152 C I M F I N A N C I A L S E R V I C E S L T D Explanatory Notes 30 SEPTEMBER 2021 E x p l a n a t o r y N o t e s 16. LOANS AND ADVANCES (CONT’D) (c) Factoring receivables (i) Factoring receivables breakdown before impairment: GROUP COMPANY Sep-21 MUR m Sep-20 MUR m Sep-21 MUR m Sep-20 MUR m Receivable from customers 264.7 359.9 264.7 - Fund of guarantee (125.7) (140.5) (125.7) - 139.0 219.4 139.0 - Fund of guarantee represents the portion of the receivables from customers for which the Company has not financed. (ii) Credit quality – Factoring receivables The table below shows the credit quality and the maximum exposure to credit risk based on the Group’s internal credit rating system and year end stage classification. The amounts presented are gross of impairment allowances. Details of the Group’s internal grading system and policies on whether ECL allowances are calculated on an individual or collective basis are set out in Note 4.1 (d). GROUP & COMPANY 2021 Stage 1 Stage 2 Stage 3 TOTAL MUR m MUR m MUR m MUR m Performing 123.7 - - 123.7 Watchlist - 2.0 - 2.0 Non-performing - - 13.3 13.3 123.7 2.0 13.3 139.0 GROUP 2020 Stage 1 Stage 2 Stage 3 TOTAL MUR m MUR m MUR m MUR m Performing 196.4 - - 196.4 Watchlist - 6.9 - 6.9 Non-performing - - 16.1 16.1 196.4 6.9 16.1 219.4 (iii) Gross carrying amount – Factoring debtors An analysis of changes in the gross carrying amount and the corresponding ECL allowances in relation to Credit facilities is as follows: GROUP 2021 Stage 1 Stage 2 Stage 3 TOTAL MUR m MUR m MUR m MUR m At 1 October 2020 196.4 6.9 16.1 219.4 New assets originated or purchased 81.9 0.4 1.0 83.3 Assets derecognised or repaid (excluding write offs) (157.0) (3.8) - (160.8) Transfers to Stage 1 1.5 (1.5) - - Transfers to Stage 3 0.9 - (0.9) - Amounts written off - - (2.9) (2.9) At 30 September 2021 123.7 2.0 13.3 139.0 COMPANY 2021 Stage 1 Stage 2 Stage 3 TOTAL MUR m MUR m MUR m MUR m At 1 October 2020 - - - - Amalgamation adjustment 196.4 6.9 16.1 219.4 New assets originated or purchased 81.9 0.4 1.0 83.3 Assets derecognised or repaid (excluding write offs) (157.0) (3.8) - (160.8) Transfers to Stage 1 1.5 (1.5) - - Transfers to Stage 3 0.9 - (0.9) - Amounts written off - - (2.9) (2.9) At 30 September 2021 123.7 2.0 13.3 139.0
RkJQdWJsaXNoZXIy MzQ3MjQ5