annual-report-FY2021

273 MAHINDRA & MAHINDRA LTD. INTEGRATED ANNUAL REPORT 2020-21 6. Fair Value Disclosures (contd.) (b) Financial Instruments not measured using Fair Value i.e. measured using amortized cost (contd.) Rupees crores 34. Financial instruments (contd.) Particulars Carrying Value Fair value (Level 2) — Other loans................................................................................................................................... 476.09 413.51 As at 31 st March, 2020 Non Current Investments 6.50% Cumulative Redeemable Non-convertible and Non participating Preference shares : Mahindra Vehicle Manufacturers Limited......................................................................................... 600.00 540.82 Non Current Borrowings — Debentures................................................................................................................................... 973.96 1,018.50 — Other loans................................................................................................................................... 575.79 463.41 Except for the above, carrying value of Other financial assets/liabilities represent reasonable estimate of fair value. There were no transfers between Level 1 and Level 2 during the year.