Om Freight Forwarders Ltd Auditor Reports

STATEMENTS

To,

The Board of Directors

Om Freight Forwarders Limited

(Previously known as Om Freight Forwarders Private Limited)

101 Jayant Apts A Wing Opp. Sahar Cargo Complex, Sahar Andheri East, Mumbai - 400099 Maharashtra, India.

Dear Sirs,

a. We M/s Mittal & Associates, Chartered Accountants have examined the attached Restated Consolidated Financial Information of Om Freight Forwarders Limited (Previously known as Om Freight Forwarders Private Limited) (“Company”) and its associates (collectively referred to as ‘the Group) which comprise of the Restated Ind AS Consolidated Statement of Assets and Liabilities as at March 31, 2025, March 31, 2024 and March 31, 2023, the Restated Ind AS Consolidated Statement of Profit and Loss (including Other Comprehensive Income, as applicable) and the Restated Ind AS Consolidated Statement of Cash Flows for each of the year ended March 31, 2025, March 31, 2024 and March 31, 2023 and the Restated Ind AS Consolidated Statement of Changes in Equity for each of the year ended March 31, 2025, March 31, 2024 and March 31, 2023 and the summary of significant accounting policies, (collectively, the ‘Restated Consolidated Financial Information), as approved by the Board of Directors of the Company at their meeting held on September 01, 2025 for the purpose of inclusion in the red herring prospectus (“RHP”) prepared by the Company in connection with its proposed initial public offer of equity shares of face value of Rs. 10 each (“Offer”) and is prepared in terms of the requirements of:

(a) Section 26 of Part I of Chapter III of the Companies Act, 2013, as amended (the ‘Act)

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

(c) The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the Institute of Chartered Accountants of India (‘ICAI) (the ‘Guidance Note).

Managements Responsibility for the Restated Summary Statements

b. The preparation of the Restated Consolidated Financial Information is the responsibility of the Management of the Company (‘Management) for the purpose set out in paragraph 13 below.

The Managements Responsibility includes designing, implementing and maintenance of adequate internal financial controls Relevant to the preparation and presentation of the Restated Consolidated Financial Information. The Management is also responsible for identifying and ensuring that the Company complies with the Act, ICDR Regulations and Guidance Note.

The respective Board of Directors of the companies included in the Group are responsible for designing, implementing, and maintaining adequate internal control relevant to the preparation and presentation of the Restated Consolidated Financial Statements. The respective Board of Directors of the companies are also responsible for identifying and ensuring that the Group complies with the Act, the ICDR Regulations and the Guidance Note.

Auditors Responsibilities

c. We have examined the Restated Consolidated Financial Information taking into consideration:

a. The terms of reference and terms of our engagement agreed upon with you vide our engagement letter dated 12/07/2024 requesting us to carry out work on such Restated Consolidated Information, proposed to be included in the DRHP of the Company in connection with the proposed Offer of the Company;

b. The Guidance Note also requires that we comply with the ethical requirements of code of ethics issued by the Institute of Chartered Accountants of India (ICAI);

c. Concepts of test checks & materiality to obtain reasonable assurance based on verification of evidence supporting the Restated Consolidated Financial Information; and

d. The requirement of Section 26 of the Act & the ICDR Regulations. Our work was performed solely to assist you in meeting your responsibility in relation to your compliance with the Act, the ICDR Regulations & the Guidance Note in connection with the Offer.

Restated Summary Statements

d. These Restated Consolidated Financial Information have been compiled by the Management from:

a. Audited Consolidated F inancial Statement for the year ended March 31, 2025 of the Group prepared in accordance with the Indian Accounting Standard (referred to as “Ind AS”) as prescribed under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules 2015, as amended, and other accounting principles generally accepted in India, at the relevant time, which have been approved by the Board of Directors at their meeting held on July 18, 2025.

b. Audited Special Purpose Consolidated Financial Statement for the year ended March 31, 2024 of the Group prepared in accordance with the Indian Accounting Standard (referred to as “Ind AS”) as prescribed under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules 2015, as amended, and other accounting principles generally accepted in India, at the relevant time, which have been approved by the Board of Directors at their meeting held on December 07, 2024.

c. Audited Special Purpose Consolidated Financial Statement for the year ended March 31, 2023 of the Group prepared in accordance with the Indian Accounting Standard (referred to as “Ind AS”) as prescribed under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules 2015, as amended, and other accounting principles generally accepted in India, at the relevant time, which have been approved by the Board of Directors at their meeting held on December 07, 2024.

