the Board of Directors at their meeting held on September 01st, 2024.

6. For the purpose of our examination, we have relied on:

a) Auditors Report issued by us dated July 31st, 2026 for the Financial Year ended as on March 31st, 2026 respectively as referred in paragraph 5 (a) above

b) Auditors Report issued by us dated September 28th, 2025 for the Financial Year ended as on March 31st, 2025 respectively as referred in paragraph 5 (b) above

c) Auditors Report issued by us dated September 01st, 2024 for the Financial Year ended as on March 31st, 2024 respectively as referred in paragraph 5 (c) above

7. Based on our examination and according to the information and explanations given to us, we report that:

a) The “Restated” Statement of Assets and Liabilities as set out in Annexure I to this report, of the Company as at March 31st, 2026, March 31st, 2025 and March 31st, 2024 are prepared by the Company and approved by the Board of Directors. These Restated Statement of Assets and Liabilities, have been arrived at after making such adjustments and regroupings to the Individual Financial Statements of the Company, as in our opinion were appropriate and more fully described in Significant Accounting Policies and Notes to Accounts as set out in Annexure IV to this Report.

b) The “Restated” Statement of Profit and Loss as set out in Annexure II to this report, of the Company as at March 31st, 2026, March 31st, 2025 and March 31st, 2024 are prepared by the Company and approved by the Board of Directors. These Restated Statement of Profit and Loss have been arrived at after making such adjustments and regroupings to the Individual Financial Statements of the Company, as in our opinion were appropriate and more fully described in Significant Accounting Policies and Notes to Accounts as set out in Annexure IV to this Report.

c) The “Restated” Statement of Cash Flow as set out in Annexure III to this report, of the Company as at March 31st, 2026, March 31st, 2025 and March 31st 2024 are prepared by the Company and approved by the Board of Directors. These Restated Statement of Cash Flow have been arrived at after making such adjustments and regroupings to the Individual Financial Statements of the Company, as in our opinion were appropriate and more fully described in Significant Accounting Policies and Notes to Accounts as set out in Annexure IV to this Report.

d) The Restated Financial Information have been prepared in accordance with the Act, ICDR Regulations and the Guidance Note.

e) In the previously Audited Financial Statements, the Provision for Income Tax was included under Other Current Liabilities and was not presented separately. In the Restated Financial Statements, the said Provision of Income Tax has been appropriately reclassified and disclosed under Short-Term Provisions in accordance with the requirements of Schedule III to the Companies Act, 2013. This reclassification represents a presentation change only and does not have any impact on the Total Liabilities, Profit, or Net Worth of the Company.

f) In the previously Audited Financial Statements, Depreciation Expense for the Financial Years ended as at March 31st, 2024 and March 31, 2025 was computed based on the Accounting Policy followed by the Company. In the Restated Financial Statements, Depreciation Expense for the said periods has been recomputed in accordance with the Provisions of the Companies Act, 2013. The Depreciation computed under the Income-Tax Act, 1961 in the earlier Financial Statements was appropriately determined and, accordingly, no adjustment was required in respect thereof.

g) In the previously Audited Financial Statements, Deferred Tax Liabilities for the Financial Years ended as at March 31st, 2024 and March 31st, 2025 were determined based on the Written Down Values of Assets as reflected therein. In the Restated Financial Statements, the Deferred Tax Liabilities for the said periods have been recomputed consequent to the determination of Written Down Values in accordance with the Provisions of the Companies Act, 2013.

h) In the previously Audited Financial Statements, the Current Maturities of Long-Term Borrowings were included within Long-Term Borrowings and were not disclosed separately. In the Restated Financial Statements, the same have been appropriately segregated and presented as Current Maturities of Long-

Term Borrowings in accordance with the requirements of Schedule III to the Companies Act, 2013.

i) The Restated Financial Information have been made after incorporating adjustments for Prior Period and other Material Amounts in the respective Financial Years to which they relate, if any and there are no qualifications which require adjustments;

j) Extra-Ordinary Items that needs to be disclosed separately in the Accounts has been disclosed wherever required;

k) There were no qualifications in the Audit Reports issued by the Statutory Auditors as at March 31st, 2026 and for the Financial Year ended as on March 31st, 2025, March 31st, 2024 which would require adjustments in this Restated Financial Information of the Company;

l) Profits and Losses have been arrived at after charging all Expenses including Depreciation and after making such adjustments/restatements and regroupings as in our opinion are appropriate and are to be read in accordance with the Significant Accounting Polices and Notes to Accounts as set out in Annexure IV to this report;

m) There was no Change in Accounting Policies, which needs to be adjusted in the Restated Financial Information;

n) There are no Revaluation Reserves, which need to be disclosed separately in the Restated Financial Information;

o) The Company has not declared any Dividend during the Financial Year ended as on March 31st, 2026, March 31st, 2025 and March 31st, 2024.

