|770| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts Particulars Year ended March 31, 2019 Year ended March 31, 2018 Revenue 2,986,183.33 2,457,902.17 Expenses 2,895,088.59 2,370,016.65 Profit (loss) for the year 66,906.34 72,182.86 Profit (loss) attributable to owners of the Company 34,195.83 36,892.66 Profit (loss) attributable to the non-controlling interests 32,710.51 35,290.20 Profit (loss) for the year 66,906.34 72,182.86 Other comprehensive income attributable to owners of the Company (442.64) 187.23 Other comprehensive income attributable to the noncontrolling interests (423.41) 179.10 Other comprehensive income for the year (866.04) 366.33 Total comprehensive income attributable to owners of the Company 33,753.20 37,079.89 Total comprehensive income attributable to the noncontrolling interests 32,287.10 35,469.30 Total comprehensive income for the year 66,040.30 72,549.19 Dividends paid to non-controlling interests 6,704.97 11,348.79 Net cash inflow (outflow) from operating activities 85,550.17 110,372.09 Net cash inflow (outflow) from investing activities (113,827.30) (73,979.60) Net cash inflow (outflow) from financing activities 25,982.10 (44,229.60) Net cash inflow (outflow) (2,295.03) (7,837.11) (` in million) 2. MRPL As at March 31, 2019 As at March 31, 2018 Non-current assets 228,432.69 229,552.10 Current assets 99,229.87 89,954.01 Non-current liabilities 46,146.92 49,778.33 Current liabilities 179,056.51 165,853.86 Equity attributable to owners of the Company 82,599.90 83,491.76 Non-controlling interests 19,859.23 20,382.16 Particulars Year ended March 31, 2019 Year ended March 31, 2018 Revenue 738,531.11 639,619.77 Expenses 731,872.11 610,647.91 Profit (loss) for the year 3,512.61 17,735.63 Profit (loss) attributable to owners of the Company 2,842.52 13,808.90 Profit (loss) attributable to the non-controlling interests 670.09 3,926.73 Profit (loss) for the year 3,512.61 17,735.63 Other comprehensive income attributable to owners of the Company (49.18) 33.77
|771| Chap. 30 – Ind AS 112 – Interest in other entities Particulars Year ended March 31, 2019 Year ended March 31, 2018 Other comprehensive income attributable to the noncontrolling interests (10.37) 1.33 Other comprehensive income for the year (59.55) 35.10 Total comprehensive income attributable to owners of the Company 2,793.34 13,842.67 Total comprehensive income attributable to the noncontrolling interests 659.72 3,928.06 Total comprehensive income for the year 3,453.06 17,770.73 Dividends paid to non-controlling interests 1,036.11 2,983.27 Net cash inflow (outflow) from operating activities 12,028.08 39,718.63 Net cash inflow (outflow) from investing activities (10,049.83) (9,813.47) Net cash inflow (outflow) from financing activities (6,335.21) (27,963.00) Net cash inflow (outflow) (4,356.96) 1,942.16 (` in million) 3. PMHBL As at March 31, 2019 As at March 31, 2018 Non-current assets 2,243.73 1,363.64 Current assets 6,154.90 5,781.33 Non-current liabilities 172.86 76.11 Current liabilities 262.73 222.56 Equity attributable to owners of the Company 3,936.62 3,384.54 Non-controlling interests 4,026.42 3,461.76 Particulars Year ended March 31, 2019 Year ended March 31, 2018 Revenue 2,030.20 1,711.30 Expenses 443.97 444.22 Profit (loss) for the year 1,117.74 834.58 Profit (loss) attributable to owners of the Company 552.57 412.58 Profit (loss) attributable to the non-controlling interests 565.17 422.00 Profit (loss) for the year 1,117.74 834.58 Other comprehensive income attributable to owners of the Company (0.50) (0.06) Other comprehensive income attributable to the noncontrolling interests (0.51) (0.06) Other comprehensive income for the year (1.01) (0.12) Total comprehensive income attributable to owners of the Company 552.07 412.52 Total comprehensive income attributable to the noncontrolling interests 564.67 421.94 Total comprehensive income for the year 1,116.74 834.46 Dividends paid to non-controlling interests - 170.67
|772| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts Particulars Year ended March 31, 2019 Year ended March 31, 2018 Net cash inflow (outflow) from operating activities 256.36 557.11 Net cash inflow (outflow) from investing activities 40.76 275.98 Net cash inflow (outflow) from financing activities 7.56 (1,416.91) Net cash inflow (outflow) 304.67 (583.82) (` in million) 4. Beas Rovuma Energy Mozambique Limited As at March 31, 2019 As at March 31, 2018 Non-current assets 39,695.78 34,644.52 Current assets 1,224.06 914.54 Non-current liabilities - - Current liabilities 481.44 31.78 Equity attributable to owners of the Company 24,263.04 21,316.37 Non-controlling interests 16,175.36 14,210.91 Particulars Year ended March 31, 2019 Year ended March 31, 2018 Revenue 15.42 (16.00) Expenses 25.06 29.86 Profit (loss) for the year (9.64) (45.86) Profit (loss) attributable to owners of the Company (5.78) (27.52) Profit (loss) attributable to the non-controlling interests (3.86) (18.34) Profit (loss) for the year (9.64) (45.86) Other comprehensive income attributable to owners of the Company - - Other comprehensive income attributable to the noncontrolling interests - - Other comprehensive income for the year - - Total comprehensive income attributable to owners of the Company (5.78) (27.52) Total comprehensive income attributable to the noncontrolling interests (3.86) (18.34) Total comprehensive income for the year (9.64) (45.86) Dividends paid to non-controlling interests - - 27.3 Represents exchange difference on account of translation of the consolidated financial statements of subsidiary OVL prepared in OVL’s functional currency “United State Dollars” (US$) to presentation currency“`”. Refer note 3.21 and 5.1 (a). 50. Disclosure of Interests in Joint Operation: 50.1 Joint Operations in India In respect of certain unincorporated PSC/NELP/CBM blocks, the Company’s Joint Operation (JO) with certain body corporates has entered into Production Sharing Contracts (PSCs) with GoI for operations in India. As per signed PSC & JOA, Company has direct right on Assets, liabilities, income & expense of blocks. Details of these Joint Operation Blocks are as under:
|773| Chap. 30 – Ind AS 112 – Interest in other entities Sl. No. Blocks Company’s Participating Interest Others Partners and their PI in the JO/ Operatorship* As at March 31, 2019 As at March 31, 2018 A Jointly Operated JOs 1 Panna, Mukta and Tapti 40% 40% BGEPIL 30%, RIL 30% 2 NK-CBM-2001/1 55% 55% IOC 20%, PEPL 25% B ONGC Operated JOs 3 AA-ONN-2001/2 80% 80% IOC 20% 4 CY-ONN-2002/2 60% 60% BPRL 40% 5 KG-ONN-2003/1 51% 51% Vedanta Ltd (erstwhile Cairn India Ltd)- 49% 6 CB-ONN-2004/1 60% 60% GSPC 40%, 7 CB-ONN-2004/2 55% 55% GSPC 45% 8 CB-ONN-2004/3 65% 65% GSPC 35% 9 CY-ONN-2004/2 80% 80% BPRL 20% 10 MB-OSN-2005-1 80% 80% GSPC 20% 11 Raniganj 74% 74% CIL 26% 12 Jharia 74% 74% CIL 26% 13 BK-CBM-2001/1 80% 80% IOC 20% 14 WB-ONN-2005/4 75% 75% OIL 25% 15 GK-OSN-2009/1 40% 40% AWEL 20%, GSPC 20%, IOC 20% 16 GK-OSN-2009/2 40% 40% AWEL 30%, IOC 30% 17 GK-OSN-2010/1 60% 60% OIL 30%, GAIL 10% 18 KG-OSN-2009/2 90% 90% APGIC 10% 19 MB-OSN-2005/3 70% 70% EEPL 30% 20 KG-OSN-2001/3 (Note no 50.1.9) 80% 80% GSPC 10%, JODPL 10% C Operated by JO Partners 21 Ravva 40% 40% Vedanta Ltd (erstwhile Cairn India Ltd) (Operator) 22.5%, VIL 25%, ROPL 12.5% 22 CY-OS-90/1 (PY3) 40% 40% HEPI (Operator) 18%, HOEC 21% TPL 21% 23 RJ-ON-90/1 30% 30% Vedanta Ltd (erstwhile Cairn India Ltd) (Operator) 35%, CEHL 35% 24 CB-OS/2 –Development Phase 50% 50% Vedanta Ltd (erstwhile Cairn India Ltd) (Operator) 40% ,TPL 10% 25 CB-ON/7 30% 30% HOEC (Operator) 35%, GSPC 35% 26 CB-ON/3 – Development Phase 30% 30% EOL (Operator)70% 27 CB-ON/2- Development phase 30% 30% GSPC (Operator) 56%, Geo-Global Resources 14%
|774| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts Sl. No. Blocks Company’s Participating Interest Others Partners and their PI in the JO/ Operatorship* As at March 31, 2019 As at March 31, 2018 28 AA-ONN-2010/2 30% 30% OIL 50% (Operator), GAIL 20%* 29 AA-ONN-2010/3 40% 40% OIL 40% (Operator), BPRL 20% * Previous year- OIL (Operator-40%), GAIL (20%), EWP (10%) Note: There is no change in previous year details unless otherwise stated. Abbreviations:- APGIC- AP Gas Infrastructure Corporation Limited, AWEL- Adani Welspun Exploration Limited, BGEPIL- British Gas Exploration & Production India Limited, BPRL- Bharat Petro Resources Limited, CEHL- Cairn Energy Hydrocarbons Limited, CIL- Coal India Limited, EEPL- Essar Exploration & Production Limited, EOL-Essar Oil Limited, EWP – East West Petroleum, GAIL- Gas Authority of India Limited, GSPCGujarat State Petroleum Corporation Limited, HEPI- Hardy Exploration & Production India Limited, HOECHindustan Oil Exploration Company Limited, IOC- Indian Oil Corporation Limited, JODPL- Jubilant Offshore Drilling Private Limited, OIL- Oil India Limited, PEPL-Prabha Energy Private Limited, RIL- Reliance Industries Limited, ROPL- Ravva Oil (Singapore) Private Limited, TPL- Tata Petrodyne Limited, VIL- Videocon Industries Limited. 50.1.1 List of the blocks surrendered during the year are given below: Sl. No. Joint Operation / PSCs Company’s Participating Interest As at March 31, 2019 As at March 31, 2018 1 CB-ONN-2010/1 100% 100% 2 CB-ONN-2002/1 100% 100% 3 CB-OS/1 55.26% 55.26% 50.1.2 During the year 2018-19, Company has entered into Revenue Sharing Contracts with Government of India for two blocks i.e. MB-OSHP-2017/1 (PI 100%) & CY-ONHP-2017/1 (PI 100%),acquired under Open Acreage Licensing Policy (OALP-I). In respect of CY-ONHP-2017/1 block, the farm out agreement for 40% stake to Bharat Petro Resources Ltd (BPRL) has been entered into with effective date as February 20, 2019, which is subject to approval of Government of India. Similarly, Company has entered into farm in agreement for the blocks AA-ONHP-2017/10, AA-ONHP-2017/13 & CB-ONHP-2017/9 to acquire 30% stake from Oil India Limited in the blocks AA-ONHP-2017/10 & AA-ONHP-2017/13 with effective date as February 19, 2019 and 40% stake from BPRL in the block CB-ONHP-2017/9 with effective date as February 20, 2019, which are also subject to approval of Government of India. 50.1.3 Financial position of the Joint Operation – Company’s share are as under: The financial statements of 124 nos. (125 in FY 2017-18), out of 137 nos. (136 in FY 17-18) Joint operation block (JOs/NELP/HELP), have been incorporated in the accounts to the extent of Company’s participating interest in assets, liabilities, income, expenditure and profit / (loss) before tax on the basis of statements certified in accordance with production sharing contract and in respect of balance 13 (11 in FY 2017-18) Joint operation blocks (JOs/NELP), the figures have been incorporated on the basis of uncertified statements prepared under the production sharing contracts. Both the figures have been adjusted for changes as per note 3.8. The financial positions of JO/NELP/HELP are as under:
|775| Chap. 30 – Ind AS 112 – Interest in other entities As at March 31, 2019 (` in million) Particulars Current Assets Non Current Assets Current Liabilities Non Current Liabilities Revenue Profit or Loss from continuing operations Other Comprehensive Income Total Comprehensive Income NELP -100% PI (11) 56.00 86,879.20 446.75 10.49 46.78 (11,960.69) 6.44 (11,954.25) HELP -100% PI (2) 0.31 1.21 - - - (77.78) - (77.78) Block with other partner (29) 60,196.02 145,067.89 40,939.27 28,211.74 124,202.49 19,968.57 0.07 19,968.64 Surrendered (95) 4,939.24 44.40 15,685.24 59.07 - 1,153.62 (0.06) 1,153.56 Total (137) 65,191.58 231,992.69 57,071.26 28,281.29 124,249.27 9,083.71 6.45 9,090.16 Further Break-up of above blocks as under: Audited (120) 10,559.86 172,891.58 15,050.88 1,770.94 2,882.87 (25,013.84) 6.45 (25,007.39) Certified (4)# 5,626.78 20,515.30 5,520.45 18,216.49 16,963.56 6,697.93 - 6,697.93 Unaudited (13) 49,004.94 38,585.81 36,499.92 8,293.86 104,402.84 27,399.63 - 27,399.63 Total (137) 65,191.58 231,992.69 57,071.25 28,281.29 124,249.27 9,083.72 6.45 9,090.17 As at March 31, 2018 (` in million) Particulars Current Assets Non Current Assets Current Liabilities Non Current Liabilities Revenue Profit or Loss from continuing operations Other Comprehensive Income Total Comprehensive Income NELP-100% PI (13) 152.84 67,668.73 358.46 13.40 29.81 (7,299.54) 0.28 (7,299.26) Block with other partner (30) 35,001.75 135,464.10 29,322.18 27,984.05 88,601.64 6,885.90 0.09 6,885.99 Surrendered (93) 2,013.54 44.75 14,292.04 59.07 - (1,446.21) (0.06) (1,446.27) Total (136) 37,168.13 203,177.58 43,972.68 28,056.52 88,631.45 (1,859.85) 0.31 (1,859.54) Further Breakup of above blocks as under: Audited (123) 6,149.11 155,801.48 12,818.38 2,311.31 1,819.34 (18,463.81) 0.31 (18,463.50) Certified (2)# 1,440.81 2,040.01 1,010.71 1,103.62 4,471.68 228.67 - 228.67 Unaudited (11) 29,578.21 45,336.08 30,143.59 24,641.59 82,340.43 16,375.29 - 16,375.29 Total (136) 37,168.13 203,177.57 43,972.68 28,056.52 88,631.45 (1,859.85) 0.31 (1,859.54) # Certified by other Chartered Accountants as per PSC provisions.
