Inspire Films Ltd Auditor Reports

(As required by Section 26 of Companies Act, 2013 read with Rule 4 of Companies (Prospectus and Allotment of Securities) Rules, 2014)

Inspire Films Limited, (Formerly known as Inspire Films Private Limited)

111, 1st Floor, Shree Kamdhenu Estate,

Chincholi Off Link Road, Bhd Tangent Showroom,

Charkop, Malad Mumbai Maharashtra- 400064

Dear Sir,

1. We have examined the attached Restated Standalone Financial Information of Inspire Films Limited (formerly known as Inspire Films Private Limited) (hereinafter referred to as the "Company" or the "Issuer"), comprising the Restated Standalone Statement of Assets and Liabilities as at March 31, 2023, March 31, 2022, and March 31, 2021, the Restated Standalone Statement of Profit and Loss for the twelve months ended on March 31, 2023, March 31, 2022,and March 31, 2021, the Restated Standalone Statement of Cash Flow for the twelve months ended on March 31, 2023 March 31, 2022, and March 31, 2021 the Summary 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 6th, 2023 for the purpose of inclusion in the Draft Red Herring Prospectus ("DRHP") prepared by the Company in connection with its proposed Initial Public Offer of equity shares ("IPO") in SME Platform of NSE.

2. The Restated summary Statement 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") read with Companies (Prospectus and Allotment of Securities) Rules, 2014;

b. The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, ("ICDR Regulations") as amended ("ICDR Regulations"); and related amendments/ clarifications from time to time issued by Securities and Exchange Board of India (SEBI).

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 Company?s Board of Directors is responsible for the preparation of the Restated standalone Financial Statement for the purpose of inclusion in the Draft Red Herring Prospectus/ Red Herring Prospectus/ Prospectus to be filed with the stock exchanges, SEBI, ROC (Maharashtra) and the NSE SME exchange in connection with the proposed IPO. The Restated Financial Information have been prepared by the management of the prepared by the management of the Company for the financial years ended on March 31, 2023, March 31, 2022 and March 31, 2021 on the basis of preparation as stated in Annexure I to Annexure IV to the Restated Standalone Financial Information.

The Board of Directors responsibility includes designing, implementing, and maintaining adequate internal control relevant to the preparation and presentation of the Restated Standalone Financial Information. The Board of Directors are also responsible for identifying and ensuring that the Company compiles with the Act, ICDR Regulations and the Guidance Note.

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

a. The terms of reference and terms of our engagement agreed upon with you in accordance with our engagement letter dated February 21,2023 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 verfication of evidence supporting the Restated Financial Information; and

d. 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 Standalone Financial Information have been compiled by the management from the Audited Standalone Financial Statements of the Company for the twelve months ended on March 31, 2023, March 31, 2022, and March 31, 2021, prepared in accordance with the Accounting Standards as prescribed under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014, as amended, and other accounting principles generally accepted in India.

For the purpose of the examination, we have relied on:

a. The Audited Standalone Financial Statements of the company audited by us as on and for the financial year ended on March 31, 2023 prepared by the company in accordance with Accounting Standards generally accepted in India. (Indian GAAP). We have issued our Statutory Audit Report dated June 20, 2023, on this Standalone Financial Statements which have been approved by the Board of Directors at their meeting held on June 20, 2023.

b. Auditors Reports issued by the Previous Auditor i.e., M/s Abhilash Oji and Associates, dated September 20th, 2022, November 30th, 2021 for the Financial Years ended 31st March, 2022 and 31st March 2021 respectively, and accordingly reliance has been placed on the Statement of Assets and Liabilities and Statements of Profit and Loss, the Significant Accounting Policies, and other explanatory information examined by them for the said years.