8. We have also examined the following other Financial Information relating to the Company prepared by the Management and as approved by the Board of Directors of the Company for the Financial Year ended as on March 31st, 2026, March 31st, 2025 and March 31st, 2024 proposed to be included in the Draft Prospectus (DP) / Prospectus.

Annexure No.	Particulars
I	Statement Of Assets And Liabilities As Restated
II	Statements Of Profit and Loss As Restated
III	Statements Of Cash Flow As Restated
IV	Notes on Reconciliation Of Restated Profit & Loss
1	Corporate Information, Significant Accounting Policies
2	Statement Showing Equity Share Capital As Restated
3	Statement Showing Reserve and Surplus As Restated
4	Statement Showing Long Term Borrowings As Restated
5	Statement Showing Deferred T ax Assets / Liabilities (Net) As Restated
6	Statement Showing Short Term Borrowing As Restated
7	Statement Showing Trade Payables As Restated
8	Statement Showing Other Current Liabilities As Restated
9	Statement Showing Short Term Provision As Restated
10.1	Statement Showing Property, Plant and Equipment and Intangible Assets As Restated
10.2	Statement showing Details of Intangible Assets under Devlopment As Restated
11	Statement Showing Long Term Loans and Advances
12	Statement Showing Other Non-Current Assets As Restated
13	Statement Showing Trade Receivables As Restated
14	Statement Showing Cash & Cash Equivalent As Restated
15	Statement Showing Short Term Loans and Advances As Restated
16	Statement Showing Other Current Asset As Restated
17	Statement Showing Revenue From Operations As Restated
18	Statement Showing Other Income As Restated
19	Statement Showing Cost Of Services As Restated
20	Statement Showing Employee Benefit Expense As Restated
21	Statement Showing Finance Cost As Restated
22	Statement Showing Other Expenses As Restated
23	Statement Showing Details of Other Income As Restated
24	Statement Earning Per Equity Share As Restated
25	Statement Showing Related Party Transaction As Restated
26	Statement Showing Financial Ratios
27	Statement Showing Capitalization Statement As Restated As at 31 st March, 2026
28	Statement Showing Details of Contingent Liablities
29	Statement Showing T ax Shelter
30	Additional Regulatory Information

9. We, M/s. S. Sood & Co., Chartered Accountants have been subjected to the Peer Review process of the Institute of Chartered Accountants of India (“ICAI”) and hold a valid Peer Review Certificate issued by the “Peer Review Board” of the ICAI which is valid till January 31st, 2029.

10. The Restated Financial Information do not reflect the effects of events that occurred subsequent to the respective dates of the Reports on the Special Purpose Interim Financial Statements and Audited Financial Statements mentioned in paragraph 5 above.

11. This Report should not in any way be construed as a reissuance or re-dating of any of the previous Audit Reports issued by us, nor should this report be construed as a new opinion on any of the Financial Statements referred to herein.

12. We have no responsibility to update our Report for events and circumstances occurring after the date of the Report.

13. Our report is intended solely for use of the Board of Directors for inclusion in the Draft Prospectus (DP)/ Prospectus to be filed with Securities and Exchange Board of India, the Stock Exchanges and Registrar of Companies, ROC Delhi I in connection with the proposed IPO. Our Report should not be used, referred to, or distributed for any other purpose except with our prior consent in writing. Accordingly, we do not accept or assume any liability or any duty of care for any other purpose or to any other person to whom this report is shown or into whose hands it may come without our prior consent in writing.

For S. Sood & Co.

Chartered Accountants

Firm Reg. No: 010801N

Sd/-

Sanjay Sood

Partner

Membership No: 089457

UDIN: 26089457AUSNCV6716

Place: New Delhi

Date: 31st July, 2026