Intimation of Monitoring Agency Report for the quarter ended 30th June 2026.

Date: 13-08-2026 BSE Limited Listing Department Phiroze Jeejeebhoy Tower Dalal Street, Mumbai-400001 Scrip Code: 544646 Dear Sir/Madam, Subject: Report of the Monitoring Agency with respect to utilization of proceeds of the Initial Public Offering (IPO), for the quarter ended 30th June 2026. Pursuant to Regulation 32(6) of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 read with Regulation 41(4) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, we are enclosing herewith the Monitoring Agency Report dated 13th August 2026, issued by CARE Ratings Limited, for the quarter ended 30th June 2026, in respect of utilization of proceeds of the IPO of the Company. This is for your information and records. Thank you, For Shipwaves Online Limited Maithri K B Company Secretary & Compliance Officer Membership No.: A80650 Encl: as above. Monitoring Agency Report No. CARE/HO/GEN/2026-27/1128 The Board of Directors Shipwaves Online Limited 18-2-16/4(3), 3rd Floor, Mukka Corporate House 1st cross, Attavara, Mangalore, Dakshina Kannada, Karnataka, India, 575001 August 10, 2026 Dear Sir/Ma’am, Monitoring Agency Report for the quarter ended June 30, 2026 - in relation to the Initial Public Offer - SME of Shipwaves Online Limited (“the Company”) We write in our capacity of Monitoring Agency for the Initial Public Offer - SME for the amount aggregating to Rs. 56.35 crore of the Company and refer to our duties cast under Regulation 262 of the Securities & Exchange Board of India (Issue of Capital & Disclosure Requirements) Regulations. In this connection, we are enclosing the Monitoring Agency Report for the quarter ended June 30, 2026 as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated September 24, 2025. Request you to kindly take the same on records. Thanking you, Yours faithfully, Raunak Modi Assistant Director Raunak.modi@careedge.in Report of the Monitoring Agency Name of the issuer: Shipwaves Online Ltd For quarter ended: June 30, 2026 Name of the Monitoring Agency: CARE Ratings Limited (a) Deviation from the objects: Nil (b) Range of Deviation: N.A. Declaration: We declare that this report provides an objective view of the utilization of the issue proceeds in relation to the objects of the issue based on the information provided by the Issuer and information obtained from sources believed by it to be accurate and reliable. The Monitoring Agency (MA) does not perform an audit and undertakes no independent verification of any information/ certifications/ statements it receives. This Report is not intended to create any legally binding obligations on the MA which accepts no responsibility, whatsoever for loss or damage from the use of the said information. The views and opinions expressed herein do not constitute the opinion of MA to deal in any security of the Issuer in any manner whatsoever. Nothing mentioned in this report is intended to or should be construed as creating a fiduciary relationship between the MA and any issuer or between the agency and any user of this report. The MA and its affiliates also do not act as an expert as defined under Section 2(38) of the Companies Act, 2013. The MA or its affiliates may have credit rating or other commercial transactions with the entity to which the report pertains and may receive separate compensation for its ratings and certain credit related analyses. We confirm that there is no conflict of interest in such relationship/interest while monitoring and reporting the utilization of the issue proceeds by the issuer, or while undertaking credit rating or other commercial transactions with the entity. We have submitted the report herewith in line with the format prescribed by SEBI, capturing our comments, where applicable. There are certain sections of the report under the title “Comments of the Board of Directors”, that shall be captured by the Issuer’s Management / Audit Committee of the Board of Directors subsequent to the MA submitting their report to the issuer and before dissemination of the report through stock exchanges. These sections have not been reviewed by the MA, and the MA takes no responsibility for such comments of the issuer’s Management/Board. Signature: Name and designation of the Authorized Signatory: Raunak Modi Designation of Authorized person/Signing Authority: Assistant Director 1) Issuer Details: Name of the issuer : Shipwaves Online Limited Name of the promoter : Kalandan Mohammed Haris, Kalandan Mohammed Althaf, Kalandan Mohammad Arif, Abid Ali, Bibi Hajira, Mohammed Sahim Haris Industry/sector to which it belongs : Logistic Solution Provider 2) Issue Details Issue Period : December 10, 2025 to December 12, 2025 Type of issue (public/rights) : Public Type of specified securities : Equity Shares IPO Grading, if any : Not Applicable Issue size (in crore) : Rs. 56.35 crore 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information / certifications Comments of the Particulars Reply considered by Monitoring Agency for Comments of the Monitoring Agency Board of Directors preparation of report There is delay in utilization of proceeds as compared to prospectus. The Red-Herring prospectus stipulates the timeline for the implementation of objects of the issue as March 31, 2026. However, ₹5.00 crore remains unutilized as on June 30, 2026. The board has, via resolution dated July 04, 2026, approved the extension of timeline for implementation of the objects of the issue till March 31, 2027. CA Certificate*, Red-Herring Whether all utilization is as per the disclosures in the Prospectus, Management Declaration, No During Q1 FY27, the company incurred an additional amount No Comments Offer Document? Bank Statements, Board Resolution of ₹0.03 crore (0.05% of the total issue size) towards "To dated July 04, 2026 meet Working Capital Requirements of the Issuer Company” resulting in overutilization under this object by Rs. 0.03 crore. The company had earlier spent the entire Rs. 17.13 crore of issue proceeds earmarked for this object till December 29, 2025. The excess utilization in the quarter is due to shortfall of Rs. 0.03 crore under the object of ‘Investment in subsidiary for funding its working capital requirements’. Source of information / certifications Comments of the Particulars Reply considered by Monitoring Agency for Comments of the Monitoring Agency Board of Directors preparation of report Whether shareholder approval has been obtained in Not CA Certificate* and management case of material deviations# from expenditures Nil No Comments Applicable declaration disclosed in the Offer Document? Whether the means of finance for the disclosed CA Certificate* and management No Nil No Comments objects of the issue have changed? declaration The previous MA report dated May 15, 2026, noted that no Previous MA report dated May 15, board approval had been received for the extension of the Is there any major deviation observed over the earlier 2026, for the quarter ending March 31, timeline for implementation of the objects of the issue. The Yes No Comments monitoring agency reports? 2026, board resolution dated July 04, MA has now received board resolution dated July 04, 2026, 2026 approving the extension in the timeline for implementation of the objects of issue till March 31, 2027. Whether all Government/statutory approvals related CA Certificate* and management The MA has relied on the CA certificate and the management Yes No Comments to the object(s) have been obtained? declaration declaration to ascertain this. Whether all arrangements pertaining to technical CA Certificate* and management No Nil No Comments assistance/collaboration are in operation? declaration CA Certificate*, Red-Herring There is a delay in utilisation of net proceeds beyond the Are there any favorable/unfavorable events affecting Yes Prospectus and management timeline of March 31, 2026 as stipulated in Red Herring [Showing first 8,000 characters — download PDF for full document]