|776| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts 50.1.4 Additional Financial information related to Joint Operation blocks are as under: As at March 31, 2019 As at March 31, 2019 (` in million) Particulars Cash and Cash Equivalents Current Financial Liabilities Depreciation and Amortisation Interest Income Interest Expense NELP -100% PI (11) 0.02 354.72 3,886.92 0.06 0.98 HELP -100% PI (2) - - 6.52 0.01 - Block with other partner (29) 120.95 33,924.58 15,985.74 1,106.69 2,174.43 Surrendered (95) 0.18 15,621.77 0.18 224.84 - Total (137) 121.15 49,901.07 19,879.36 1,331.60 2,175.41 Further Break-up of above blocks as under: Audited (120) 0.14 14,227.17 9,915.26 225.16 166.80 Certified (4)# 13.90 2,339.20 5,294.33 742.75 1,314.02 Unaudited (13) 107.11 33,334.70 4,669.77 363.69 694.59 Total (137) 121.15 49,901.07 19,879.36 1,331.60 2,175.41 As at March 31, 2018 (` in million) Particulars Cash and Cash Equivalents Current Financial Liabilities Depreciation and Amortisation Interest Income Interest Expense NELP-100% PI (13) 0.02 282.14 18.42 0.05 0.90 Block with other partner (30) 225.22 21,018.60 20,932.23 628.24 1,927.55 Surrendered (93) 0.31 14,208.12 1.84 1.07 - Total (136) 225.55 35,508.85 20,952.50 629.36 1,928.45 Further Break-up of above blocks as under: Audited (123) 0.24 12,229.78 4,083.66 28.20 111.25 Certified (2)# 84.24 794.40 68.51 79.12 76.68 Unaudited (11) 141.07 22,484.67 16,800.33 522.04 1,740.52 Total (136) 225.55 35,508.85 20,952.50 629.36 1,928.45 # Certified by other Chartered Accountants as per PSC provisions. 50.1.5 In respect of 3 NELP blocks (previous year 4) which have expired as at March 31, 2019, the Company’s share of Unfinished Minimum Work Programme (MWP) amounting to ` 1,025.40 million (previous year to ` 753.13 million) has not been provided for since the Company has already applied for further extension of period in these blocks as ‘excusable delay’/ special dispensations citing technical complexities, within the extension policy of NELP Blocks, which are under active consideration of GoI. The delays have occurred generally on account of pending statutory clearances from various Govt. authorities like Ministry of Defense, Ministry of Commerce, environmental clearances, State Govt. permissions etc. The above MWP amount of ` 1,025.40 million (previous year ` 753.13 million) is included in MWP commitment under note no. 55.3.2 (i).
|777| Chap. 30 – Ind AS 112 – Interest in other entities As per the Production Sharing Contracts signed by the Company with the GoI, the Company is required to complete Minimum Work Programme (MWP) within stipulated time. In case of delay in completion of the MWP, Liquidated Damages (LD) are payable for extension of time to complete MWP. Further, in case the Company does not complete MWP or surrender the block without completing the MWP, the estimated cost of completing balance work programme is required to be paid to the GoI. LD (net of reversal) amounting to ` 434.18 million (Previous year ` 688.06 million) and cost of unfinished MWP (net of reversal) ` 1,080.61 million (Previous year ` 160.71 million), paid/payable to the GoI is included in survey and wells written off expenditure respectively. 50.1.6 Government. of India has approved the relinquishment of 30% Participating Interest (PI) of ONGC in SGL Field with future interest in block RJ-ON/6 in Jaisalmer Basin Rajasthan to Focus Energy Limited (Operator) and other JV partners:- on the condition that Focus Energy Limited (Operator) will pay towards 100 % past royalty obligation, PEL/ML fees, other statutory levies (total amount ` 1,872.98 million as on March 31, 2019) and waive off development/production cost payable by ONGC in SGL Field of the block as well as take all future 100% royalty obligation of ONGC as licensee. Pending the execution of Farm-out Agreement and amendment in Production Sharing Contract (PSC), no adjustment is made in the accounts in respect of relinquishment of RJ-ON/6. 50.1.7 The Company is having 30% Participating interest in BlockRJ-ON-90/1 along-with Vedanta Ltd (erstwhile Cairn India Ltd) (Operator) and Cairn Energy Hydrocarbons Ltd. There are certain unresolved issues including cost recovery in respect of exploration, development and production cost of the total joint operation amounting to US$ 978.86 million (` 67,746.90 million) as on March 31, 2018, based on Audited Statements provided by Operator. The figures of current year i.e. FY 2018-19 are yet to be received from the operator. The Company is not required to pay exploration cost of US$ 87.18 Million (` 6,030.35 million), being 30% of US$ 290.60 million (` 20,101.18 million), out of the above amount, as per PSC. Further, the Operator has also claimed exploration cost (beyond exploration phase as per PSC) of US$ 174.03 million (` 12,037.88 Million) from ONGC for cost recovery, which in view of Company is not tenable. The Company has shown a sum of US$ 261.21 million (`18,068.24 million) under Contingent Liabilities, as the issues are presently under Arbitration proceedings. Pending settlement of issues, the amount of US$ 206.48 million (` 14,290.34 million), which is 30% of US$ 688.26 million (`47,634.47 million) pertaining to development and production cost have been accounted for as per the participating interest of the Company. Royalty on production is being paid by the Company as the licensee and the share of JV Partners of Royalty is recoverable through revenue from Sale of Crude Oil and Gas as per PSC. Accordingly, an amount of ` 28,544.74 million outstanding from JV Partners has been included in the revenue upto March 31, 2019. 50.1.8 In respect of Jharia CBM Block, revised Feasibility Report (FR) in line with DGH and DGMS approval has been prepared and submitted for Board approval. At this juncture, an overlap issue with BCCL affecting ~ 2.5 SKM surfaced. JV partner, Coal India Limited (CIL) has asked ONGC to re-visit the Development Plan / FR. Presently, ONGC is finalizing the plan. Similarly, in Raniganj CBM Block, Airport City Project of Bengal Aerotropolis Projects Limited (BAPL) overlaps part of the FDP area of Raniganj CBM Block. The issue is being discussed with BAPL and Government of West Bengal. Environmental Clearance (EC) has been granted w.e.f. April 7, 2018. Techno-economics (FR) of the Block is being re-worked with cost optimization. Pending final decision on the Block, an impairment provision of ` 617.36 million has been provided in the books. 50.1.9 During the year 2017-18 the Company had acquired the entire 80% Participating Interest (PI) of Gujarat State Petroleum Corporation Limited (GSPC) along with operatorship rights, at a purchase consideration of US$ 995.26 million (` 62,950.20 million) for Deen Dayal West (DDW) Field in the Block KG-OSN-2001/3. A farm-in Farm-out agreement (FIFO) was signed with GSPC on March 10, 2017 and the said consideration has been paid on August 04, 2017 being the closing date in 2018-19, accounting for the final closing adjustment (i.e., working capital and other adjustments) to sale consideration viz. transactions from the economic date up to the closing date has been carried out and a sum of ` 366.86 million is net payable to
|778| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts GSPC as final settlement, net of risks and infirmities of ` 655.50 million which had been incorporated and the same is under discussion with GSPC. As per FIFO, the Company is entitled to receive sums as adjustments to the consideration already paid based on the actual gas production and the differential in agreed gas price. Pending executing mother wells and estimating future production, the contingent adjustment to consideration remains to be quantified. The Company has also paid part consideration of US$ 200 million (`12,650.00 million) for six discoveries other than DDW Field in the Block KG-OSN-2001/3 to GSPC towards acquisition rights for these discoveries in the Block KG-OSN-2001/3 to be adjusted against the valuation of such fields based on valuation parameters agreed between GSPC and the Company. 50.2 Joint Operation outside India S. No. Name of the Project and Country of Operation Group’s participating share (%) Other Consortium Members Operator Project status 1. Azeri, Chirag, Guneshli Fields (ACG), Azerbaijan, Offshore 2.31* BP - 30.37% SOCAR - 25.00% Chevron - 9.57% INPEX - 9.31% Equinor^ - 7.27% Exxon-Mobil - 6.79% TPAO - 5.73% Itochu - 3.65% BP The project is under development and production 2. Block 06.1, Vietnam, Offshore 45 Rosneft Vietnam B.V. - 35% Petro Vietnam - 20% Rosneft Vietnam B.V. The project is under development and production 3. Block 5A, South Sudan, Onshore 24.125 Petronas - 67.875% Nilepet - 8% Joint Operatorship by all partners. The project is under exploration, development and production. Currently under temporary shutdown due to security situation. 4. Block A-1, Myanmar, Offshore 17 POSCO Daewoo Cooperation - 51% MOGE- 15% GAIL – 8.5% KOGAS – 8.5% POSCO Daewoo Cooperation The project is under Production. 5. Block A-3, Myanmar, Offshore 17 POSCO Daewoo Cooperation - 51% MOGE- 15% GAIL – 8.5% KOGAS – 8.5% POSCO Daewoo Cooperation The project is under production 6. Block Area 1, Mozambique, Offshore 10 Anadarko- 26.5% MITSUI-20% ENH15% BPRL-10% BREML-10% # PTTEP-8.5% Anadarko The project is under development
|779| Chap. 30 – Ind AS 112 – Interest in other entities S. No. Name of the Project and Country of Operation Group’s participating share (%) Other Consortium Members Operator Project status 7. Block B2, Myanmar, Onshore 97 Machinery and Solutions Company Ltd. - 3% ONGC Videsh The project is under exploration 8. Block CPO-5, Colombia, Onshore 70 PetroDorado – 30% ONGC Videsh The project is under exploration 9. Block EP3, Myanmar, Onshore 97 Machinery and Solutions Company Ltd. - 3% ONGC Videsh The project is under exploration 10. Block Farsi, Iran, Offshore 40 IOC – 40% OIL - 20% ONGC Videsh The project ’s exploration period ended on 24 June 2009. Agreement on MDP and Development service contract is pending. 11. Block RC-9, Colombia, Offshore 50 Ecopetrol - 50% Ecopetrol The project is under exploration 12 Block RC-10, Colombia, Offshore 50 Ecopetrol - 50% ONGC Videsh The project is under exploration 13. Block SS 04, Bangladesh, Offshore 45 OIL-45% BAPEX-10% ONGC Videsh The project is under exploration 14. Block SS 09, Bangladesh, Offshore 45 OIL-45% BAPEX-10% ONGC Videsh The project is under exploration 15. Block SSJN-7, Colombia, Onshore 50 Pacific - 50% Pacific The project is under exploration 16. Block XXIV, Syria, Onshore 60 IPRMEL - 25% Triocean-15% IPR MEL The project is under force majeure 17 Sakhalin -1, Russia, Offshore 20 ENL - 30% SODECO - 30% SMNG - 11.5% R N Astra - 8.5% ENL The project is under development and production. 18. Satpayev Contract Area 3575, Kazakhstan, Offshore 25 KMG – 75% SOLLP The project is under exploration 19. SHWE Offshore Pipeline, Myanmar, Offshore 17 Posco Daewoo Corporation – 51% MOGE- 15% GAIL – 8.5% KOGAS – 8.5% Posco Daewoo Corporation Pipeline is completed and is under use for transportation of gas from Blocks A1/A3, Myanmar 20. Port Sudan Product Pipeline, Sudan 90 OIL – 10% ONGC Videsh Pipeline is completed and handed over to Govt. of Sudan
