19 INVENTORIES GROUP & COMPANY Sep-23 MUR m Sep-22 MUR m Cost Consumables 3.4 3.0 20 INVESTMENT IN SUBSIDIARIES COMPANY Sep-23 MUR m Sep-22 MUR m (a) At 1 October 236.2 154.8 Addition (i) 859.4 147.1 Release of deferred consideration 1.4 – Amalgamation adjustment (ii) (148.6) – Impairment (iii) – (45.7) Disposal (iii) – (20.0) At 30 September 948.4 236.2 (i) Acquisition of subsidiary The addition above refers to the acquisition of Loinette Capital Limited (refer to Note 36). Included in addition are the put options in favour of Loinette Capital Limited. The non-controlling shareholders of the company have an option to offload their shareholding to the Company in accordance with the terms mentioned in the SPA at fair value of shares on the date of Put for cash. Put option liability with non-controlling interest is accounted for at fair value. Subsequent changes to the put option liability are recognised in profit or loss (Refer Note 2.8(v)). (ii) Elimination of investment on amalgamation On 01 October 2022, Tsusho Capital (Mauritius) Limited amalgamated with and into Cim Financial Services Ltd (refer to Accounting policies 2.5), the investments of the respective companies by the Holding company were eliminated against cost of investment. (iii) Impairment of investments In preparing the financial statements, the directors make an assessment regarding the recoverability of its investment in subsidiaries to determine if any impairment is required. In cases where the carrying amounts are greater than the recoverable amounts, the carrying amounts are reduced to their recoverable amounts. As at 30 September 2023, the Company assessed for impairment of its investments in subsidiaries, 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% (2022: 5.3%) No impairment was recognised for the year ended 30 September 2023 (2022: MUR 45.7m). (iv) Disposal In July 2022, the Group disposed of one of its wholly owned subsidiary, Cim Forex Ltd to Swan General Ltd for MUR 77.4m, resulting in a gain of MUR 57.4m. EXPLANATORY NOTES 30 SEPTEMBER 2023 166 CIM FINANCE ANNUAL REPORT
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