| CIM FINANCE. INTEGRATED REPORT 2022 104 EXPLANATORY NOTES 30 SEPTEMBER 2022 1. GENERAL INFORMATION CIM Financial Services Ltd (‘CFSL’) is a public company limited by shares, incorporated on 15 July 2005 and domiciled in Mauritius. The principal segments of activities of the Company are Consumer Finance, Cards &Payments, Leasing, Insurance and Factoring. As at 30 September 2022, its holding company is Cim Holdings Ltd and its registered address is Taylor Smith House, Old Quay D Road, Port Louis. The Company’smain place of business is at CimHouse, cnr Edith Cavell &Mere Barthelemy Streets, Port-Louis. These financial statements have been prepared for the year ended 30 September 2022 andwill be submitted for consideration and approval at the forthcoming annual meeting of the shareholders of the company. 2. A CCOUNTING POLICIES 2.1 Basis of preparation The financial statements of Cim Financial Services Ltd include the consolidated financial statements of the parent company and its subsidiary companies (the “Group”) and the separate financial statements of the parent company (the “Company”). The financial statements are presented in Mauritian Rupees and all values are rounded to the nearest one decimal place of million (MURm), except when otherwise indicated. These policies have been consistently applied to all the years presented, unless otherwise stated andwhere necessary, comparative figures have been amended to conformto changes in presentation in the current year. The financial statements are prepared under the historical cost convention except that: • Relevant financial assets and financial liabilities are stated at their fair value. The Group and the Company present their statements of financial position in order of liquidity. An analysis regarding recovery or settlement within 12 months after the reporting date (current) and more than 12 months after the reporting date (non-current) is presented in note 43 of the financial statements. 2.2 Statement of compliance The financial statements of CIMFinancial Services Ltd complywith theMauritian Companies Act 2001 and have been prepared in accordance with International Financial Reporting Standards (IFRSs), as issued by the International Accounting Standard Board (IASB). 2.3 Basis of consolidation The consolidated financial statements comprise the financial statements of CIMFinancial Services Ltd and its subsidiaries as at 30 September 2022. Control is achievedwhen the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has: • Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee) • Exposure, or rights, to variable returns from its involvement with the investee, and • The ability to use its power over the investee to affect its returns.
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