|780| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts S. No. Name of the Project and Country of Operation Group’s participating share (%) Other Consortium Members Operator Project status 21. Block 2a & 4, GNPOC. Sudan, (Through ONGC Nile Ganga B.V.) 25 CNPC - 40% Petronas - 30% Sudapet - 5% Joint Operatorship (GNPOC) The project is under production. 22. Block 1a, 1b, & 4, GPOC. South Sudan, (Through ONGC Nile Ganga B.V.) 25 CNPC - 40% Petronas - 30% Nilepet - 5% Joint Operatorship (GPOC) The project is under production. Currently under temporary shutdown due to security situation. 23. Block BC-10 Brazil, Offshore (Through ONGC Nile Ganga B.V.) 27 Shell – 50% QPI – 23% Shell The project is under development and production 24 Block BM-SEAL-4 Brazil, Offshore (Through ONGC Nile Ganga B.V.) 25 Petrobras- 75% Petrobras The project is under exploration 25. Block PEL-0037, Offshore Namibia through ONGC Videsh Vankorneft Pte. Ltd 30 Tullow Namibia Ltd - 35% Pancontinental Namibia (Pty) Ltd - 30% Paragon Oil & Gas (Pty) Ltd - 5% Tullow Namibia Ltd The project is under exploration 26. Lower Zakum Abu Dhabi (through Falcon Oil and gas B.V.) 4 IndOil Global B.V. - 3% BPRL International Ventures B.V. - 3% ADNOC-60% Japan’s Inpex-10% CNPC-10% Eni-5% TOTAL-5% Adnoc Offshore The project is under development and production 27 Block-32, Offshore Israel (through Indus East Mediterranean Exploration Ltd.) 25 OIL - 25% IOCL - 25% BPRL - 25% ONGC Videsh The project is under exploration Note: There is no change in previous year details unless otherwise stated Abbreviations used: Anadarko - Anadarko Petroleum Corporation; BAPEX - Bangladesh Petroleum Exploration & Production Company Limited; BP - British Petroleum; BPRL - Bharat Petro Resources Limited; BREML - Beas Rovuma Energy Mozambique Limited; Chevron - Chevron Corporation; CNPC- China National Petroleum Corporation; Daewoo - Daewoo International Corporation; Ecopetrol - Ecopetrol S.A, Colombia; ENH - Empresa Nacional De Hidrocarbonates, E.P.; ENL - Exxon Neftegas Limited; Exxon Mobil - Exxon Mobil Corporation; GAIL - GAIL (India) Limited; INPEX - INPEX Corporation; IOC - Indian Oil Corporation Limited; IPRMEL - IPR Mediterranean Exploration Limited; Itochu - Itochu Corporation; KMG - Kazmunaygas; KOGAS - Korea Gas Corporation; MITSUI - MITSUI & Co. Limited; MOGE - Myanmar Oil and Gas Enterprise; Nilepet - Nile Petroleum Corporation; OIL - Oil India Limited; ONGC Videsh - ONGC Videsh Limited; Pacific - Pacific Stratus Energy, Colombia; Petrobras - Petrobras Colombia Ltd; PetroDorado - PetroDorado South America S.A.;
|781| Chap. 30 – Ind AS 112 – Interest in other entities Petronas - Petronas Carigali Overseas SdnBhd; Petrovietnam - Vietnam Oil and Gas Group; PTTEP - PTT Public Company Limited; QPI- Qatar Petroleum International; SMNG - Sakhalinmorneftegas Shelf; SOCAR - State Oil Company of Azerbaijan Republic; SODECO - Sakhalin Oil Development Company Limited; SOLLP - Satpavey Operating LLP; STATOIL - Den Norske Stats Oljeselskap; TPAO - Turkiye Petrolleri A.O; Triocean - TriOcean Mediterranean. * Participating interest is revised to 2.31% from 2.7213% as per amended restated ACG PSA, Amended JOA, and other related agreements / Head of Agreements (HOA) etc. (with effective date of January 1, 2017) for ACG PSA extension upto December 2049 as jointly agreed by all partners with SOCAR, the National Oil Company of Azerbaijan. Other consortium member participating interest last year was (BP - 35.79%, SOCAR - 11.65%, Chevron - 11.27%, INPEX - 10.96%, Statoil - 8.56%, Exxon-Mobil - 8.00%, TPAO - 6.75%, Itochu - 4.30%) ^Earlier Statoil - Den Norske Stats Oljeselskap. # ONGC Videsh holds 60% shares in BREML. 50.2.1 The Financial position of the Joint Operation projects/ blocks are as under: As at March 31, 2019 (` in million) Particulars Current Assets NonCurrent Assets Current Liabilities NonCurrent Liabilities Total Revenue Profit or Loss from continuing operations Profit or Loss from discontinued operations Other Comprehensive Income Total Comprehensive Income A. Audited as at 31 March, 2019 Block 06.1, Vietnam 2,072.54 8,133.66 1,296.18 1,622.85 9,741.39 4,606.00 - - 4,606.00 Port Sudan Product Pipeline, Sudan 3.98 - 396.89 - - 62.83) - - (62.83) Block Farsi, Iran .88 0.17 66.17 - - (88.79) - - (88.79) Block SS-04, Bangladesh 12.76 39.09 56.25 - - (11.60) - - (11.60) Block SS-09, Bangladesh 5.38 0.51 20.79 - - (33.61) - - (33.61) GNPOC & GPOC, Sudan 4,272.25 23,927.40 10,026.25 142.30 6,784.04 (475.13) - - (475.13) BC-10, Brazil & Block BM-SEAL-4 4,960.40 40,980.76 3,153.09 22,287.68 16,813.05 (3,356.94) - - (3,356.94) Total (A) 11,329.19 73,081.59 15,015.62 24,052.83 33,338.48 577.10 - - 577.10 B. Audited as of 31 December, 2018 Block Sakhalin 1, Russia 16,856.46 2,36,252.48 7,881.77 29,991.98 86,428.88 37,341.21 - - 37,341.21 Block RC-9, Colombia - - 6.75 - - (86.15) - - (86.15) Block RC-10, Colombia 0.29 0.02 75.23 - - (1,511.56) - - (1,511.56) Block CPO 5, Colombia 1,268.77 87.10 21.33 - 2,468.28 1,468.63 - - 1,468.63 Total (B) 18,125.52 2,36,339.60 7,985.08 29,991.98 88,897.16 37,212.13 - - 37,212.13 C. Unaudited Block ACG, Azerbaijan 580.53 40,549.39 838.74 10,450.47 6,885.96 1,614.15 - - 1,614.15 Block SSJN-7, Colombia - - - - - - - - - Block A-1, Myanmar 1,455.56 11,366.36 2,181.43 - 4,323.38 2,188.18 - - 2,188.18 Block A-3, Myanmar 86.28 2,865.49 1,095.17 - 4,407.61 2,219.06 - - 2,219.06 SHWE Offshore Pipeline, Myanmar 55.08 1,507.67 528.88 - 1,603.12 1,118.14 - - 1,118.14 Myanmar Block EP 3, O/S (Non-Op) 66.45 0.18 128.19 - - (88.09) - - (88.09) Myanmar Block B2 Onshore 285.55 26.57 117.29 - - (681.79) - - (681.79) Block Area 1, Mozambique 510.64 2,00,129.01 483.63 - - 24.08 - - 24.08 Block 5A, South Sudan 135.93 8,971.41 1,174.57 - - (5,956.43) - - (5,956.43) Block Satpayev, Kazakhstan 98.27 9.03 - - - 136.26 - - 136.26 Block 24, Syria 9.71 0.38 574.07 - - 0.69) - - (0.69) Total (C) 3,434.00 2,65,425.49 7,121.97 10,450.47 17,220.07 572.87 - - 572.87 Grand Total 32,888.71 5,74,846.68 30,122.67 64,495.28 1,39,455.71 38,362.10 - - 38,362.10
|782| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts As at March 31, 2018 (` in million) Particulars Current Assets NonCurrent Assets Current Liabilities NonCurrent Liabilities Total Revenue Profit or Loss from continuing operations Profit or Loss from discontinued operations Other Comprehensive Income Total Comprehensive Income A. Audited as at 31 March, 2018 Block 06.1, Vietnam 2,337.12 6,232.97 2,053.42 1,497.70 8,495.23 4,480.38 - - 4,480.38 Port Sudan Product Pipeline, Sudan 3.90 - 1,551.59 - - 0.03 - - 0.03 Block Farsi, Iran 9.09 - 24.02 - - (20.66) - - (20.66) Block SS-04, Bangladesh 111.01 0.65 102.57 - - (66.23) - - (66.23) Block SS-09, Bangladesh 90.24 (0.65) 96.73 - - (44.48) - - (44.48) GNPOC & GPOC, Sudan 26,801.70 1,75,316.08 24,430.15 3,065.09 7,182.67 (8,320.64) - - (8,320.64) BC-10, Brazil & Block BM-SEAL-4 3,950.14 49,672.62 4,263.47 22,565.50 13,736.79 (6,597.41) - - (6,597.41) Block Sakhalin 1, Russia 12,563.97 2,16,403.68 7,378.16 26,793.13 51,697.45 13,288.72 - - 13,288.72 Block RC-9, Colombia 21.42 - 4.54 - - (1,609.32) - - (1,609.32) Block RC-10, Colombia 77.25 0.65 265.52 - - (88.27) - - (88.27) Block CPO 5, Colombia 389.52 2,744.82 2,228.70 - - 99.88 - - 99.88 Block ACG, Azerbaijan (Refer note 25.3) 1,373.06 39,042.24 434.96 10,448.22 6,310.80 3,468.52 - - 3,468.52 Block SSJN-7, Colombia - - 12.33 - - (19.32) - - (19.32) Block A-1, Myanmar 736.84 11,423.97 973.80 - 4,884.09 2,890.72 - - 2,890.72 Block A-3, Myanmar 401.21 3,376.49 440.16 - 3,780.93 1,759.87 - - 1,759.87 SHWE Offshore Pipeline, Myanmar 192.81 1,324.37 268.12 - 1,594.93 1,269.91 - - 1,269.91 Myanmar Block EP 3, O/S (Non-Op) 186.97 0.65 236.96 - - (314.43) - - (314.43) Myanmar Block B2 Onshore 25.97 0.65 200.60 - - (192.79) - - (192.79) Block Area 1, Mozambique 307.07 1,79,237.63 70.11 - - (429.65) - - (429.65) Block 5A, South Sudan 688.15 13,826.01 1,133.50 - - (876.35) - - (876.35) Block Satpayev, Kazakhstan 293.44 11.69 262.93 - - (10,515.33) - - (10,515.33) Block 24, Syria 60.38 1.30 545.98 - - (68.72) - - (68.72) Grand Total 50,621.26 6,98,615.82 46,978.32 64,369.64 97,682.89 (1,905.57) - - (1,905.57) 50.2.2 Additional Financial information related to Joint Operation blocks are as under: As at March 31, 2019 (` in million) Particulars Cash and Cash Equivalents Current Financial Liabilities NonCurrent Financial Liabilities Depreciation and Amortisation Interest Income Interest Expense Income Tax Expense or Income A. Audited as on 31 March, 2019 Block 06.1, Vietnam 224.78 1,296.18 - 1,648.71 1.34 - - Port Sudan Product Pipeline, Sudan 3.98 396.89 - - 0.08 - - Block Farsi, Iran 1.88 66.17 - - 0.04 - - Block SS-04, Bangladesh 12.76 56.25 - - - - - Block SS-09, Bangladesh 5.38 20.79 - - - - - GNPOC & GPOC, Sudan 258.53 10,026.25 142.30 3,106.68 308.94 115.25 (2,316.12) BC-10, Brazil & Block BM-SEAL-4 1,450.15 2,038.83 20,395.36 10,084.67 84.69 4,625.97 -
|783| Chap. 30 – Ind AS 112 – Interest in other entities Particulars Cash and Cash Equivalents Current Financial Liabilities NonCurrent Financial Liabilities Depreciation and Amortisation Interest Income Interest Expense Income Tax Expense or Income Total (A) 1,957.46 13,901.36 20,537.66 14,840.06 395.09 4,741.22 (2,316.12) B. Audited as of 31 December, 2018 Block Sakhalin 1, Russia 3,153.22 7,587.40 - 13,840.77 28.55 - 17,192.46 Block RC-9, Colombia - 6.75 - - 1.31 - - Block RC-10, Colombia 0.29 75.23 - 0.07 1.75 - - Block CPO 5, Colombia 0.98 21.33 - 0.01 6.23 - - Total (B) 3,154.49 7,690.71 - 13,840.85 37.84 - 17,192.46 C. Unaudited Block ACG, Azerbaijan 2.07 838.74 4,424.03 2,815.57 0.74 - 1,021.23 Block SSJN-7, Colombia - - - - - - - Block A-1, Myanmar 43.97 588.81 - 1,432.39 0.08 - (238.62) Block A-3, Myanmar 72.70 133.52 - 744.20 0.10 - 427.31 SHWE Offshore Pipeline, Myanmar 16.42 11.59 - 225.04 0.03 - 163.71 Myanmar Block EP 3, O/S (Non-Op) 66.45 128.19 - - - - - Myanmar Block B2 Onshore 285.55 117.29 - - - - - Block Area 1, Mozambique 3.93 483.63 - (13.85) - - - Block 5A, South Sudan 69.76 1,174.57 - 64.96 - - - Block Satpayev, Kazakhstan 1.63 - - 0.99 0.01 - - Block 24, Syria - 574.07 - 0.04 - - Total (C) 562.48 4,050.41 4,424.03 5,269.34 0.96 - 1,373.63 Grand Total 5,674.43 25,642.48 24,961.69 33,950.25 433.89 4,741.22 16,249.97 As at March 31, 2018 (` in million) Particulars Cash and Cash Equivalents Current Financial Liabilities NonCurrent Financial Liabilities Depreciation and Amortisation Interest Income Interest Expense Income Tax Expense or Income A. Audited as at 31 March, 2018 Block 06.1, Vietnam - 1,759.98 1,497.70 877.97 0.64 - - Port Sudan Product Pipeline, Sudan 3.90 1,551.59 - - 0.04 - - Block Farsi, Iran 1.30 24.02 - - 0.06 - - Block SS-04, Bangladesh 41.55 102.57 - - - - - Block SS-09, Bangladesh 20.77 96.73 - - - - - GNPOC & GPOC, Sudan 597.39 22,574.47 320.70 2,744.93 1,304.12 26.22 (28.29) BC-10, Brazil & Block BM-SEAL-4 1,125.52 3,352.50 20,065.96 12,619.87 224.21 7,112.68 (2,972.40) Block Sakhalin 1, Russia - 6,243.36 26,793.13 17,734.39 247.94 - 6,665.25 Block RC-9, Colombia - 4.54 - - 2.32 - - Block RC-10, Colombia 77.25 265.52 - - 0.83 - - Block CPO 5, Colombia 366.15 2,228.70 - - 3.56 - - Block ACG, Azerbaijan (Refer note 25.3) - 383.03 10,448.22 6,934.38 0.24 - 634.80
|784| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts Particulars Cash and Cash Equivalents Current Financial Liabilities NonCurrent Financial Liabilities Depreciation and Amortisation Interest Income Interest Expense Income Tax Expense or Income Block SSJN-7, Colombia - 12.33 - - - - - Block A-1, Myanmar - 417.44 - 902.53 2.25 - - Block A-3, Myanmar - 271.37 - 1,196.67 3.21 - - SHWE Offshore Pipeline, Myanmar - 126.59 - 223.63 1.02 - - Myanmar Block EP 3, O/S (Non-Op) 179.83 236.96 - - - - - Myanmar Block B2 Onshore 18.83 200.60 - - - - - Block Area 1, Mozambique - 70.11 - 27.06 - - - Block 5A, South Sudan - 1,133.50 - 38.94 - - - Block Satpayev, Kazakhstan - 8.44 - - - - - Block 24, Syria - 545.98 - 0.09 - - - Grand Total 2,432.49 41,610.33 59,125.71 43,300.46 1,790.44 7,138.90 4,299.36 50.3 Joint Operation in respect of subsidiary HPCL 50.3.1 The subsidiary has entered into production sharing oil & gas exploration contracts in India in consortium with other body corporate. These consortia are: Name of the Block Participating Interest of HPCL in % As on March 31, 2019 As on March 31, 2018 In India Under NELP IV KK- DWN-2002/2 20 20 KK- DWN-2002/3 20 20 CB- ONN-2002/3 15 15 Under NELP V AA-ONN-2003/3 15 15 Under NELP VI CY-DWN-2004/1 10 10 CY-DWN-2004/2 10 10 CY-DWN-2004/3 10 10 CY-DWN-2004/4 10 10 CY-PR-DWN-2004/1 10 10 CY-PR-DWN-2004/2 10 10 KG-DWN-2004/1 10 10 KG-DWN-2004/2 10 10 KG-DWN-2004/3 10 10 KG-DWN-2004/5 10 10 KG-DWN-2004/6 10 10 MB-OSN-2004/1 20 20 MB-OSN-2004/2 20 20 RJ-ONN-2004/1 22.22 22.22
