17 INVESTMENT SECURITIES GROUP COMPANY Sep-23 MUR m Sep-22 MUR m Sep-23 MUR m Sep-22 MUR m Financial assets at FVTPL (a) 182.9 0.8 0.8 0.8 Financial assets at amortised cost (b) 119.6 119.6 119.6 119.6 302.5 120.4 120.4 120.4 (a) Financial asset at FVTPL GROUP COMPANY MUR m Level 3 MUR m Total MUR m Level 3 MUR m Total Non current At 1 October 2021 and September 2022 0.8 0.8 0.8 0.8 Acquisition of subsidiary 174.9 174.9 – – Additions 4.3 4.3 – – Fair value adjustment 2.9 2.9 – – At 30 September 2023 182.9 182.9 0.8 0.8 The Company has an investment in a company based in India. Each year a fair value assessment of the investment is done using the net assets approach which as per management reflects as fair value. There has been no fair value movement in FY23 and FY22. The Financial assets at FVTPL are classified as Level 3. The Net Assets Approach uses the following technique. The value of the investee is determined on the basis of the value of the assets and liabilities as disclosed in its financial statements as at the reporting date. The carrying amount is adjusted for the increase or decrease in the net asset value of the investee. (b) Financial asset at amortised cost GROUP COMPANY Sep-23 MUR m Sep-22 MUR m Sep-23 MUR m Sep-22 MUR m At 1 October 119.6 127.7 119.6 119.6 Additions 174.4 – 174.4 – Disposal (174.4) – (174.4) – Interest accrued 0.6 – 0.6 – Interest received (0.6) – (0.6) – Disposal of subsidiary – (8.1) – – Fair value gain – – – – At 30 September 119.6 119.6 119.6 119.6 The financial assets’ additions for FY23 comprise of Bank of Mauritius Bills amounting to MUR 174.4m with a yield of 1.45% per annum. The financial asset at amortised costs is a government bill and is risk free. As the bills carry stable ratings, management has determined that there is no significant increase in credit risk. EXPLANATORY NOTES 30 SEPTEMBER 2023 164 CIM FINANCE ANNUAL REPORT
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