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

a. Auditors? Report issued for the year ended on March 31, 2022, and as at and for the year ended on March 31, 2021, as referred in Paragraph 5(b) above.

b. The modification in restated financials were carried out based on the modified reports, if any, issued by Previous auditor which is giving rise to modifications on the financial statements as at and for the years ended March 31, 2022, & March 31, 2021. There is no qualification of previous auditor for the Financial Statements of March 31, 2022, and March 31, 2021.

7. The audited Financial Statements for the years ended March 31, 2022, and March 31, 2021 were modified and included following matter(s) giving rise to adjustments in the Financial Statements as at

and for the period ended on March 31, 2023 and modifications for the year ended on March 31, 2022 &

March 31, 2021.

a. The Restated Financial Information or Restated Summary Financial Statement have been made after incorporating adjustments for the changes in accounting policies retrospectively in respective financial period/years to reflect the same accounting treatment as per the changed accounting policy for all reporting periods, if any.

b. The Restated Financial Information or Restated Summary Financial Statement have been made after incorporating adjustments for prior period and other material amounts in the respective financial years/period to which they relate and there are no qualifications which require adjustments.

c. Extra-ordinary items that need to be disclosed separately in the accounts have been disclosed wherever required.

d. Profits and losses have been arrived at after charging all expenses including depreciation and after making such adjustments/re statements 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 of this report.

e. Adjustments in Restated Financial Information or Restated Summary Financial Statement have been made in accordance with the correct accounting policies,

f. There was no change in accounting policies, which needs to be adjusted in the Restated Financial Information or Restated Summary Financial Statement;

g. There are no revaluation reserves, which required to be disclosed separately in the Restated Financial Information or Restated Summary Financial Statement.

h. The related party transactions for purchase & sales of services entered by the company are at arms length.

i. The Company has not paid any dividend since its incorporation;

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

a. The Restated Standalone Summary Statement of Assets and Liabilities" as set out in Annexure 1 to this report, of the Company as at and for the Financial Years ended on March 31, 2023, March 31, 2022, and March 31, 2021 are prepared by the Company and approved by the Board of Directors. These Restated Standalone Summary 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 Standalone Summary Statement of Profit and Loss" as set out in Annexure II to this report, of the Company as at and for the Financial Years ended on March 31, 2023, March 31, 2022 and March 31, 2021 are prepared by the Company and approved by the Board of Directors. These Restated Standalone Summary 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 Standalone Summary Statement of Cash Flow as set out in Annexure Ill to this report of the Company as at and for the Financial Years ended on March 31, 2023, March 31, 2022, and March 31. 2021 are prepared by the Company and approved by the Board of Directors. These Restated Standalone/ Summary 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.

Statutory Audits for the Financial Years ended on March 31, 2022 & March 31, 2021 was conducted by the Companys previous Statutory Auditors M/s Abhilash Oji and Associates, and accordingly reliance has been placed on the Financial Statements examined by them for the said years. Financial Reports and Financial Statements included for said years are solely based on audit reports submitted by them.

9. The Restated standalone summary statement have been prepared in accordance with the act, ICDR Regulations and the guidance notes. The financial Statement and information referred to above are the responsibility of the management of the company.

10. 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 as at and for the financial years ended 31 March 2023, 31 March 2022 and 31 March 2021 proposed to be included in the Draft Red Herring Prospectus/Red Herring Prospectus/ Prospectus ("Offer Document") for the proposed IPO.

We. JMT & Associates, 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.

The Restated Financial Information do not reflect the effects of events that occurred subsequent to the respective dates of the reports and audited financial statements mentioned in paragraph 5 above.

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.

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

In our opinion, the above financial information contained in Annexures I to XI of the Report read with the respective Significant Accounting Policies and Notes to Accounts contained therein are prepared after making adjustments and regroupings as considered appropriate and have been prepared in accordance with the Companies Act, ICDR Regulations, Engagement Letter and Guidance Note.

Our report is intended solely for use of the Board of Directors for inclusion in the DRHP to be filed with Securities and Exchange Board of India, the Stock Exchanges and Registrar of Companies, Maharashtra 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.