CFSL - Annual report 2018

EXPLANATORY NOTES 30 SEPTEMBER 2018 28. OTHER BORROWED FUNDS (CONT’D) (d) In June 2013, the Company issued its first tranche notes with a nominal amount of MUR 750m under its Medium Term Note Programme. The notes carried a fixed interest rate of 5.55%, payable semi-annually, and has been fully repaid during the year. The Medium Term Notes were secured by fixed and floating charges on the assets of the Group. (e) The secured bank and other borrowings are secured by floating charges over the respective assets of the Group companies. (f) The carrying amounts of the other borrowed funds are denominated in the following currencies: GROUP COMPANY Sep-18 Sep-17 Sep-18 Sep-17 MUR m MUR m MUR m MUR m MUR and others 5,906.2 4,075.1 1,396.9 1,603.0 EURO 30.1 67.8 - - USD 9.5 24.3 - - 5,945.8 4,167.2 1,396.9 1,603.0 Changes in liabilities arising from financing activities GROUP COMPANY Sep-18 Sep-18 MUR m MUR m At 1 October 4,057.9 1,620.0 Proceeds 12,097.7 1,751.9 Repayments (10,440.5) (1,975.0) Acquisition of subsidiary 33.3 - Forex adjustment 2.0 - At 30 September 5,750.4 1,396.9 29. OTHER LIABILITIES GROUP COMPANY Sep-18 Sep-17 Sep-18 Sep-17 MUR m MUR m MUR m MUR m Trade payables 525.2 444.4 - - Accruals 69.7 111.5 2.9 12.5 Other payables 605.7 603.1 84.4 0.2 Deferred income 120.8 - - - Foreign currency derivatives 20.0 - 20.0 - 1,341.4 1,159.0 107.3 12.7 Amount payable to subsidiaries - - 23.8 84.3 1,341.4 1,159.0 131.1 97.0 The carrying amount of the payables is considered as a reasonable approximation of fair value due to their short term nature. Trade payable and other payable are secured, interest free and payable within 3 months. Included in other payables are deferred income pertaining to merchant discount which is recognised and released to profit or loss in accordance to note 2.6(d). Foreign currency derivatives consisting of collar options on currency were fair valued at the reporting date. The fair value has been determined using mid-market inputs and classified under level 2 of the fair value hierarchy. 125 CIM FINANCIAL SERVICES LTD ANNUAL REPORT 2018