Integrated Annual Report 2024-25 330 (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, 2025 Financial liabilities Non Current Borrowings — Debentures...................................................................................................................................................................................................... 974.76 1,065.76 — Other loans...................................................................................................................................................................................................... 81.14 73.90 As at 31st March, 2024 Financial liabilities Non Current Borrowings — Debentures...................................................................................................................................................................................................... 974.57 946.89 — Other loans...................................................................................................................................................................................................... 160.29 141.73 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 current interest rates. Except for the above, carrying value of financial assets / liabilities measured at amortised cost represent reasonable estimate of fair value. 40. Related Party Disclosures: (a) Related parties where control exists: Subsidiaries: S. No. Name of the entity 1 Mahindra do Brasil Industrial Ltda. 2 Ryono Engineering Co., Ltd. 3 Ryono Asset Management Co., Ltd. 4 Mitsubishi Agricultural Machinery Sales Co., Ltd. 5 Bristlecone (Singapore) Pte. Limited 6 Bristlecone GmbH 7 Bristlecone UK Limited 8 Bristlecone International Ag 9 Bristlecone (Malaysia) Sdn. Bhd. 10 Bristlecone Consulting Limited 11 Bristlecone India Limited 12 Bristlecone Internacional Costa Rica Limited 13 Bristlecone Middle East DMCC 14 Bristlecone Inc. 15 Holiday Club Resorts Oy 16 Holiday Club Canarias Vacation Club SLU 17 Holiday Club Canarias Resort Management S.L. S. No. Name of the entity 18 Holiday Club Canarias Investments S.L. 19 Holiday Club Sport And Spa Hotels AB 20 Holiday Club Sweden Ab Åre 21 Are Villa 3 Ab 22 Ownership Services Sweden Ab 23 Kiinteistö Oy Rauhan Liikekiinteistöt 1 24 Mahindra Aerostructures Private Limited 25 Mahindra Fruits Private Limited 26 Mahindra HZPC Private Limited 27 Mahindra & Mahindra Financial Services Limited Employees' Stock Option Trust 28 Mahindra Finance CSR Foundation 29 Mahindra Ideal Finance Limited 30 Mahindra Rural Housing Finance Limited 31 Mahindra Insurance Brokers Limited 32 Mahindra Last Mile Mobility Limited 33 Mahindra Electric Automobile Limited 39. Financial instruments (contd.)
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