|785| Chap. 30 – Ind AS 112 – Interest in other entities Name of the Block Participating Interest of HPCL in % As on March 31, 2019 As on March 31, 2018 RJ-ONN-2004/3 15 15 Under NELP IX MB-OSN-2010/2 30 30 Cluster – 7 60 60 In respect of PPCL In India SR ONN 2004/1 10 10 AA ONN 2010/1 20 20 Sanganpur Field 50 50 Outside India Yolla Field (Australia) Licence T/L-1 11.25 11.25 Trefoil Field (Australia) Permit T/18P 9.75 9.75 50.3.1.1 Blocks RJ-ONN-2004/1 and MB-OSN-2004/2 are in the process of relinquishment. The audited financial statements for these UJVs have been received upto March 31, 2018. The Blocks MB-OSN-2010/2 and RJ-ONN-2004/3 are in the process of relinquishment and the audited financial statements of these UJVs have been received upto March 31, 2017. The Blocks KK-DWN-2002/2 and MB-OSN-2004/1 are in the process of relinquishment. The audited financial statements for these UJVs have been received upto March 31, 2016. Blocks CY-DWN-2004/1,2,3,4, CY-PR-DWN-2004/1&2, KG-DWN-2004/1,2,3,5 and 6 are under relinquishment. The audited financial statements for these UJVs have been received upto March 31, 2015. The Company has incorporated the share of the assets, liabilities, income and expenditure based on the unaudited financial statements / data received from operator. 50.3.1.2 The Blocks AA-ONN-2003/3 and KK-DWN-2002/3 are in the process of relinquishment. The audited financial statements for these UJVs have been received upto March 31, 2011 and March 31, 2012 respectively. The Company has incorporated the share of the assets, liabilities, income and expenditure based on the unaudited financial statements / data received from operator. 50.3.1.3 The block CB-ONN-2002/3 was awarded under NELP IV bidding round and the production sharing contract was signed on 06.02.2004. The exploration Minimum Work Program has been completed. The block is divided into two areas i.e. Miroli and Sanand. Production from SE#3 and SE#4 wells of the Block is currently on which had started during Financial Year 2017-18. Audited financial statements of the block has been received upto March 31, 2018. The unaudited financial statements / data has been received from operator as on 31st March, 2019. 50.3.1.4 In respect of Cluster – 7, the matter is under arbitration 50.3.2 In respect of step-down subsidiary PPCL ONGC Onshore Marginal Fields The Company was awarded Service Contracts dated 28th April, 2004, for development of ONGC’s Hirapur, Khambel and West Bechraji onshore marginal oil fields. The Company executed Agreements for development of Hirapur, Khambel and West Bechraji onshore marginal fields with Valdel Oil and Gas Private Limited (VALDEL) with equal share in the Service Contracts. The Service Contracts in respect of Khambel and West Bechraji had been terminated in February, 2009 by ONGC and the Service Contract with respect to Hirapur field is operating currently. The Company’s share of assets and liabilities as at 31st March 2019 and the Income and expenditure for the year in respect of above joint venture is as follows:
|786| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts (` in million) Particulars As at March 31, 2019 As at March 31, 2018 A Property, Plant & Equipment (Gross) 99.90 99.80 B Intangible asset under development 13.60 13.60 C Other Net Non-Current Assets 1.30 0.30 D Net Current Assets (*) 21.40 15.80 E Income 9.10 9.10 F Expenditure 13.90 12.20 (*) Includes receivable from joint venture amounting to ` 15.70 million. (As at March 31, 2018 ` 10.60 million.). 50.3.2.2 Sanganpur Field The Company acquired 50% participating interest in Sanganpur field from M/s Hydrocarbon Development Company Pvt. Ltd. (HDCPL) effective 1st September, 2004. Accumulated amount prior to acquisition of Sanganpur field amounting ` 11.82 million have been included in Sanganpur field Assets. The Company has accounted its proportionate share in the Sanganpur field based on estimated un-Audited accounts as at March 31, 2017. Bombay High Court vide order dated 14th Nov, 2014 in Company Petition 550 of 2013 has passed order for appointment of liquidator for assets and business of Company M/s HDCPL. This petition was filed by ETA Star Golding limited for non-payment of its invoices by M/s HDCPL. Said order of Bombay High Court was challenged before its Division Bench and is still pending before the Court. MoP&NG vide its letter dated June 2, 2017 has terminated the PSC. Accordingly, Company had created a ‘Provision for Write-off of Sanganpur Assets’ of ` 66.50 millon in FY 2017-18. The Company’s share of assets and liabilities as at March 31, 2019 and the Income, expenditure for the year in respect of above joint venture is as follows: (` in million) Particulars As at March 31, 2019 As at March 31, 2018 Property, Plant & Equipment (Gross) 56.30 56.30 Other Net Non-Current Assets (0.20) (0.20) Net Current Assets (*) (1.00) (1.00) Income - - Expenditure - - (*) Includes payable to joint venture amounting to ` 0.40 million (as at March 31, 2018: ` 0.40 million) 50.3.2.3 ONGC Offshore Marginal Fields (Cluster-7) The Company along with Consortium member, M/s Hindustan Petroleum Corporation Limited (HPCL) (PI - 60%) and M/s M3nergy (PI – 30%) was awarded a Contract vide letter of award dated 31st March, 2006 for the development of ONGC’s offshore marginal Oilfields viz. B -192, B - 45 and WO – 24. The Service Contract for Cluster-7 was signed on 27th September, 2006 between ONGC and Consortium members. The Company is the Executing Contractor and its participating interest (PI) is 10%. The said Service Contract was terminated by ONGC. Subsequently, HPCL/PPCL started arbitration proceedings against M3nergy which are still in progress, hence the joint bank account has not been closed on the advice of the legal department- HPCL.
|787| Chap. 30 – Ind AS 112 – Interest in other entities 50.3.2.4 SR – ONN – 2004 / 1 (South Rewa Block) The Company along with Consortium member M/s Jaiprakash Associates Limited (PI - 90%) was awarded PSC for the SR-ONN-2004/1 block vide letter dated 12th February, 2007 of Ministry of Petroleum & Natural Gas (MoP&NG) under NELP – VI round. The Company is the executing contractor and its PI is 10%. The PSC was signed on 2nd March, 2007. Consortium has proposed to relinquish the block effective from 23rd October, 2014 and Operating Committee Resolution (OCR) for relinquishment of the block has been submitted to Directorate General of Hydrocarbon (DGH). DGH vide its letter dated Feb. 5, 2018 has communicated that the Block stands relinquished with effect from 23.10.2014 subject to the compliance of PSC and the P&NG rules. The South Rewa Block has standing inventory of ` 37.60 million in which the company has share of 10%. The company is in the process of carrying out elaborate valuation of the inventory for further disposal. The same has been recorded at cost. The Company’s share of assets and liabilities as at 31st March, 2019 in respect of above joint venture is as follows: (` in million) Particulars As at March 31, 2019 As at March 31, 2018 Property, Plant and Equipment (Gross) - - Intangible asset under development - - Other Net Non-Current Assets - - Net Current Assets (*) 30.80 32.10 Expenditure - 0.40 (*) Includes receivables from joint venture amounting to ` 27.0 million (as at March 31, 2018: ` 28.20 million). 6. THE INDIAN HOTELS COMPANY LIMITED Note 33. Interest in other entities a) Subsidiaries i) The parent’s subsidiaries at March 31, 2019 are set out below. Unless otherwise stated, they have share capital consisting solely of equity shares that are held by the group and the effective ownership of the group is enumerated in the table below. The country of incorporation or registration is also their principal place of business. Country of Incorporation Effective Ownership interest held by the Group Ownership interest held by non-controlling interests March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 (%) (%) (%) (%) Domestic Benares Hotels Ltd. India 51.68 51.68 48.32 48.32 ELEL Hotels & Investments Ltd. India 85.72 85.72 14.28 14.28 Inditravel Ltd. India 77.21 77.19 22.79 22.81 KTC Hotels Ltd. India 100.00 100.00 - - Luthria & Lalchandani Hotels and Properties Private Ltd. India 87.15 87.15 12.85 12.85
|788| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts Country of Incorporation Effective Ownership interest held by the Group Ownership interest held by non-controlling interests March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 (%) (%) (%) (%) Northern India Hotels Ltd.@ India 48.56 48.56 51.44 51.44 Piem Hotels Ltd. India 51.57 51.57 48.43 48.43 Roots Corporation Ltd. India 63.74 63.25 36.26 36.75 Sheena Investments Private Ltd. India 100.00 100.00 - - Skydeck Properties & Developers Private Ltd. India 100.00 100.00 - - Taj Enterprises Ltd. India 74.70 74.70 25.30 25.30 Taj Trade & Transport Ltd. India 72.74 72.73 27.26 27.27 United Hotels Ltd. India 55.00 55.00 45.00 45.00 International IHOCO BV Netherlands 100.00 100.00 - - Piem International (HK) Ltd. Hong Kong 51.57 51.57 48.43 48.43 St. James Court Hotel Ltd. United Kingdom 72.25 72.25 27.75 27.75 Taj International Hotels (HK) Ltd. Hong Kong 100.00 100.00 - - Taj International Hotels Ltd. United Kingdom 100.00 100.00 - - United Overseas Holding Inc. United States of America 100.00 100.00 - - @ In accordance with the directives issued by SEBI via its circular SEBI/HO/MRD/DSA/CIR/P/2016/110 dated October 02, 2016 the Group provided an exit option to the public shareholders of Northern India Hotels Limited (NIHL), an indirect subsidiary. Under the offer 50 and 4,466 shares were tendered by various public shareholders and acquired by the Group as of March 31, 2019 and March 31, 2018 respectively. As a result of which the Group’s holding in NIHL has increased from 93.14% to 94.15%. Consequently, there are minor changes in the effective holding in certain subsidiaries. ii) Significant judgements and assumptions: a. The management have concluded that the group controls Northern India Hotels Limited, even though it holds less than half of the effective interest of this subsidiary. This is because the group is the largest shareholder and the direct ownership in this company is 94.15% through Piem Hotels Limited, a subsidiary in which the group holds 51.57%. b. The investment in BAHC 5, a company incorporated in Singapore in which the group holds 100% issued equity shares, is a temporary investment that is presently held for disposal. In the view of the management, the Group does not have any power or control over or exposure to this entity. It does not have any rights to variable returns from its involvement with this entity and thus the financial statements of this entity are not consolidated. c. The Group holds 51% of the equity share capital of Taj SATS Air Catering Ltd. However, as per the contractual arrangement in the form of joint venture agreement, the group considers it has joint control over the net assets of this entity and has been reclassified as joint venture.
