FlySBS Aviation Ltd Auditor Reports

Report on Restated Financial Information of FlySBS Aviation Limited

To,

The Board of Directors,

(Formerly known as FlySBS Aviation Private Limited)

Plot no. 16 (NP), 3rd Floor, Indiqube Palmyra,

SIDCO Indusrial Estate, Ekkatuthangal,

Guindy Industrial Estate, Chennai,

Chennai City Corporation,

Tamil Nadu, India, 600032 (the "Company").

Respected Sirs/ Madams,

1) We have examined the attached Restated Financial Information of FlySBS Aviation Limited (Formerly known as FlySBS Aviation Private Limited) (the "Company" or the "Issuer"), comprising of the Restated Statement of Assets and Liabilities as at March 31, 2025, March 31, 2024, and March 31, 2023, the Restated Statements of Profit and Loss, the Restated Statement of Cash Flows for the year ended on March 31,2025, March 31,2024, and March 31, 2023, Statement of Significant Accounting Policies, and other explanatory information (collectively, the "Restated Financial Information"), as approved by the Board of Directors of the Company at their meeting held on 22-07-2025, for the purpose of inclusion in the Red Herring Prospectus and Prospectus (collectively known as the "Offer Document") prepared by the Company in connection with its proposed Initial Public Offer of equity shares ("SME IPO") 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").

2) The Companys Board of Directors is responsible for the preparation of the Restated Financial Information for the purpose of inclusion in the Offer Document to be filed with Securities and Exchange Board of India, relevant stock exchanges and the Registrar of Companies, Tamil Nadu in connection with the proposed SME IPO. The Restated Financial Information has been prepared by the management of the Company as per "Basis of Preparation" paragraph stated in Note 2(i) to the Notes 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 read with SEBI Communication, as applicable.

3) We have examined such Restated Financial Information taking into consideration:

(a) The terms of reference and terms of our engagement are agreed upon with you in accordance with our engagement letter dated February 08, 2025 in connection with the proposed SME IPO of Equity Shares of FlySBS Aviation Limited (the "Issuer Company") on SME Platform of National Stock Change ("NSE Emerge")

(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 SME IPO.

4) These Restated Financial Information have been compiled by the management from audited financial statements of the company for the years ended March 31, 2025, March 31,2024 and March 31, 2023 prepared in accordance with Accounting Standards as prescribed under Section 133 of the Act read with the Companies (Accounting Standards) Rules, 2015 or 2021, as amended, and other accounting principles generally accepted in India, which have been approved by the Board of Directors at their meeting held on July 15, 2025, September 20, 2024 and September 01, 2023, respectively.

5) For the purpose of our examination,

a. Auditors Report issued by us dated on July 15, 2025 and the financial statements of the Company for the financial year ended March 31,2025, and

b. Auditors Report issued by the Previous Auditors dated September 20, 2024 and September 01, 2023 on the financial statements of the Company as at and for the years ended March 31, 2024 and 2023 respectively as referred in Paragraph 4 above.

The Audit for the financial years ended March 31, 2024 and March 31,2023 was conducted by the Companys previous auditors KRMM & Associates, Chartered Accountants ("the Previous Auditor). The Previous auditors resigned during the year due to pre occupation and were not in the position to examine the Restated Statement of Assets and Liabilities and the Restated Statements of Profit and Loss and Cash flow Statements, the Summary Statement of Significant Accounting Policies, and other explanatory information (collectively, the Audited Financial Information). We have performed adequate procedures to restate the Financial Information for the said years. The Examination Report included for the said years is based solely on the report submitted by the Previous Auditor.

6) There were no qualifications in the Audit Report issued by us and by previous auditor for the years ended on March 31, 2024 and March 31, 2023 which would require adjustments in this Restated Financial Information of the Company.

7) Based on our examination and according to the information and explanations given to us, we report that the Restated Financial Information:

a) Have been prepared after incorporating adjustments for the changes in accounting policies, material errors and regrouping/ reclassifications retrospectively in the financial years ended March 31, 2024 and March 31, 2023 to reflect the same accounting treatment as per the accounting policies and grouping/ classifications followed as at and for the year ended March 31, 2025;

b) Have been made after giving effect to the matter(s) giving rise to modifications mentioned in paragraph 6 above; and

c) Have been prepared in accordance with the Act, ICDR Regulations and the Guidance Note

8) The Restated Financial Information do not reflect the effects of events that occurred subsequent to the respective dates of the reports on the Audited Financial Statements mentioned in paragraph 4 above.

9) 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.

10) We have no responsibility to update our report for events and circumstances occurring after the date of the

report.

11) We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements.

12) Our report is intended solely for use of the Board of Directors for inclusion in the Offer Documents to be filed with the Securities and Exchange Board of India, relevant stock exchange and Registrar of Companies, Chennai in connection with the proposed SME 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.

Yours faithfully,

ICAI Firm Registration No: 007220S

S Muralikannan Partner

Membership No.: 211698 UDIN: 25211698BMIDHW4411 Date: 22-07-2025