STANDALONE ACCOUNTS 349 (f) Fair Value Disclosures (contd.) (ii) Financial Instruments measured at amortised cost Rupees crores Particulars Carrying Value Fair value (Level 2) As at 31st March, 2024 Financial liabilities Non Current Borrowings — Debentures...................................................................................................................................................................................................... 974.57 946.89 — Other loans...................................................................................................................................................................................................... 160.29 141.73 As at 31st March, 2023 Financial liabilities Non Current Borrowings — Debentures...................................................................................................................................................................................................... 1,471.24 1,409.18 — Term loans from banks........................................................................................................................................................................... 600.00 600.00 — Other loans...................................................................................................................................................................................................... 260.32 222.59 There were no transfers between Level 1 and Level 2 during the year. Valuation methodologies of financial instruments not measured at fair value Below are the methodologies and assumptions used to determine fair values for the above financial instruments which are not recorded and measured at fair value in the company’s financial statements. These fair values were calculated for disclosure purposes only. Non-Current Borrowings The fair value of borrowings which have a quoted market price in an active market is based on its market price and for other borrowings the fair value is estimated by discounting expected future cash flows, using a discount rate equivalent to the risk- free rate of return, adjusted for the credit spread considered by the lenders for instruments of similar maturity and credit quality. Except for the above, carrying value of financial assets / liabilities measured at amortised cost represent reasonable estimate of fair value. 42. Related Party Disclosures: (a) Related parties where control exists: Subsidiaries: S. No. Name of the entity 1 Mahindra Heavy Engines Limited 2 NBS International Limited 3 Mahindra Automotive Australia Pty. Limited 4 Mahindra Europe s.r.l. 5 Mahindra and Mahindra South Africa (Proprietary) Limited 6 Mahindra Two Wheelers Limited 7 Automobili Pininfarina GmbH 8 Automobili Pininfarina Americas Inc 9 Mahindra Electric Automobile Limited 10 Mahindra Last Mile Mobility Limited (w.e.f 29th May, 2023) 11 Mahindra Racing UK Limited 12 Gromax Agri Equipment Limited 13 Trringo.com Limited 14 Mahindra USA Inc. 15 Mitsubishi Mahindra Agricultural Machinery Co., Limited 16 Mitsubishi Agricultural Machinery Sales Co., Limited S. No. Name of the entity 17 Ryono Factory Co., Limited 18 Ryono Engineering Co., Limited 19 Dia Computer Service Co., Limited 20 Ryono Asset Management Co., Limited 21 Mahindra Mexico S. de. R. L. (Liquidated w.e.f. 28th March, 2024) 22 Mahindra do Brasil Industrial Ltda. 23 Erkunt Traktor Sanayii Anonim Şirketi 24 Erkunt Sanayi Anonim Şirketi 25 Sampo Rosenlew Oy 26 Swaraj Engines Limited 27 M.I.T.R.A Agro Equipments Private Limited 28 Mahindra Automotive North America Inc. 29 Mahindra Vehicle Sales and Service Inc. 30 Mahindra North American Technical Center, Inc. 31 Mahindra Solarize Private Limited 32 Resurgence Solarize Urja Private Limited 41. Financial instruments (contd.)
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