|789| Chap. 30 – Ind AS 112 – Interest in other entities b) Non-controlling interests (‘NCI’) i) The summarised financial information for each subsidiary that has non-controlling interests that are material to the Group are set out below. The amounts disclosed for each subsidiary are before intercompany eliminations or other adjustment :- ` crores Summarised Balance Sheet PIEM Hotels Limited Roots Corp Limited ELEL Hotels and Investments Limited St. James Court Hotel Limited March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 Current Assets 52.18 56.70 59.47 40.56 5.38 17.61 43.42 45.78 Current Liabilities 106.35 87.04 53.52 78.91 49.73 41.30 131.54 80.99 Net Current Assets (54.17) (30.34) 5.95 (38.35) (44.35) (23.69) (88.12) (35.21) Non-Current Assets 695.96 660.33 405.60 407.54 628.31 621.83 1,045.70 979.20 Non-Current Liabilities 8.43 6.16 94.52 109.57 - - 353.72 369.08 Net Non-Current Assets 687.53 654.17 311.08 297.97 628.31 621.83 691.98 610.12 Net Assets 633.36 623.83 317.03 259.62 583.96 598.14 603.86 574.91 Accumulated NCI 306.74 302.12 114.96 95.41 83.39 85.41 167.57 159.53 ` crores Summarised Statement of Profit and Loss PIEM Hotels Limited Roots Corp Limited ELEL Hotels and Investments Limited St. James Court Hotel Limited March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 Revenue 416.44 358.43 206.33 186.68 0.61 0.88 330.95 279.29 Profit/(Loss) for the year 27.31 (4.32) (14.98) (19.06) (14.18) (13.95) 37.85 30.47 Other Comprehensive Income 8.89 44.16 (0.14) - - - (8.87) 60.41 Total Comprehensive Income 36.20 39.84 (15.12) (19.06) (14.18) (13.95) 28.98 90.88 Total Comprehensive Income allocated to NCI 17.53 19.29 (5.48) (7.00) (2.02) (1.99) 8.04 25.22 Dividend paid to NCI 12.92 7.38 - - - - - - ` crores Summarised Statement of Cash Flows PIEM Hotels Limited Roots Corp Limited ELEL Hotels and Investments Limited St. James Court Hotel Limited March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 Cash Flows from Operating Activities / (Used in) 45.32 25.41 20.93 1.05 (12.82) (2.69) 74.15 51.81 Cash Flows from Investing Activities / (Used in) (41.50) (11.38) (29.24) (19.31) 12.86 2.66 (102.25) (49.43) Cash Flows from Financing Activities / (Used in) (5.58) (16.08) 11.29 18.99 - - 24.06 (31.70) Net Increase/(Decrease) in Cash & cash Equivalents (1.76) (2.05) 2.98 0.73 0.04 (0.03) (4.04) (29.32)
|790| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts ii) Individually immaterial non-controlling interest: ` crores March 31, 2019 March 31, 2018 Aggregate carrying amount of individually immaterial 127.21 134.92 Aggregate amount of the group’s share of profits/loss 6.42 5.28 Aggregate amount of the group’s share of other comprehensive Income 0.86 0.61 Aggregate amount of the group’s share of total comprehensive Income 7.28 5.89 c) Interests in associates and joint ventures i) Details of the associates and joint ventures of the group as at March 31, 2019 and 2018 are set out below. The entities below have share capital consisting solely of equity shares, which are held directly by the group. The country of incorporation or registration is also their principal place of business. The Group follows equity method of accounting for the measuring its investments/interests in associates and joint ventures, the details of which are as below: ` crores Country of Incorporation Effective Holding “%” # Carrying amount Quoted fair value March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 Joint Ventures Taj SATS Air Catering Ltd. India 51.00 61.83 59.94 * * Taj Madras Flight Kitchen Private Ltd. India 50.00 25.23 23.87 * * Taj Karnataka Hotels & Resorts Ltd. (Refer Note 20(b)) India 44.27 - - * * Taj Kerala Hotels & Resorts Ltd. India 28.30 15.57 16.68 * * Taj GVK Hotels & Resorts Ltd. India 25.52 117.33 114.91 379.93 262.33 Taj Safaris Ltd. # India 40.67 10.93 0.70 * * Kaveri Retreat & Resorts Ltd. India 50.00 41.02 39.85 * * TAL Hotels & Resorts Ltd. Hong Kong 27.49 122.31 122.67 * * IHMS Hotels (SA)(Pty) Ltd. (Refer Note 20(b)) South Africa 50.00 - - * * 394.22 378.62 379.93 262.33 Associates Oriental Hotels Ltd. India 35.67 240.07 207.16 304.70 276.58 Taj Madurai Ltd. India 26.00 6.22 5.29 * * Taida Trading and Industries Ltd. India 34.76 - - * * BJets Pte Ltd Singapore 45.69 - - * * Lanka Island Resorts Ltd Sri Lanka 24.66 33.71 33.24 * * TAL Lanka Hotels PLC Sri Lanka 24.62 13.45 16.11 12.71 24.18 293.45 261.80 317.41 300.76 Total 687.67 640.42 697.34 563.09 * Unlisted entity – no quoted price available
|791| Chap. 30 – Ind AS 112 – Interest in other entities # There was no change in the effective ownership of the Group’s Holding % during the year except in case of Taj Safaris Ltd. where the group has acquired addition 10,741,864 shares during the year and the effective ownership has increased from 38.15% to 40.67% ii) Commitments and contingent liabilities in respect of associates and joint ventures ` crores March 31, 2019 March 31, 2018 Commitment to provide funding for joint ventures capital commitments, if called 131.44 116.77 Capital Commitment for joint ventures and associate 7.37 11.91 Guarantees given by joint ventures and associates 3.31 3.54 Share of contingent liabilities in joint ventures and associates 39.84 42.51 iii) Summarised financial information for associates and joint ventures The summarised financial information for those joint ventures and associates that are material to the Group are set out below. The information disclosed reflects the amounts presented in the financial statements of the relevant associates and joint ventures and not of the Group’s share of those amount. They have amended to reflect adjustments made when using equity method for the differences in accounting policies. ` crores Summarised Balance Sheet Taj GVK Hotels & Resorts Limited Taj SATS Air Catering Limited TAL Hotels and Resorts Ltd Oriental Hotels Ltd December 31 2018 * March 31 2018 March 31 2019 March 31 2018 March 31 2019 March 31 2018 March 31 2019 March 31 2018 Current assets Cash and cash equivalents 0.21 14.61 5.26 8.42 69.92 66.72 28.02 5.53 Other assets 57.43 44.36 160.00 173.59 45.25 48.55 109.87 71.58 57.64 58.97 165.27 182.01 115.17 115.27 137.89 77.11 Non-current assets 672.20 677.50 189.98 183.26 460.79 456.49 714.02 750.12 Total assets 729.84 736.47 355.25 365.27 575.96 571.76 851.91 827.23 Current liabilities Financial liabilities (excluding trade payables) 41.42 35.84 10.96 9.87 25.72 22.14 264.23 40.66 Other liabilities 73.32 70.16 55.40 65.90 41.79 33.06 46.35 43.74 114.74 106.00 66.36 75.77 67.52 55.20 310.58 84.40 Non-current Liabilities Financial liabilities (excluding trade payables) 172.23 198.36 - - 71.22 75.97 1.93 296.36 Other liabilities 64.26 62.95 23.57 27.92 38.19 40.25 5.58 4.91 236.49 261.31 23.57 27.92 190.41 116.22 7.51 301.27 Total liabilities 351.23 366.31 89.93 103.69 257.93 171.42 318.09 385.67 Net assets 378.61 369.16 265.32 261.58 318.03 400.34 533.82 441.56 Footnote : * The latest available financial statement of this entity is only up to December 31, 2018 and accordingly has been used for the purpose of the preparation of the consolidated financial statement of the Company.
|792| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts For the purpose of comparability of the income statement, the results for the period of 12 months (January 1, 2018 to December 31, 2018) has been considered and impact of result of 3 months (January 1, 2018 to March 31, 2018) has been adjusted in the equity. iv) Reconciliation of carrying amounts ` crores Taj GVK Hotels & Resorts Limited Taj SATS Air Catering Limited TAL Hotels and Resorts Ltd Oriental Hotels Ltd December 31 2018 March 31 2018 March 31 2019 March 31 2018 March 31 2019 March 31 2018 March 31 2019 March 31 2018 Net Assets 378.61 369.16 265.32 261.58 399.04 400.34 533.81 441.56 Group’s Share 25.52% 25.52% 51.00% 51.00% 27.49% 27.49% 35.67% 35.67% Share of Net assets 96.63 94.21 135.31 133.42 109.70 110.05 190.41 157.50 Goodwill 20.70 20.70 - - 12.62 12.62 49.66 49.66 Unrealized Gain - - (73.48)# (73.48)# - - - - Carrying A mount 117.33 114.91 61.83 59.94 122.31 122.67 240.07 207.16 # Unrealised gain represents profit on sale of air catering business by the Group to Taj SATS on a slump sale basis on October 1, 2001. v) Summary Statement of Profit and Loss ` crores Summarised statement of profit and loss Taj GVK Hotels & Resorts Limited Taj SATS Air Catering Limited TAL Hotels and Resorts Ltd Oriental Hotels Ltd December 31 2018* March 31 2018 March 31 2019 March 31 2018 March 31 2019 March 31 2018 March 31 2019 March 31 2018 Revenue 315.91 290.88 417.90 387.32 296.66 294.91 354.76 362.27 Depreciation 17.02 17.27 10.96 10.77 25.93 33.39 28.38 27.66 Interest Income 0.22 0.18 1.83 4.01 0.10 0.09 2.59 1.64 Interest Expense 22.66 24.97 0.06 0.02 6.24 6.24 27.18 30.89 Income Tax Expense 8.56 11.01 3.43 12.79 3.13 2.78 12.98 2.53 Profit for the year 23.40 20.39 14.03 21.70 8.28 22.19 91.59 6.12 Other Comprehensive Income for the year 0.19 0.19 0.59 0.67 17.43 17.71 0.69 23.21 Total Comprehensive Income for the year 23.59 20.58 14.62 22.37 25.71 39.90 92.28 29.33 Dividend Received 0.96 0.64 - - 7.67 7.28 - - * Refer Footnote of Note 33 (c)(iii) above vi) Individually immaterial joint ventures and associates ` crores March 31, 2019 March 31, 2018 Aggregate carrying amount of individually immaterial 146.14 135.74 Aggregate amount of the group’s share of profit/loss 3.46 15.72 Aggregate amount of the group’s share of other comprehensive Income (0.96) (7.48) Aggregate amount of the group’s share of total comprehensive Income 2.50 8.24
|793| Chap. 30 – Ind AS 112 – Interest in other entities Footnote: The financial statements of joint ventures and associates consolidated are drawn upto the same reporting date as of the company except in case of a joint venture and an associate company where the financial statements have been drawn upto December 31, 2018. 7. WELSPUN INDIA LIMITED Interests in other entities (a) Subsidiaries The list of group’s subsidiaries is stated below. Unless otherwise stated, they have share capital consisting solely of equity shares that are held directly by the group, and the proportion of ownership interests held equals the voting rights held by the group. The country of incorporation or registration is also their principal place of business Name of entity Place of business/ Country of Incorporation Ownership interest held by the Group Ownership interest held by non-controlling interests Principal activities 31-Mar-19 31-Mar-18 31-Mar-19 31-Mar-18 % % % % Anjar Integrated Textile Park Developers Private Limited (AITP) India 100.00 100.00 - - Development of Textile Park Welspun Anjar SEZ Limited (WASEZ) India 100.00 100.00 - - Development of Industrial Park Real Estate Besa Developers and Infrastructure Private Limited (BESA) India 100.00 100.00 - - Welspun Global Brands Limited (WGBL) India 98.03 98.03 1.97 1.97 Trading in Home Textile Product Trading in Home Welspun USA Inc. (WUSA) U.S.A. 98.68 98.64 1.32 1.36 Textile Product Name of entity Place of business/ Country of Incorporation Ownership interest held by the Group Ownership interest held by non-controlling interests Principal activities 31-Mar-19 31-Mar-18 31-Mar-19 31-Mar-18 % % % % Welspun Captive Power India 77.00 77.00 23.00 23.00 Power Generation Limited (WCPGL) Generation Welspun Holdings Private Limited (WHPL) Cyprus 98.11 98.17 1.89 1.83 Investment Welspun Home Textiles UK Limited (WHTUKL) (Held through WHPL) U.K. 98.11 98.17 1.89 1.83 Investment CHT Holdings Limited (CHTHL) (Held through WHTUKL) U.K. 98.11 98.17 1.89 1.83 Investment
|794| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts Name of entity Place of business/ Country of Incorporation Ownership interest held by the Group Ownership interest held by non-controlling interests Principal activities 31-Mar-19 31-Mar-18 31-Mar-19 31-Mar-18 % % % % Christy Home Textiles Limited (CHTL) (Held through CHTHL) U.K. 98.11 98.17 1.89 1.83 Investment Christy Welspun GmbH (Held through CWG) Germany 98.11 98.17 1.89 1.83 Trading in Home Textile Product Welspun UK Limited (WUKL) (Held through CHTL) U.K. 98.11 98.17 1.89 1.83 Trading in Home Textile Product Christy 2004 Limited (Held through WUKL) U.K. 98.11 98.17 1.89 1.83 Trading in Home Textile Product Christy Lifestyle LLC (Held through WUKL) U.S.A. 98.11 98.17 1.89 1.83 Trading in Home Textile Product Christy UK Limited (CUKL) (Held through CHTL) U.K. 98.11 98.17 1.89 1.83 Trading in Home Textile Product ER Kingsley (Textiles) Limited (Held through CHTL) U.K. 98.11 98.17 1.89 1.83 Trading in Home Textile Product Welspun Mauritius Enterprises Limited (WMEL) Mauritius 98.03 98.03 1.97 1.97 Investment Novelty Home Textiles S A DE C V (Held through WMEL) Mexico 98.03 98.03 1.97 1.97 Manufacturing of Textile Products Welspun Zucchi Textiles Limited (WZTL) India 100.00 100.00 - - Manufacturing of bathrobes Welspun Flooring Limited (WFL) Limited (WAML)* India 100.00 100.00 - - Manufacturing of Home Textile Product Welspun Advanced Materials India 100.00 - - - Manufacturing of Home Textile Product Welspun Nexgen Inc. (WNI) U.S.A. 100.00 100.00 - - Investment TILT Innovations Inc. (TII)** (Held through WUSA) U.S.A. 98.68 - 1.32 - Trading in Innovative Home Textile Product (b) Non-controlling interests (NCI) Set out below is summarised financial information for Welspun Captive Power Generation Limited that has non-controlling interests that is material to the group.The amounts disclosed for subsidiary is before intercompany eliminations. Summarised Balance Sheet Welspun Captive Power Generation Limited As at March 31, 2019 As at March 31, 2018 Current assets 1,969.02 1,048.20 Current liabilities 1,000.77 205.21 Net current assets 968.25 842.99 Non-current assets 2,053.36 2,046.25
|795| Chap. 30 – Ind AS 112 – Interest in other entities Summarised Balance Sheet Welspun Captive Power Generation Limited As at March 31, 2019 As at March 31, 2018 Non-current liabilities 239.06 1,089.66 Net non-current assets 1,814.30 956.59 Net assets 2,782.55 1,799.58 Accumulated NCI 639.99 413.91 Summarised statement of profit and loss Welspun Captive Power Generation Limited Year Ended 31 March, 2019 Year Ended 31 March, 2018 Revenue 4,649.07 3,634.85 Profit for the year 984.53 540.50 Other comprehensive income (Loss) (1.56) 0.14 Total comprehensive income 982.97 540.64 Profit allocated to NCI 160.88 124.32 Dividends paid to NCI - - Summarised cash flows Welspun Captive Power Generation Limited Year Ended 31 March, 2019 Year Ended 31 March, 2018 Cash flows from operating activities 534.35 700.40 Cash flows from investing activities (399.17) (213.54) Cash flows from financing activities (103.52) (460.20) Net increase/ (decrease) in cash and cash equivalents 31.66 26.66 (c) Transactions with non-controlling interests The Group had 77% stake in Welspun Captive Power Generation Limited on April 1, 2018. On November 15, 2018, the group acquired an additional 18% stake for ` 383.77 million. Immediately prior to the purchase, the carrying amount of the existing 18% non-controlling interest was ` 433.15 million. The group recognised a decrease in non-controlling interests of ` 433.15 million and an increase in equity attributable to owners of the parent of ` 49.38 million. On March 26, 2019, the group sold 18% stake for ` 384.20 million. Immediately prior to the purchase, the carrying amount of the existing 18% stake was ` 498.71 million. The group recognised a increase in non-controlling interests of ` 497.52 million and a decrease in equity attributable to owners of the parent of ` 114.51 million. The effect on the equity attributable to the owners of The Company is summarised as follows: Year Ended 31 March, 2019 Consideration received from non-controlling interests (Net) 0.43 Carrying amount of non-controlling interests acquired (Net) 65.56 Transfer of share of reserves to non-controlling interests (Net) (65.13) ll
|796| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts Chapter 31 Ind AS 113 – Fair Value Measurement 1. ADANI PORTS AND SPECIAL ECONOMIC ZONE LIMITED The Group measures financial instruments, such as, derivatives at fair value at each balance sheet date. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: - In the principal market for the asset or liability, or - In the absence of a principal market, in the most advantageous market for the asset or liability The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their best economic interest. A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable For assets and liabilities that are recognized in the financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. The Group’s Management determines the policies and procedures for both recurring fair value measurement, such as derivative financial instruments and unquoted financial assets measured at fair value and for non recurring fair value measurement, such as an assets under the scheme of business undertaking. External valuers are involved for valuation of significant assets such as business undertaking for transfer under the scheme and unquoted financial assets and financial liabilities. Involvement of external valuers is decided upon annually by the Management and in specific cases after discussion with and approval by the respective company’s Audit Committee. Selection criteria includes market knowledge, reputation, independence and whether professional standards are maintained. The Management decides, after discussions with the Group’s external valuers, which valuation techniques and inputs to use for each case.