Auditors Report

e. For the purpose of our examination, we have relied on the audit reports issued on the following as mentioned below:

a. Audit report on Special Purpose Consolidated Financial Statement issued by us for the year ended March 31,

2023 of the Group and approved by the Board of Directors at their meeting held on December 07, 2024;

b. Audit report on Special Purpose Consolidated Financial Statement issued by us for the year ended March 31,

2024 of the Group and approved by the Board of Directors at their meeting held on December 07, 2024;

c. Audit report on Audited Consolidated Financial Statements issued by M/s Viren Gandhi & Co. for the year ended March 31, 2025 of the Group and approved by the Board of Directors at their meeting held on July 18, 2025;

d. We did not audit the financial statement of Associates Companies and whose profit included in the consolidated financial statements, for the year ended March 31,2025, March 31 2024 and March 31 2023 is tabulated below, which both have been audited by other auditors, whose reports have been furnished to us by the Companys management and our opinion on the consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of these components, is based solely on the reports of the other auditors.

<p >Summarised financial information given in respect of the Groups associates is set out below:

Particulars	Arha Warehousing and Translift Private Limited	Oscar Freight Private Limited
	As at March 31, 2025	As at March 31, 2025	As at March 31, 2024	As at March 31, 2023
Net Assets
Cost of investment	118.20	20.18	16.75	10.91
Total Profit/ (Loss) for the year	23.05	1.08	9.74	16.59
Other comprehensive Income for the year	(0.01)	0.11	-	-
Extent of Holding %	26%	35%	35%	35%
Groups share of Profit/ (Loss) of Associates	3.32	0.38	3.43	5.84
Groups share of Other Comprehensive Income	(0.00)	0.04
Dividend Received	-	-	-	-
Carrying Amount	121.53	20.60	20.18	16.75
Contingent Liabilities	-	-	-	-
Share of Contingent Liabilities of Associates	-	-	-	-

e. In Arha Warehousing And Translift Private Limited, financials of year ended March 31, 2025 is considered for consolidation as acquisition took place on 24th September 2024 as an associate, and Oscar Freight Private Limited, is considered for consolidation financials of year ended March 31, 2025, March 31, 2024, and March 31, 2023 as an associate whose share of profit/loss included in the Restated Consolidated Financial Information, for the relevant period which has been furnished to us by the Companys management and our opinion on the Restated Consolidated Financial Information, in so far as it relates to the amounts and disclosures included in respect of these components, is based solely on the financial information furnished by management and audited by the statutory auditors as under:-

Statutory Auditor details:

Company/Year	31st March 2023	31st March 2024	31st March 2025
Arha Warehousing and Translift Private Limited	Not Applicable*	Not Applicable*	Viren Gandhi & Co.
Oscar Freight Private Limited	Rambhia & Dedhia	Rambhia & Dedhia	Rambhia & Dedhia
*Only financials of year ended March 31,2025 is considered for consolidation as acquisition took place on 24th September 2024.

f. Based on the above and according to the information and explanations given to for the respective years, we report that the Restated Consolidated Financial Information:

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

b. does not contain any qualifications requiring adjustments

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

g. We have not audited any financial statements of the Group as of any date or for any period subsequent to March 31, 2025. Accordingly, we express no opinion on the financial position, results of operations, cash flows and statement of changes in equity of the Group as of any date or for any period subsequent to March 31, 2025.

h. The Restated Consolidated Financial Information do not reflect the effects of events that occurred subsequent to the respective dates of the reports on audited financial statements as mentioned in the paragraph 4 above.

i. 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 or by other firms of Chartered Accountants, nor should this report be construed as a new opinion on any of the financial statements referred to herein.

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

k. Our report is intended solely for use of the Management and for inclusion in the RHP to be filed with Securities and Exchange Board of India, the relevant Stock Exchanges, in connection with the Offer. 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.

For Mittal and Associates,

Chartered Accountants

ICAI Firm Registration No.: 106456W

Peer Review No.: 016850

Prashant Malpani

Partner

Membership No: 134849 UDIN: 25134849BMNZOX8464 Date: September 01, 2025 Place: Mumbai

OM FREIGHT FORWARDERS LIMITED

(Previously known as OM FREIGHT FORWARDERS PRIVATE LIMITED)

CIN: U43299MH1995PLC089620