CIM FINANCE. INTEGRATED REPORT 2022 | 173 EXPLANATORY NOTES 30 SEPTEMBER 2022 21. INVESTMENT IN ASSOCIATES Proportion of direct ownership (%) Proportion of indirect ownership (%) Name of associates Principal activity Principal place of business Country of incorporation Sep-22 Sep-21 Sep-22 Sep-21 Year end Li & Fung (Mauritius) Ltd Buying agent Mauritius Mauritius 40.0 40.0 - - 31 December Dodwell (Mauritius) Ltd Buying agent Mauritius Hong Kong 40.0 40.0 - - 31 December iVeri Payment Technologies Proprietary Ltd (ii) Payment solutions provider South Africa South Africa - - - 49.0 31 December Touchpoint Payment Proprietary Limited (ii) Payment solutions provider South Africa South Africa - - - 41.7 31 December Fundkiss Technologies Ltd (iii) Digital lending platform Mauritius Mauritius 25.0 - - - 30 June (i) All of the above associates are accounted for using the equity method in the consolidated financial statements. (ii) iVeri Payment Technologies Proprietary Ltd and its subsidiary Touchpoint Proprietary Ltd have been disposed during the year. (iii) Fundkiss Technologies Ltd has been acquired during the year. GROUP COMPANY (a) Movement in investment in associates Sep-22 MUR m Sep-21 MUR m Sep-22 MUR m Sep-21 MUR m At 1 October - 24.9 - - Additions (i) 15.0 - 15.0 - Share of (loss) / profit (2.5) 11.4 - - Impairment (ii) - (21.6) - - Movement in other reserves - 4.4 - - Dividends - (4.7) - - Transfer to non-current assets classified as held for sale (note 35) - (14.4) - - At 30 September 12.5 - 15.0 - (i) In November 2021, Cim Financial Services Ltd entered in a strategic partnership with Fundkiss Technologies Ltd acquiring 25% of shares in this digital lending platform. (ii) Impairment of investments The Group tested for impairment for its investments in associates. Impairment tests were done in accordance with IAS 36 - Impairment of Assets where a value in use approach has been used, with a pre-tax rate of 5.3% (2021 : 5.3%). As a result of the assessments the directors have recorded the necessary impairment adjustments to the fair value of its investment in associates and it is treated as held for sale. In October 2021, a sharebuy back of the 2 companies Iveri Payment Technologies (Pty) Ltd and Touchpoint Payment Proprietary Ltd has been effected. In 2021, an impairment loss was recognised at Group level amounting to MUR 21.6M for its investment in Iveri payment Technologies Ltd so as to approximate it at its fair value. (b) Details of the associates Details of the associates at the reporting date are as follows:
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