MAHINDRA & MAHINDRA LTD. | Integrated Annual Report 2021-22

264 COMPANY OVERVIEW BOARD’S REPORT MANAGEMENT DISCUSSION AND ANALYSIS CORPORATE GOVERNANCE BUSINESS RESPONSIBILITY REPORT STANDALONE ACCOUNTS CONSOLIDATED ACCOUNTS 6. Fair Value Disclosures (contd.) (a) Financial Instruments regularly measured using Fair Value - recurring items (contd.) Reconciliation of Level 3 fair value measurements of financial instruments measured at fair value Rupees crores Particulars Unquoted Equity investment Derivatives on Interest in Subsidiaries, Associates and Joint Ventures (Net) Investments in Optionally Convertible Preference Shares/Optionally Convertible Debentures Total Year Ended 31 st March, 2022 Opening balance of fair value ......................................... 65.62 (11.42) 46.29 100.49 Total incomes/gains or losses recognised: — in profit or loss (a) unrealised gains or losses during the Year related to assets & liabilities existing on balance sheet date........................................... (0.09) (3.32) (7.43) (10.84) (b) gain or loss realised during the year for assets & liabilities disposed, settled etc.......... — 50.04 — 50.04 — in other comprehensive income Fair value of- — unrealised gains or losses during the year related to assets & liabilities existing on balance sheet date. .... (30.46) (30.46) Closing balance of fair value ........................................... 35.07 35.30 38.86 109.23 Year Ended 31 st March, 2021 Opening balance of fair value ......................................... 30.62 24.41 37.73 92.76 Total incomes/gains or losses recognised: — in profit or loss. ........................................................ — unrealised gains or losses during the year related to assets & liabilities existing on balance sheet date.................................................................. — (38.68) 8.56 (30.12) — in other comprehensive income Fair value of purchases made during the year. ............ — — — — — purchases/contracts entered during the year......... 35.00 — — 35.00 — disposals/contracts realised during the year........... — 2.85 — 2.85 Closing balance of fair value ........................................... 65.62 (11.42) 46.29 100.49 (b) Financial Instruments not measured using Fair Value i.e. measured using amortized cost Rupees crores Particulars Carrying Value Fair value (Level 2) As at 31 st March, 2022 Non Current Borrowings — Debentures................................................................................................................................... 3,467.38 3,514.17 — Term Loans. .................................................................................................................................. 1,841.67 1,841.67 — Other loans................................................................................................................................... 368.97 319.89 As at 31 st March, 2021 Non Current Loans Mahindra Overseas Investment Company (Mauritius) Limited........................................................ 1,514.77 1,518.60 Non Current Borrowings — Debentures................................................................................................................................... 3,463.75 3,562.18 — Term Loans. .................................................................................................................................. 3,050.00 3,050.00 — Other loans................................................................................................................................... 476.09 413.51 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. 38. Financial instruments (contd.)