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Note 28.7 Fair value measurements (continued)
(
`
cr)
iv) Assets and liabilities for which fair values are disclosed at
March 31, 2018
Note Level 1 Level 2 Level 3 Total
Financial assets
Investments:
Preference shares
5.1
-
-
5.72
5.72
Government securities
5.2
0.01
-
-
0.01
Loans
6
-
-
7.07
7.07
Security deposits for utilities and premises
7
-
-
1.10
1.10
Finance lease receivable
7
-
-
1.25
1.25
¹ūƥîŕ ǛŠîŠČĿîŕ îƙƙĚƥƙ
0.01
-
15.14
15.15
Financial liabilities
Borrowings
15
-
-
0.01
0.01
Security deposits
16
-
-
19.80
19.80
¹ūƥîŕ ǛŠîŠČĿîŕ ŕĿîċĿŕĿƥĿĚƙ
-
-
19.81
19.81
Investment properties
3
-
- 141.00
141.00
¹Includes investments in Bharuch Enviro Infrastructure Ltd (70,000 equity shares), in Narmada Clean Tech Ltd (7,15,272 equity
shares) and in OPGS Power Gujarat Pvt Ltd (5,03,000 equity shares) which are for operation purposes and the Company
expects its refund on exit. The Company estimates that the fair value of these investments are not materially different as
compared to its cost.
There were no transfers between any levels during the year.
Level 1:
gĚDŽĚŕ ǧ ĺĿĚƑîƑČĺNj ĿŠČŕƭēĚƙ ǛŠîŠČĿîŕ ĿŠƙƥƑƭŞĚŠƥƙ ŞĚîƙƭƑĚē ƭƙĿŠij ƐƭūƥĚē ƎƑĿČĚƙȦ ¹ĺĚ ljîĿƑ DŽîŕƭĚ ūlj îŕŕ ĚƐƭĿƥNj ĿŠƙƥƑƭŞĚŠƥƙ
which are traded on the Stock Exchanges is valued using the closing price as at the reporting period.
Level 2:
¹ĺĚ ljîĿƑ DŽîŕƭĚ ūlj ǛŠîŠČĿîŕ ĿŠƙƥƑƭŞĚŠƥƙ ƥĺîƥ îƑĚ Šūƥ ƥƑîēĚē ĿŠ îŠ îČƥĿDŽĚŞîƑŒĚƥ ȳljūƑ ĚNJîŞƎŕĚȡ ūDŽĚƑȹƥĺĚȹČūƭŠƥĚƑ ēĚƑĿDŽîƥĿDŽĚƙȴ
is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on
ĚŠƥĿƥNjȹƙƎĚČĿǛČ ĚƙƥĿŞîƥĚƙȦ ¹ĺĚ Şƭƥƭîŕ ljƭŠē ƭŠĿƥƙ îƑĚ DŽîŕƭĚē ƭƙĿŠij ƥĺĚ ČŕūƙĿŠij ŠĚƥ îƙƙĚƥƙ DŽîŕƭĚȦ Tlj îŕŕ ƙĿijŠĿǛČîŠƥ ĿŠƎƭƥƙ ƑĚƐƭĿƑĚē
to fair value an instrument are observable, the instrument is included in levels 1 and 2.
Level 3:
Tlj ūŠĚ ūƑ ŞūƑĚ ūlj ƥĺĚ ƙĿijŠĿǛČîŠƥ ĿŠƎƭƥƙ Ŀƙ Šūƥ ċîƙĚē ūŠ ūċƙĚƑDŽîċŕĚ ŞîƑŒĚƥ ēîƥîȡ ƥĺĚ ĿŠƙƥƑƭŞĚŠƥ Ŀƙ ĿŠČŕƭēĚē ĿŠ ŕĚDŽĚŕ ǩȦ
b) Valuation technique used to determine fair value
¬ƎĚČĿǛČ DŽîŕƭîƥĿūŠ ƥĚČĺŠĿƐƭĚƙ ƭƙĚē ƥū DŽîŕƭĚ ǛŠîŠČĿîŕ ĿŠƙƥƑƭŞĚŠƥƙ ĿŠČŕƭēĚȠ
i)
the use of quoted market prices or dealer quotes for similar instruments
ii) the fair value of forward foreign exchange contracts are determined using forward exchange rates at the Balance
Sheet date
iii) the fair value of foreign currency option contracts is determined using the Black Scholes valuation model
ĿDŽȴ ƥĺĚ ljîĿƑ DŽîŕƭĚ ūlj ƥĺĚ ƑĚŞîĿŠĿŠij ǛŠîŠČĿîŕ ĿŠƙƥƑƭŞĚŠƥƙ Ŀƙ ēĚƥĚƑŞĿŠĚē ƭƙĿŠij ēĿƙČūƭŠƥĚē Čîƙĺ ǜūDž îŠîŕNjƙĿƙ
All of the resulting fair value estimates are included in levels 1 and 2.
c) Valuation processes
¹ĺĚ GĿŠîŠČĚ ēĚƎîƑƥŞĚŠƥ ūlj ƥĺĚ ūŞƎîŠNj ĿŠČŕƭēĚƙ î ƥĚîŞ ƥĺîƥ ƎĚƑljūƑŞƙ ƥĺĚ DŽîŕƭîƥĿūŠƙ ūlj ǛŠîŠČĿîŕ îƙƙĚƥƙ îŠē ŕĿîċĿŕĿƥĿĚƙ
ƑĚƐƭĿƑĚē ljūƑ ǛŠîŠČĿîŕ ƑĚƎūƑƥĿŠij ƎƭƑƎūƙĚƙȡ ĿŠČŕƭēĿŠij ŕĚDŽĚŕ ǩ ljîĿƑ DŽîŕƭĚƙȦ
163
Standalone
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Notes to the Financial Statements