Identical Brains Studios Ltd Auditor Reports

Reference: Proposed Initial Public Offering (IPO) of Identical Brains Studios Limited

1. We, S C Mehra & Associates LLP, Chartered Accountants ("we" or "us") have examined the attached Restated Summary Statements of Identical Brains Studios Limited (hereinafter referred to "the Company" or "Issuer") comprising the Restated Summary Statement of Assets and Liabilities as at March 31, 2024, March 31, 2023, and March 31, 2022, the Restated Summary Statement of Profit & Loss, the Restated Summary Statement of Changes in Equity for the years ended March 31, 2024, March 31, 2023, and March 31, 2022, the Restated Summary Statement of Cash Flow for the years ended March 31, 2024, March 31, 2023 and March 31, 2022, and the material accounting policies and explanatory notes (Collectively the "Restated Summary Statements" ) as approved by the Board of Directors in their meeting held on 21st August, 2024 for the purpose of inclusion in the Draft Red Herring Prospectus, Red Herring Prospectus and the Prospectus (collectively, the "Offer Document") in connection with its proposed Initial Public Offering ("IPO"), prepared by the Company in accordance with 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 ("ICDR Regulations"); and c) The Guidance Note on Reports in Company Prospectuses (as amended) issued by the Institute of Chartered Accountants of India as amended from time to time. ("The Guidance Note").

Managements Responsibility for the Restated Summary Statements

2. The Management of the Company is responsible for the preparation of the Restated Summary Statements for the purpose of inclusion in the offer document to be filed with Stock Exchange, Securities and Exchange Board of India, and Registrar of Companies, Mumbai in connection with the proposed Initial Public Offering. The Restated Summary Statements have been prepared by the management of the Company for the year ended on March 31, 2024, March 31, 2023, and March 31, 2022 as stated in Annexure XIII. The Board of Directors of the companys responsibility includes designing, implementing and maintaining adequate internal control relevant to the preparation and presentation of the Restated Summary Statements. The Management is also responsible for identifying and ensuring that the company complies with the Act, ICDR Regulations and the Guidance Note.

Auditors Responsibilities

3. We have examined such Restated Summary Statements taking into consideration:

a) The terms of reference and terms of our engagement agreed upon with you in accordance with our engagement letter the proposed Initial Public Offering (IPO) of the Company; 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 Statements; 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 Initial Public Offering (IPO).

4. The management has informed that the Company proposes to make an IPO, which comprises of fresh issue of equity shares having a face value Rs. 10 each, at such premium, arrived at by the book building process, as may be decided by the Board of Directors of the Company.

Restated Summary Statements

5. This Restated Summary Statements of the Company have been compiled by the management from:

a) Audited Financial Statements of the Company audited by us for the year ended March 31, 2024 which have been prepared by the Company in accordance with Accounting Standards, as prescribed under Section 133 of the Act read with Companies (Accounting Standards) Rules, 2021, as amended and other accounting principles generally accepted in India, along with the presentation requirements of Division I of Schedule III to the Companies Act, 2013 (AS compliant Schedule III), as applicable, which have been approved by the Board of Directors at their meeting held on August 10, 2024.

b) Audited Financial Statements of the Company audited by M/s A P Mishra & Associates, Chartered Accountants, for the ended March 31, 2023 and March 31, 2022 which have been prepared by the Company in accordance with the generally accepted accounting policies and as approved by the Board of Directors at their meeting held on August 28, 2023 and September 19, 2022 respectively.

Auditors Report

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

a) Auditors Report issued us, dated August 10, 2024 on the financial statements of the company as at and for the year ended March 31, 2024 as referred to in Paragraph 5(a) above; and

b) Auditors Report issued by M/s A P Mishra & Associates, Chartered Accountants, dated August 28, 2023 and September 19, 2022 for the financial year ended March 31, 2023 and March 31, 2022 respectively as referred to in Paragraph 5(b) above.

7. Based on our examination and according to the information and explanation given to us, we report that the Restated Summary Statements:

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, March 31, 2023 and March 31, 2022 retrospectively in respective financial years to reflect the same accounting treatment as per the changed accounting policy for all reporting periods, if any;

b) have been made after incorporating adjustments for prior period and other material amounts in the respective financial years to which they relate and there are no qualifications which require adjustments;

c) have been prepared in accordance with the Act, ICDR Regulations, the Guidance Note.

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 and annexed to this report relating to the Company for Financial year ended March 31, 2024, March 31, 2023, and March 31, 2022 proposed to be included in the Offer Document for the proposed of Initial Public Offering (IPO).

Opinion

9. In our opinion and to the best of information and explanation provided to us, the Restated Summary Statements and the Restated Financial Information of the Company, read with significant accounting policies and notes to accounts are prepared after providing appropriate adjustments and regroupings as considered appropriate.

10. We, M/S. S C Mehra & Associates LLP, Chartered Accountants have been subjected to the peer review process of the Institute of Chartered Accountants of India and our peer Review Certificate is valid as on the date of signing of this report.

11. The preparation and presentation of the Financial Statements referred to above are based on the Audited financial statements of the Company and are in accordance with the provisions of the Act and ICDR Regulations. The Financial Statements and information referred to above is the responsibility of the management of the Company.

12. The report should not in any way be construed as a re-issuance or re-dating of any of the previous audit reports issued by any other Firm of Chartered Accountants nor should this report be constructed as a new opinion on any of the financial statements referred to therein.

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

14. In our opinion, the above Restated Summary Statements and Restated Financial Information along with Annexures of this report read with the respective Significant Accounting Polices and Notes to Accounts are prepared after regrouping as considered appropriate and have been prepared in accordance with the Companies Act, ICDR Regulations, Engagement Letter and Guidance Note. Restriction on Use

15. Our report is intended solely for use of the management and for inclusion in the Offer Document in connection with the Proposed Initial Public Offering (IPO) of the Company and our report should not be used, referred to or distributed for any other purpose without our prior consent in writing.