|797| Chap. 31 – Ind AS 113 – Fair Value Measurement At each reporting date, the management analyses the movements in the values of assets and liabilities which are required to be remeasured or re-assessed as per the Group’s accounting policies. For this analysis, the Management verifies the major inputs applied in the latest valuation by agreeing the information in the valuation computation to contracts and other relevant documents. The Management, in conjunction with the Group’s external valuers, also compares the change in the fair value of each asset and liability with relevant external sources to determine whether the change is reasonable. For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above. This note summarises accounting policy for fair value. Other fair value related disclosures are given in the relevant notes. 2. ADANI POWER LIMITED The Group measures financial instruments, such as, derivatives at fair value at each balance sheet date. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Group takes into account the characteristics of the asset or liability at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the financial asset or settle the financial liability takes place either: • In the principal market, or • In the absence of a principal market, in the most advantageous market for the asset or liability The principal or the most advantageous market must be accessible by the Group. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: • Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities. • Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. • Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. External valuers are involved for valuation of significant assets, such as unquoted financial assets and financial liabilities and derivatives. At each reporting date, the Management analyses the movements in the values of assets and liabilities which are required to be remeasured or re-assessed as per the Group’s accounting policies. For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above.
|798| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts 45 Fair Value Measurement : a) The carrying value of financial instruments by categories as of 31st March, 2019 is as follows: Particulars Fair Value through other Comprehensive income Fair Value through profit or loss Amortised cost Total Financial Assets Cash and cash equivalents - - 24.54 24.54 Bank balances other than cash and cash equivalents - - 891.34 891.34 Investments - 2.71 0.01 2.72 Trade Receivables - - 8,550.99 8,550.99 Loans - - 1,589.88 1,589.88 Derivative Instruments - 145.82 - 145.82 Other Financial assets - - 2,804.09 2,804.09 Total - 148.53 13,860.85 14,009.38 Financial Liabilities Borrowings - - 46,979.70 46,979.70 Trade Payables - - 6,361.74 6,361.74 Derivative Instruments - 132.25 - 132.25 Other Financial Liabilities - - 471.36 471.36 Total - 132.25 53,812.80 53,945.05 b) The carrying value of financial instruments by categories as of 31st March, 2018 is as follows : Particulars Fair Value through other Comprehensive income Fair Value through profit or loss Amortised cost Total Financial Assets Cash and cash equivalents - - 61.62 61.62 Bank balances other than cash and cash equivalents - - 794.99 794.99 Investments - - 0.01 0.01 Trade Receivables - - 6,069.81 6,069.81 Loans - - 1,393.61 1,393.61 Derivative Instruments - 95.29 - 95.29 Other Financial assets - - 5,960.38 5,960.38 Total - 95.29 14,280.42 14,375.71 Financial Liabilities Borrowings - - 52,834.81 52,834.81 Trade Payables - - 7,626.37 7,626.37 Derivative Instruments - 51.69 - 51.69 Other Financial Liabilities - - 1,593.42 1,593.42 Total - 51.69 62,054.60 62,106.29
|799| Chap. 31 – Ind AS 113 – Fair Value Measurement All amounts are in ` Crores, unless otherwise stated c) The carrying value of financial instruments by categories as of 1st April, 2017 is as follows : Particulars Fair Value through other Comprehensive income Fair Value through profit or loss Amortised cost Total Financial Assets Cash and cash equivalents - - 81.01 81.01 Bank balances other than cash and cash equivalents - - 523.16 523.16 Investments - 164.32 0.01 164.33 Trade Receivables - - 7,704.34 7,704.34 Loans - - 1,251.50 1,251.50 Derivative Instruments - 19.80 - 19.80 Other Financial assets - - 3,271.49 3,271.49 Total - 184.12 12,831.51 13,015.63 Financial Liabilities Borrowings - - 52,484.37 52,484.37 Trade Payables - - 7,399.75 7,399.75 Derivative Instruments - 436.32 - 436.32 Other Financial Liabilities - - 932.12 932.12 Total - 436.32 60,816.24 61,252.56 46 Fair Value hierarchy : Particulars As at 31st March, 2019 Total Level 1 Level 2 Level 3 Assets Investment - 2.71 - 2.71 Derivative Instruments - 145.82 - 145.82 Total - 148.53 - 148.53 Liabilities Derivative instruments - 132.25 - 132.25 Total - 132.25 - 132.25 Particulars As at 31st March, 2018 Total Level 1 Level 2 Level 3 Assets Derivative Instruments - 95.29 - 95.29 Total - 95.29 - 95.29 Liabilities Derivative instruments - 51.69 - 51.69 Total - 51.69 - 51.69
|800| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts Particulars As at 1st April, 2017 Total Level 1 Level 2 Level 3 Assets Investment - 164.32 - 164.32 Derivative Instruments - 19.80 - 19.80 Total - 184.12 - 184.12 Liabilities Derivative instruments - 436.32 - 436.32 Total - 436.32 - 436.32 The fair values of the financial assets and financial liabilities included in the level 2 and level 3 categories above have been determined in accordance with generally accepted pricing models based on a discounted cash flow analysis, with the most significant inputs being the discount rate that reflects the credit risk of counterparties. 3. AJANTA PHARMA LIMITED The Group measures financial instruments, such as, derivatives at fair value at each balance sheet date in accordance with Ind AS 113. Financials Statements have been prepared on the historical cost basis except for the following material items in the statement of financial position: • Derivative financial instruments are measured at fair value received from Bank. • Mutual Funds are measured at fair values as per Net Asset Value (NAV). • Employee Stock Option Plan (ESOP) at fair values as per Actuarial Valuation Report. Fair value is the price that would be received to sell an asset or settle a liability in an ordinary transaction between market participants at the measurement date. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: • Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities. • Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. • Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. For the purpose of fair value disclosures, the company has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above.
|801| Chap. 31 – Ind AS 113 – Fair Value Measurement 4. BAJAJ AUTO LIMITED Initial Measurement Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income (FVTOCI), or fair value through profit or loss (FVTPL). The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Company’s business model for managing them. At initial recognition, the Company measures a financial asset at its fair value including, in the case of ‘a financial asset not at FVTPL’, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at ‘FVTPL’ are expensed in the Statement of Profit and Loss, when incurred. Trade receivables that do not contain a significant financing component or for which the Company has applied the practical expedient are measured at the transaction price determined under Ind AS 115. For a financial asset to be classified and subsequently measured at amortised cost or FVTOCI (excluding equity instruments which are measured at FVTOCI), it needs to give rise to cash flows that are ‘solely payments of principal and interest (SPPI)’ on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. The Company’s business model for managing financial assets refers to how it manages its financial assets to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Subsequent Measurement Subsequent measurement of financial assets depends on the Company’s business model for managing the financial asset and the cash flow characteristics of the financial asset. There are three measurement categories into which the Company classifies its financial instruments: Subsequently measured at amortised cost: A ‘debt instrument’ is measured at the amortised cost if both the following conditions are met: a) The asset is held within a business model whose objective is to hold assets for collecting contractual cash flows, and b) Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding. Financial assets that are held for collection of contractual cash flows where those cash flows represent SPPI are measured at amortised cost e.g. debentures, bonds, fixed maturity plans, trade receivables etc. This category is the most relevant to the Company. After initial measurement, such financial assets are subsequently measured at amortised cost using the effective interest rate (EIR) method. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. Interest income from trade receivables is included in other operating income in the Statement of Profit and Loss; whilst interest income from the remaining financial assets is included in other income in the Statement of Profit and Loss. The losses arising from impairment are recognised in the Statement of Profit and Loss. A gain or loss on a financial asset that is subsequently measured at amortised cost is recognised in the Statement of Profit and Loss when the asset is derecognised or impaired. In case of fixed maturity plans (FMP), they are measured at amortised cost, if the Company intends to hold the FMPs to maturity. Further, the Company applies amortised cost for those FMPs where the Company is able to demonstrate that the underlying instruments in the portfolio would fulfill the SPPI test and the churn in the underlying portfolio is negligible. These conditions are assessed at each balance sheet date. If these conditions are not fulfilled, then FMPs are valued at FVTPL.
