Atul Ltd 2016-17

197 Note 29.7 Fair value measurements (continued) a) Fair value hierarchy This section explains the judgements and estimates made in determining the fair values of the financial instruments that are (a) recognised and measured at fair value and (b) measured at amortised cost and for which fair values are disclosed in the Consolidated Financial Statements. To provide an indication about the reliability of the inputs used in determining fair value, the Group has classified its financial instruments into the 3 levels prescribed under the Accounting Standard. An explanation of each level is given below the table: ( ` cr) i) Assets and liabilities measured at fair value - recurring fair value measurements at March 31, 2017 Note Level 1 Level 2 Level 3 Total Financial assets Financial investment at FVPL: Mutual funds 11 2.92 – – 2.92 Financial investments at FVOCI: Quoted Equity shares 6 415.10 – – 415.10 Derivatives designated as hedges: Currency options – 1.70 – 1.70 Total financial assets 418.02 1.70 – 419.72 Financial liabilities Derivatives designated as hedges: Foreign exchange forward contracts – 2.43 – 2.43 Derivatives not designated as hedges: Currency swaps – 5.07 – 5.07 Total financial liabilities – 7.50 – 7.50 Biological assets Tissue culture raised date palms – 10.27 – 10.27 Total biological assets – 10.27 – 10.27 ( ` cr) ii) Assets and liabilities for which fair values are disclosed at March 31, 2017 Note Level 1 Level 2 Level 3 Total Financial assets Investments: Government securities 6 0.11 – – 0.11 Security deposits for utilities and premises 9 – – 1.59 1.59 Total financial assets 0.11 – 1.59 1.70 Financial liabilities Borrowings 17 – – 167.26 167.26 Security deposits 18 – – 21.92 21.92 Total financial liabilities – – 189.18 189.18 Investment properties 3 – – 134.00 134.00 Notes to the Consolidated Financial Statements