16 LOANS AND ADVANCES Continued (a) Credit facilities Continued (iv) Expected credit loss - Credit facilities Continued 2022 Stage 1 Stage 2 Stage 3 Total COMPANY MUR m MUR m MUR m MUR m At 1 October 2021 48.1 35.4 381.3 464.8 New assets originated 221.5 – – 221.5 Transfers on new assets originated (190.9) 7.3 183.6 – Assets derecognised or repaid (excluding write offs) – (1.1) (12.0) (13.1) Transfers to Stage 1 6.3 (2.3) (4.0) – Transfers to Stage 2 (1.8) 3.3 (1.5) – Transfers to Stage 3 (1.9) (3.6) 5.5 – Changes to estimates and assumptions used for ECL calculations 8.9 (13.9) 27.8 22.8 Impact of impairment losses and year end ECL of exposures transferred between stages (3.1) 1.4 120.0 118.3 Amounts written off – – (47.5) (47.5) At 30 September 2022 87.1 26.5 653.2 766.8 The contractual amount outstanding were written off and are still subject to enforcement activity amounted to MUR 84.2m (2022: MUR 5.4m) (b) Corporate credit facilities (i) Corporate loans receivables breakdown before impairment: GROUP COMPANY Sep-23 MUR m Sep-22 MUR m Sep-23 MUR m Sep-22 MUR m Within one year 787.1 123.7 474.4 160.2 After one year and before five years 117.8 74.4 71.6 959.4 After five years 4.4 4.4 – 205.3 909.3 202.5 546.0 1,324.9 (ii) Credit quality - Corporate credit facilities 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). 2023 Stage 1 Stage 2 Stage 3 Total GROUP MUR m MUR m MUR m MUR m Performing 737.1 – – 737.1 Watchlist – 9.9 – 9.9 Non-performing – – 162.3 162.3 737.1 9.9 162.3 909.3 EXPLANATORY NOTES 30 SEPTEMBER 2023 156 CIM FINANCE ANNUAL REPORT
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