|802| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts Subsequently measured at FVTOCI: All equity investments in scope of Ind AS 109 are measured at fair value. Equity instruments which are held for trading, if any, are classified as at FVTPL. For all other equity instruments, the Company may make an irrevocable election to present in other comprehensive income subsequent changes in the fair value. The Company makes such election on an instrument-by-instrument basis. The classification is made on initial recognition and is irrevocable. Equity instruments included within the FVTOCI category are measured initially as well as at each reporting date at fair value. Fair value movements are recognised in the other comprehensive income (OCI). If the Company decides to classify an equity instrument as at FVTOCI, then all fair value changes on the instrument, excluding dividends, are recognised in the OCI. There is no recycling of the amounts from OCI to Statement of Profit and Loss, even on sale of investment. However, the Company may transfer the cumulative gain or loss within equity. Subsequently measured at FVTPL: Financial assets that do not meet the criteria for amortised cost and FVTOCI are measured at fair value through profit or loss e.g. investments in mutual funds. A gain or loss on a financial asset that is subsequently measured at fair value through profit or loss is recognised in profit or loss and presented net in the Statement of Profit and Loss within other gains/(losses) in the period in which it arises. In addition, the Company may elect to designate a debt instrument, which otherwise meets amortised cost or FVTOCI criteria, as at FVTPL. However, such election is allowed only if doing so reduces or eliminates a measurement or recognition inconsistency (referred to as ‘accounting mismatch’). The Company has designated investments in mutual funds (other than FMP) as at FVTPL. Debt instruments included within the FVTPL category are measured at fair value with all changes recognised in the Statement of Profit and Loss. 31 Fair value measurement i) Financial instruments by category (` In Crore) Particulars 31 March 2019 31 March 2018 FVTPL FVTOCI Amortised Cost FVTPL FVTOCI Amortised Cost Financial assets Investments – Equity – 994.23 – – – – – Bonds and debentures – – 327.36 – – 318.69 – Fixed maturity plans – – 12,338.11 10,878.57 – – – Short-term mutual funds 4,009.68 – – 4,653.15 – – – Liquid mutual funds 267.26 – – 417.59 – – – Commercial papers – – – – – 97.58 Trade receivables – – 2,559.69 – – 1,491.87 Loans – – 37.97 – – 36.90 Other financial assets – – 47.11 – – 19.06 Cash and cash equivalents – – 905.38 – – 760.94 Other bank balances – – 17.43 – – 17.06 Derivative financial assets – 65.85 – – 60.32 – Total financial assets 4,276.94 1,060.08 16,233.05 15,949.31 60.32 2,742.10
|803| Chap. 31 – Ind AS 113 – Fair Value Measurement Particulars 31 March 2019 31 March 2018 FVTPL FVTOCI Amortised Cost FVTPL FVTOCI Amortised Cost Financial liabilities Sales tax deferral – – 124.52 – – 120.77 Trade payables – – 3,786.73 – – 3,244.32 Other financial liabilities – – 370.97 – – 329.26 Total financial liabilities – – 4,282.22 – – 3,694.35 ii) Fair value hierarchy This section explains the judgments and estimates made in determining the fair values of the financial instruments that are recognised and measured at fair value. To provide an indication about the reliability of the inputs used in determining fair value, the Company has classified its financial instruments into the three levels prescribed under the accounting standard. An explanation of each level follows underneath the table. Financial assets measured at fair value - recurring fair value measurements at 31 March 2019 (` In Crore) Particulars Note No. Level 1 Level 2 Level 3 Total Financial investments at FVTPL – Short-term mutual funds 5 4,009.68 – – 4,009.68 – Liquid mutual funds 5 267.26 – – 267.26 Financial investments at FVTOCI Derivatives designated as hedges – Forward contracts 7 – – – – – Option contracts 7 – 65.85 – 65.85 Equity Investment 5 994.23 – – 994.23 Total financial assets 5,271.17 65.85 – 5,337.02 Assets disclosed at fair value - at 31 March 2019 (` In Crore) Particulars Note No. Level 1 Level 2 Level 3 Total Investment property 3 – 201.20 – 201.20 Financial assets measured at fair value - recurring fair value measurements - at 31 March 2018 (` In Crore) Particulars Note No. Level 1 Level 2 Level 3 Total Financial investments at FVTPL – Fixed maturity plans 5 – 10,878.57 – 10,878.57 – Short-term mutual funds 5 4,653.15 – – 4,653.15 – Liquid mutual funds 5 417.59 – – 417.59 Financial investments at FVTOCI – Forward contracts 7 – 9.90 – 9.90 – Option contracts 7 – 50.42 – 50.42 Total financial assets 5,070.74 10,938.89 – 16,009.63
|804| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts Assets disclosed at fair value - at 31 March 2018 Particulars Note No. Level 1 Level 2 Level 3 Total Investment property 3 – 199.31 – 199.31 Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices in active markets. Quotes would include rates/values/valuation references published periodically by BSE, NSE etc. basis which trades take place in a linked or unlinked active market. This includes traded bonds and mutual funds, as the case may be, that have quoted price/rate/value. Level 2: The fair value of financial instruments that are not traded in an active market are determined using valuation techniques which maximise the use of observable market data (either directly as prices or indirectly derived from prices) and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case for unlisted equity securities, contingent consideration and indemnification asset included in level 3. Valuation Techniques used to determine fair value Valuation Techniques used to determine fair value include • Open ended mutual funds at NAV’s/rates declared and/or quoted • Derivative Instruments at values determined by counter parties/Banks using market observable data iii) Fair value of financial assets and liabilities measured at amortised cost (` In Crore) Particulars 31 March 2019 31 March 2018 Carrying Amount Fair value Carrying Amount Fair value Financial assets Investments Bonds and debentures 327.36 329.53 318.69 322.58 Fixed maturity plans 12,338.11 12,428.55 – – Total financial assets 12,665.47 12,758.08 318.69 322.58 The carrying amounts of commercial papers, certificate of deposits, trade receivables, trade payables, other financial assets/liabilities, loans and cash and cash equivalents are considered to be the same as their fair values, due to their short-term nature. 5. DR REDDY’S LABORATORIES LIMITED The Company’s accounting policies and disclosures require the determination of fair value, for certain financial and non-financial assets and liabilities. Fair values have been determined for measurement and/ or disclosure purposes based on the following methods. When applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to that asset or liability. a) Property, plant and equipment Property, plant and equipment, if acquired in a business combination or through an exchange of non monetary assets, is measured at fair value on the acquisition date. For this purpose, fair value is based on appraised market values and replacement cost. b) Intangible assets The fair value of brands, technology related intangibles, and patents and trademarks acquired in a business combination is based on the discounted estimated royalty payments that have been avoided as a result
|805| Chap. 31 – Ind AS 113 – Fair Value Measurement of these brands, technology related intangibles, patents or trademarks being owned (the “relief of royalty method”). The fair value of customer related, product related and other intangibles acquired in a business combination has been determined using the multi-period excess earnings method. Under this method, value is estimated as the present value of the benefits anticipated from ownership of the intangible assets in excess of the returns required or the investment in the contributory assets necessary to realise those benefits. c) Inventories The fair value of inventories acquired in a business combination is determined based on its estimated selling price in the ordinary course of business less the estimated costs of completion and sale, and a reasonable profit margin based on the effort required to complete and sell the inventories. d) Investments in equity and debt securities and units of mutual funds The fair value of marketable equity and debt securities is determined by reference to their quoted market price at the reporting date. For debt securities where quoted market prices are not available, fair value is determined using pricing techniques such as discounted cash flow analysis. In respect of investments in mutual funds, the fair values represent net asset value as stated by the issuers of these mutual fund units in the published statements. Net asset values represent the price at which the issuer will issue further units in the mutual fund and the price at which issuers will redeem such units from the investors. Accordingly, such net asset values are analogous to fair market value with respect to these investments, as transactions of these mutual funds are carried out at such prices between investors and the issuers of these units of mutual funds. e) Derivatives The fair value of foreign exchange forward contracts is estimated by discounting the difference between the contractual forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate (based on government bonds). The fair value of foreign currency option and swap contracts and interest rate swap contracts is determined based on the appropriate valuation techniques, considering the terms of the contract. f) Non-derivative financial liabilities Fair value, which is determined for disclosure purposes, is calculated based on the present value of future principal and interest cash flows, discounted at the market rate of interest at the reporting date. For finance leases the market rate of interest is determined by reference to similar lease agreements. In respect of the Company’s borrowings that have floating rates of interest, their fair value approximates carrying value. 6. FORTIS HEALTHCARE LIMITED A number of the accounting policies and disclosures require measurement of fair values, for both financial and non-financial assets and liabilities. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). The Group has an established control framework with respect to the measurement of fair values. This includes a finance team that has overall responsibility for overseeing all significant fair value measurements, including Level 3 fair values. When measuring the fair value of an asset or a liability, the Group uses observable market data as far as possible. If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Group recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.
|806| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts 7. HERO MOTOCORP LIMITED Financial assets at fair value through the Statement of profit and loss (FVTPL) Investments in equity instruments are classified as at FVTPL, unless the Company irrevocably elects on initial recognition to present subsequent changes in fair value in other comprehensive income for investments in equity instruments which are not held for trading. Debt instruments that do not meet the amortised cost criteria or FVTOCI criteria are measured at FVTPL. In addition, debt instruments that meet the amortised cost criteria or the FVTOCI criteria but are designated as at FVTPL are measured at FVTPL. A financial asset that meets the amortised cost criteria or debt instruments that meet the FVTOCI criteria may be designated as at FVTPL upon initial recognition if such designation eliminates or significantly reduces a measurement or recognition inconsistency that would arise from measuring assets or liabilities or recognising the gains and losses on them on different bases. The Company has not designated any debt instrument as at FVTPL. Financial assets at FVTPL are measured at fair value at the end of each reporting period, with any gains or losses arising on re-measurement recognised in the Statement of profit and loss. The net gain or loss recognised in the Statement of profit and loss incorporates any dividend or interest earned on the financial asset and is included in the ‘Other income’ line item. Dividend on financial assets at FVTPL is recognised when the company’s right to receive the dividends is established, it is probable that the economic benefits associated with the dividend will flow to the entity, the dividend does not represent a recovery of part of cost of the investment and the amount of dividend can be measured reliably. Disclosure Fair value of the Group’s financial assets that are measured at fair value on a recurrin g basis: There are certain Group’s financial assets which are measured at fair value at the end o f each reporting period. Following table gives information about how the fair values of these finan cial assets are determined: Fair value as at March 31, 2018 Level 1 Level 2 Level 3 Financial assets at fair value through profit or loss Non-current Investments in mutual funds - 645.77 - Investments in equity instruments 5.31 - - Investments in other instruments - - - Current Investments in mutual funds 5,397.55 193.57 - Fair value as at March 31, 2019 Level 1 Level 2 Level 3 Financial assets at fair value through profit or loss Non-current Investments in mutual funds - 975.79 - Investments in equity instruments 4.29 - - Current Investments in mutual funds 2,952.57 63.85 - Investments in equity instruments 6.78 - - Investments in Debentures/Bonds - - 130.00
|807| Chap. 31 – Ind AS 113 – Fair Value Measurement Fair value of the Group’s financial assets that are not measured at fair value (but fair value disclosures are required) Except as detailed out in the following table, the management c onsiders that the carrying amounts of financial assets and financial liabilities recognised in the financial instruments approximate their fair values: March 31, 2019 March 31, 2018 Carrying amount Fair value Carrying amount Fair value Financial assets at amortised cost Non-current Investments in bonds 253.98 250.82 267.41 273.71 Current Investments in bonds 20.68 27.48 - - Fair value hierarchy March 31, 2019 Level 2 March 31, 2018 Level 2 Financial assets at amortised cost Non-current Investments in bonds 250.82 273.71 Current Investments in bonds 27.48 - 8. INTERGLOBE AIRWAYS LIMITED (INDIGO) Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: - In the principal market for the asset or liability, or - In the absence of a principal market, in the most advantageous market for the asset or liability The principal or the most advantageous market must be accessible to/ by the Company. All assets and liabilities for which fair value is measured or disclosed in the standalone financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: • Level 1 — Quoted (unadjusted) prices in active markets for identical assets or liabilities • Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable • Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable For assets and liabilities that are recognised in the standalone financial statements on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by reassessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. For the purpose of fair value disclosures, the Company has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above.
|808| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts The Company measures financial instruments, such as, investments (other than investment in subsidiaries), at fair value at each reporting date. Disclosure Fair value measurement and financial instruments a. Financial instruments – by category and fair values hierarchy The following table shows the carrying amounts and fair value of financial assets and financial liabilities, including their levels in the fair value hierarchy. (i) As at 31 March 2019 Particulars Note Carrying value Fair value measurement using FVTPL FVOCI Amortised Cost Total Level 1 Level 2 Level 3 Financial assets Non-current Investments 5 0.15 - - 0.15 - - 0.15 Loans 6 - - 5,843.97 5,843.97 - - 6,312.98 Other financial assets* 7 - - 1,988.21 1,988.21 Current Investments 5 Mutual funds 64,215.70 - - 64,215.70 - 64,215.70 - Fixed rate nonconvertible debentures* - - 950.00 950.00 Trade receivables* 10 - - 3,624.67 3,624.67 Cash and cash equivalents* 11 - - 7,284.17 7,284.17 Bank balances other than cash and cash equivalents* 12 - - 78,935.80 78,935.80 Loans 6 - - 4,669.61 4,669.61 - - 4,701.79 Other financial assets* 7 - - 7,925.20 7,925.20 Total 64,215.85 - 111,221.63 175,437.48 Financial liabilities Non-current Borrowings# 15.a - - 21,936.69 21,936.69 - - 21,936.69 Other financial liabilities Supplementary rentals 15.b - - 31,436.06 31,436.06 - - 31,817.12 Aircraft maintenance 15.b - - 2,301.32 2,301.32 - - 2,294.58 Other liabilities 15.b - - 141.56 141.56 - - 151.03 Current Trade payables* 17 - - 14,528.07 14,528.07
|809| Chap. 31 – Ind AS 113 – Fair Value Measurement Particulars Note Carrying value Fair value measurement using FVTPL FVOCI Amortised Cost Total Level 1 Level 2 Level 3 Other current financial liabilities Interest accrued but not due on borrowings# 15.b - - 176.13 176.13 - - 176.13 Current maturities of finance lease obligations# 15.b - - 2,355.02 2,355.02 - - 2,355.02 Supplementary rentals 15.b - - 17,958.65 17,958.65 - - 18,007.26 Aircraft maintenance* 15.b - - 332.90 332.90 Unclaimed dividend* 15.b - - 0.08 0.08 Other liabilities* 15.b - - 407.70 407.70 Total - - 91,574.18 91,574.18 (ii) As at 31 March 2018 Particulars Note Carrying value Fair value measurement using FVTPL FVOCI Amortised Cost Total Level 1 Level 2 Level 3 Financial assets Non-current Investments 5 0.17 - - 0.17 - - 0.17 Loans 6 - - 6,831.34 6,831.34 - - 7,075.92 Other financial assets* 7 - - 8,195.22 8,195.22 Current Investments - mutual funds 5 63,439.12 - - 63,439.12 - 63,439.12 - Trade receivables* 10 - - 2,263.15 2,263.15 Cash and cash equivalents* 11 - - 6,707.18 6,707.18 Bank balances other than cash and cash equivalents* 12 - - 59,099.73 59,099.73 Loans 6 - - 1,914.95 1,914.95 - - 1,914.95 Other financial assets* 7 - - 4,580.01 4,580.01 Total 63,439.29 - 89,591.58 153,030.87 Financial liabilities Non-current Borrowings# 15.a - - 22,413.70 22,413.70 - - 22,413.70 Other financial liabilities
|810| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts Particulars Note Carrying value Fair value measurement using FVTPL FVOCI Amortised Cost Total Level 1 Level 2 Level 3 Supplementary rentals 15.b - - 29,700.32 29,700.32 - - 30,051.06 Aircraft maintenance 15.b - - 233.03 233.03 - - 233.03 Other liabilities 15.b - - 25.73 25.73 - - 25.73 Current Trade payables* 17 - - 10,002.01 10,002.01 Other current financial liabilities Interest accrued but not due on borrowings# 15.b - - 129.25 129.25 - - 129.25 Current maturities of finance lease obligations# 15.b - - 2,113.51 2,113.51 - - 2,113.51 Supplementary rentals 15.b - - 11,977.81 11,977.81 - - 12,005.57 Aircraft maintenance* 15.b - - 1,252.19 1,252.19 Unclaimed dividend* 15.b - - 0.07 0.07 Total - - 77,847.62 77,847.62 # The Group’s borrowings have been contracted at floating rates of interest, which resets at short intervals. Accordingly, the carrying value of such borrowings (including interest accrued but not due) approximates fair value. * The carrying amounts of trade receivables, trade payables, cash and cash equivalents, bank balances other than cash and cash equivalents, fixed rate non- convertible debentures, aircraft maintenance-current, unclaimed dividend and other current financial assets, approximates the fair values, due to their short-term nature. The other non-current financial assets represents bank deposits (due for maturity after twelve months from the reporting date) and interest accrued but not due on bank deposits, the carrying value of which approximates the fair values as on the reporting date. The fair values for loans were calculated based on discounted cash flows using a current lending rate. They are classified as level 3 fair values in the fair value hierarchy due to the inclusion of unobservable inputs including counterparty credit risk. The fair values of supplementary rentals, aircraft maintenance-non-current and other liabilities are based on discounted cash flows using a current borrowing rate. They are classified as level 3 fair values in the fair value hierarchy due to the use of unobservable inputs, including own credit risk. There has been no transfers between Level 1, Level 2 and Level 3 for the year ended 31 March 2019 and 31 March 2018. Valuation technique used to determine fair value Specific valuation techniques used to value financial instruments include: - the use of NAV for mutual funds - the fair value of the remaining financial instruments is determined using discounted cash flow method.
