Explanatory Notes 30 September 2024 1. GENERAL INFORMATION CIM Financial Services Ltd (‘CFSL’ or the ‘Company’) is a public company limited by shares, incorporated on 15 July 2005 and domiciled in Mauritius. The principal segments of activities of the Company are Consumer Finance, Cards & Payments, Leasing, Insurance Agency and Factoring. The Company’s main place of business is at Cim House, cnr Edith Cavell & Mère Barthélémy Streets, Port-Louis. As at 30 September 2024, its holding company is Cim Holdings Ltd and its registered address is Taylor Smith House, Old Quay D Road, Port Louis. These financial statements have been prepared for the year ended 30 September 2024 and will be submitted for consideration and approval at the forthcoming annual meeting of the shareholders of the company. 2. ACCOUNTING POLICIES 2.1 Basis of preparation The financial statements of Cim Financial Services Ltd include the consolidated financial statements of the parent company and its subsidiary companies (the “Group”) and the separate financial statements of the parent company (the “Company”). The financial statements are presented in Mauritian Rupees and all values are rounded to the nearest one decimal place of million (MUR m), except when otherwise indicated. These policies have been consistently applied to all the years presented, unless otherwise stated and where necessary, comparative figures have been amended to conform to changes in presentation in the current year. The financial statements are prepared under the historical cost convention except that: • Relevant financial assets and financial liabilities are stated at their fair value. The Group and the Company present their statements of financial position in order of liquidity. An analysis regarding recovery or settlement within 12 months after the reporting date (current) and more than 12 months after the reporting date (non-current) is presented in note 41 of the financial statements. 2.2 Going concern The Group’s and the Company’s management has made an assessment of its ability to continue as a going concern and is satisfied that it has the resources to continue in business for the foreseeable future. Furthermore, management is not aware of any material uncertainties that may cast significant doubt on the Group’s and the Company’s ability to continue as a going concern. Therefore, the financial statements continue to be prepared on the going concern basis. 2.3 Statement of compliance The financial statements of CIM Financial Services Ltd comply with the Mauritian Companies Act 2001 and have been prepared in accordance with IFRS Accounting Standards, as issued by the International Accounting Standard Board (“IFRS Accounting Standards”). 2.4 Basis of consolidation The consolidated financial statements comprise the financial statements of CIM Financial Services Ltd and its subsidiaries as at 30 September 2024. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has: • Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee) • Exposure, or rights, to variable returns from its involvement with the investee, and • The ability to use its power over the investee to affect its returns. When the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: • The contractual arrangement with the other vote holders of the investee. • Rights arising from other contractual arrangements. • The Group’s voting rights and potential voting rights. The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. 122
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