16 LOANS AND ADVANCES Continued (b) Corporate credit facilities Continued (iv) Expected credit loss - Corporate credit facilities Continued 2022 Stage 1 Stage 2 Stage 3 Total COMPANY MUR m MUR m MUR m MUR m At 1 October 2021 29.3 0.1 44.0 73.4 New assets originated 5.2 – – 5.2 Transfers on new assets originated (0.1) 0.1 – – Assets derecognised or repaid (excluding write offs) (1.0) – (2.8) (3.8) Transfers to Stage 2 – 0.6 (0.6) – Impact of impairment losses and year end ECL of exposures transferred between stages – (0.6) – (0.6) Changes to estimates and assumptions used for ECL calculations 1.5 0.4 6.2 8.1 At 30 September 2022 34.9 0.6 46.8 82.3 (c) Factoring receivables (i) Factoring receivables breakdown before impairment: GROUP COMPANY Sep-23 MUR m Sep-22 MUR m Sep-23 MUR m Sep-22 MUR m Receivable from customers 175.0 194.8 175.0 194.8 Fund of guarantee (94.0) (96.8) (94.0) (96.8) 81.0 98.0 81.0 98.0 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). 2023 Stage 1 Stage 2 Stage 3 Total GROUP AND COMPANY MUR m MUR m MUR m MUR m Performing 73.8 – – 73.8 Non-performing – – 7.2 7.2 73.8 – 7.2 81.0 2022 Stage 1 Stage 2 Stage 3 Total GROUP AND COMPANY MUR m MUR m MUR m MUR m Performing 90.1 – – 90.1 Non-performing – – 7.9 7.9 90.1 – 7.9 98.0 EXPLANATORY NOTES 30 SEPTEMBER 2023 160 CIM FINANCE ANNUAL REPORT
RkJQdWJsaXNoZXIy MzQ3MjQ5