|811| Chap. 31 – Ind AS 113 – Fair Value Measurement Valuation processes The finance department of the Group includes a team that performs the valuations of financial assets and liabilities required for financial reporting purposes, including level 3 fair values. This team reports directly to the Senior Management. Discussions on valuation and results are held between the Senior Management and valuation team atleast once every quarter in line with the Group’s quarterly reporting periods. 9. JUBILANT FOODWORKS LIMITED The Group measures financial instruments at fair value at each balance sheet date. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: • In the principal market for asset or liability, or • In the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities. Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above.
|812| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts 44. FAIR VALUE HIERARCHY The following table provides the fair value measurement hierarchy of the group’s assets Quantitative disclosures fair value measurement hierarchy for assets as at March 31, 2019: (` in lakhs) Financial assets Date of valuation Fair value measurement using Total Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) Financial Assets Assets measured at fair value: Investments March 31, 2019 18,079.73 18,079.73 - - Quantitative disclosures fair value measurement hierarchy for assets as at March 31, 2018: (` in lakhs) Financial assets Date of valuation Fair value measurement using Total Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) Financial Assets Assets measured at fair value: Investments March 31, 2018 26,310.15 26,310.15 - - 10. PC JEWELLER LIMITED Financial assets Initial recognition and measurement Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the financial instrument and are measured initially at fair value adjusted for transaction costs. Subsequent measurement i. Financial instruments at amortised cost – the financial instrument is measured at the amortised cost if both the following conditions are met: • The asset is held within a business model whose objective is to hold assets for collecting contractual cash flows, and • Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding. After initial measurement, such financial assets are subsequently measured at amortised cost using the effective interest rate (EIR) method. All the debt instruments of the Group are measured at amortised cost. ii. Mutual funds – All mutual funds in scope of Ind AS 109 are measured at fair value through profit and loss (FVTPL).
|813| Chap. 31 – Ind AS 113 – Fair Value Measurement De-recognition of financial assets A financial asset is primarily de-recognised when the rights to receive cash flows from the asset have expired or the Group has transferred its rights to receive cash flows from the asset. Financial liabilities Initial recognition and measurement All financial liabilities are recognised initially at fair value and transaction cost that is attributable to the acquisition of the financial liabilities is also adjusted. These liabilities are classified as amortised cost. Subsequent measurement Subsequent to initial recognition, these liabilities are measured at amortised cost using the effective interest method. These liabilities include borrowings. De-recognition of financial liabilities A financial liability is de-recognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the de-recognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit and loss. Disclosure Financial assets and liabilities measured at fair value - recurring fair value measurements (` in crores) Level 1 Level 2 Level 3 Total As at 31 March 2019 Financial assets Investments at fair value through profit and loss Mutual funds 8.39 - - 8.39 Derivative instruments Option to fix prices of gold in purchase contracts 15.96 - - 15.96 Forward contracts - 47.22 - 47.22 Total financial assets 24.35 47.22 - 71.57 As at 31 March 2018 Financial assets Investments at fair value through profit and loss Mutual funds 18.63 - - 18.63 Derivative instruments Forward contracts - 7.16 - 7.16 Total financial assets 18.63 7.16 - 25.79 Financial liabilities Derivative instruments Option to fix prices of gold in purchase contracts 20.27 - - 20.27 Total financial liabilities 20.27 - - 20.27
|814| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts 11. SPICEJET LIMITED The Group measures financial instruments, such as, derivatives at fair value at each balance sheet date. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: • In the principal market for the asset or liability, or • In the absence of a principal market, in the most advantageous market for the asset or liability The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their best economic interest. A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: • Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities • Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable • Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Involvement of external valuers is decided upon annually by the Group. At each reporting date, the Group analyses the movements in the values of assets and liabilities which are required to be remeasured or re-assessed as per the accounting policies. For this analysis, the Group verifies the major inputs applied in the latest valuation by agreeing the information in the valuation computation to contracts and other relevant documents. Other fair value related disclosures are given in the relevant notes (Refer Note 50). For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above. 51. Fair Value Hierarchy The following table provides the fair value measurement hierarchy of the Group’s assets and liabilities are measured at fair value in the Balance Sheet. Particulars Fair value hierarchy as at March 31, 2019 Level 1 Level 2 Level 3 Investments in mutual funds 3.63 - - Equity Investments - - 0.24 Particulars Fair value hierarchy as at March 31, 2018 Level 1 Level 2 Level 3 Investments in mutual funds 1,012.62 - - Equity Investments - - 0.24
|815| Chap. 31 – Ind AS 113 – Fair Value Measurement 12. TATA COFFEE LIMITED All financial instruments are required to be fair valued as at the balance sheet date, as provided in Ind AS 109 and Ind AS 113. Being a critical estimate, judgement is exercised to determine the carrying values. The fair value of financial instruments that are unlisted and not traded in an active market is determined at fair values assessed based on recent transactions entered into with third parties, based on valuation done by external appraisers etc., as applicable. Fair valuations of agricultural produce are derived based on the market rates published by the industrial body for various grades. Note No. 39 - Fair Value Measurement A. Fair Value Measurement-Agricultural Produce Agricultural produce is the harvested produce of the entity’s Biological Assets (Bearer Plants) at the point of Harvest. Green Bean in Fruit form, Green Pepper and Green Tea at the point of plucking falls within the definition of Agricultural Produce at the point of Harvest. The Company uses a Valuation technique that is appropriate in the circumstances and for which sufficient data are available to measure the fair value, maximising the use of relevant observable inputs. Accordingly, the Company follows a Market Approach as permitted under Indian Accounting Standard Ind AS-113- ‘Fair Value Measurement’. Particulars Fair value hierarchy Valuation technique(s) and key input(s) 1) Arabica Level 2 input Market Approach 2) Robusta Level 2 input Market Approach 3) Pepper Level 2 input Market Approach 4) Tea Level 2 input Market Approach (i) Fair Valuation of Coffee The Coffee on reporting dates are avilable in (a) Fruit Form (b) Dried Uncured form and (c) at Cured Coffee level. There is no active quoted market for Green Bean in Fruit Form. Hence, Level 1 inputs (unadjusted quoted prices in active markets for identical assets or liabilities) are not available for valuation. The Coffee Board publishes Daily Market Prices of Arabica Parchment, Arabica Cherry, Robusta Parchment and Robusta Cherry at Dried Uncured Coffee level. Based on the well established conversion norms and the Coffee Board prices, the cured equivalent of fair valuation of Fruit Coffee are arrived at based on Level 2 observable inputs. The Valuation is carried out at the Fruit Coffee Level, while the the quoted prices are available at the Dried Coffee level. Hence, the fair value measurement is satisfying the conditions for applying Level 2 of the Fair Value hierarchy. Suitable adjustments based on conversion norms applicable for the dried uncured Coffee and Cured Coffee are carried out to arrive at the corresponding Fair Value at these stages. (ii) Fair Valuation of Pepper The Spices Board of India publishes the average market rates for Pepper MG1 Grade. Since the Company produces and markets Pepper in various grades, apart from MG1, the quoted Prices for MG1 are considered as Level 2 inputs being quoted prices of Various Grades. The MG1 rate is applied to the Company’s estimated grade % for black pepper production and the composite weighted average fair value is arrived at and after making adjustments for subsequent processes. The fair value so arrived at becomes the Ind AS 2 Inventory rate /value and thereafter regular inventory accounting process is followed.
|816| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts (iii) Fair Valuation of Tea The tea leaves at the point of plucking are designated as Agricultural Produce at the point of harvest. The fair valuations are based on the auction prices of Made Tea and are suitably adjusted based on conversion norms to arrive at the fair valuation of green leaves. B. Fair Value of Equity The Fair value of equity investments except investments in subsidiaries are based on Quoted prices available on last reporting ratewhich is a Level input. 13. TORRENT POWER LIMITED Initial measurement Financial assets are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets (other than financial assets at fair value through profit or loss) are added to or deducted from the fair value of the financial assets, as appropriate, on initial recognition. Transaction costs that are directly attributable to the acquisition or issue of financial assets at fair value through profit or loss are recognised immediately in profit or loss. iii) Subsequent measurement There are three measurement categories into which the debt instruments can be classified: • Amortised cost Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. A gain or loss on a debt investment that is subsequently measured at amortised cost and is not part of a hedging relationship is recognised in profit or loss when the asset is derecognised or impaired. Interest income from these financial assets is included in finance income using the effective interest rate method. • Fair value through other comprehensive income (FVOCI) Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets’ cash flows represent solely payments of principal and interest, are measured at fair value through other comprehensive income (FVOCI). Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest revenue and foreign exchange gains and losses which are recognised in profit and loss. When the financial asset is derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from equity to profit or loss and recognised in other gains / (losses). Interest income from these financial assets is included in other income using the effective interest rate method. Foreign exchange gains and losses are presented in other gains and losses and impairment expenses in other expenses. • Fair value through profit or loss (FVTPL) Assets that do not meet the criteria for amortised cost or FVOCI are measured at fair value through profit or loss. A gain or loss on a debt investment that is subsequently measured at fair value through profit or loss and is not part of a hedging relationship is recognised in profit or loss and presented net in the consolidated statement of profit and loss within other gains / (losses) in the period in which it arises. Interest income from these financial assets is included in other income. 14. TVS MOTOR COMPANY LIMITED At Initial recognition, the Group measures a financial asset at its fair value plus (in the case of a financial asset not a fair value through profit or loss) transaction cost that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss.
|817| Chap. 31 – Ind AS 113 – Fair Value Measurement Debt Instruments: Subsequent measurement of debt instruments depends on the Group’s business model for managing the asset and the cash flow characteristics of the asset. There are two measurement categories into which the Group classifies its debt instruments. Amortised Cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. A gain or loss on debt investment that is subsequently measured at amortised cost and is not part of a hedging relationship is recognised in profit or loss when the asset is de-recognised or impaired. Interest income from these financial assets is included in finance income using the effective interest rate method. Fair Value through profit or loss: Assets that do not meet the criteria for amortised cost or Fair Value through Other Comprehensive Income (FVOCI) are measured at Fair Value Through Profit or Loss (FVTPL). A gain or loss on a debt investment that is subsequently measured at FVTPL and is not part of a hedging relationship is recognised in profit or loss and presented in the statement of profit and loss within other gains / (losses) in the period in which it arises. Interest income from these financial assets is included in other income. Equity instruments: The Group subsequently measures all investments in equity (except of the subsidiaries/associate) at fair value. Where the Group’s management has elected to present fair value gains and losses on equity investments in other comprehensive income, there is no subsequent reclassification of fair value gains and losses to profit or loss. Dividends from such investments are recognised in profit or loss as other income when the Group’s right to receive payments is established. Impairment losses (and reversal of impairment losses) on equity investments measured at FVOCI are not reported separately. Where the Group elects to measure fair value through profit and loss, changes in the fair value of such financial assets are recognised in the statement of profit and loss. Disclosure 31 FAIR VALUE MEASUREMENTS Particulars As at 31-03-2019 As at 31-03-2018 FVTPL* FVOCI* Amortised cost FVTPL* FVOCI* Amortised cost Financial assets Investments – 92.59 – – 105.71 – - Equity instruments - Preference shares – – 27.45 – – 12.70 - Other non current investments 0.46 18.81 – 0.94 10.11 – - Debt Instruments – – 170.49 – – 164.58 Trade receivables – – 1,546.07 – – 1,070.88 Fixed deposit with banks – – 38.53 – – 66.42 Cash and cash equivalents – – 163.04 – – 102.10 Derivative financial assets 15.03 – – – – – Other financial assets – – 86.47 – – 83.63 Total financial assets 15.49 111.40 2,032.05 0.94 115.82 1,500.31 Financial liabilities Borrowings – – 9,298.05 – – 6,927.54
|818| Mandatory Accounting Standards (Ind AS) — Extracts from Published Accounts Particulars As at 31-03-2019 As at 31-03-2018 FVTPL* FVOCI* Amortised cost FVTPL* FVOCI* Amortised cost Trade payables – – 3,159.68 – – 2,650.84 Derivative financial liability – 13.89 – 1.69 2.60 – Other financial liability – – 167.35 – – 148.79 Total financial liabilities – 13.89 12,625.08 1.69 2.60 9,727.17 * FVTPL - Fair Valued Through Profit and Loss FVOCI - Fair Valued Through Other Comprehensive Income (i) 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 financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the Company has classified its financial instruments into the three levels prescribed under the accounting standard. An explanation of each level follows underneath the table. Financial assets and liabilities measured at fair value - recurring fair value measurements As at 31-03-2019 Notes Level 1 Level 2 Level 3 Total Financial assets Financial Investments at FVTPL 4 0.46 – – 0.46 Financial Investments at FVOCI 4 72.27 18.81 20.32 111.40 Derivatives 13 – 15.03 – 15.03 Financial liabilities 72.73 33.84 20.32 126.89 Derivatives 22 – 13.89 – 13.89 – 13.89 – 13.89 Assets and liabilities which are measured at amortised cost for which fair values are disclosed As at 31-03-2019 Notes Level 1 Level 2 Level 3 Total Financial assets Investments Preference shares 4 27.45 27.45 Debt instruments 4 170.49 170.49 – – 197.94 197.94 Financial liabilities Borrowings 17, 20, 22 9,298.05 9,298.05 – – 9,298.05 9,298.05 Financial assets and liabilities measured at fair value - recurring fair value measurements As at 31-03-2018 Notes Level 1 Level 2 Level 3 Total Financial assets Financial Investments at FVTPL 4 0.94 – – 0.94 Financial Investments at FVOCI 4 82.51 10.11 23.20 115.82 Financial liabilities 83.45 10.11 23.20 116.76 Derivatives 22 – 4.29 – 4.29 – 4.29 – 4.29
|819| Chap. 31 – Ind AS 113 – Fair Value Measurement Assets and liabilities which are measured at amortised cost for which fair values are disclosed As at 31-03-2018 Notes Level 1 Level 2 Level 3 Total Financial assets Investments Preference shares 4 – – 12.70 12.70 Debt instruments 4 – – 164.58 164.58 – – 177.28 177.28 Financial liabilities Borrowings 17, 20, 22 – – 6,927.54 6,927.54 – – 6,927.54 6,927.54 ll