169 d) Fair value of financial assets and liabilities measured at amortised cost (` lakhs) Particulars As at March 31, 2022 As at March 31, 2021 Carrying amount | Fair value Carrying amount | Fair value Financial assets Security deposits for utilities and premises 22.66 37.35 Sales tax paid under protest - 0.50 Total financial assets 22.66 37.85 Financial liabilities Borrowings 5,105.32 565.05 Lease liability - 0.87 Total financial liabilities 5,105.32 565.92 The carrying amounts of trade receivables, bank deposits with less than 12 months maturity, cash and cash equivalents, trade payables, capital creditors, employee benefits payable, payable towards expenses and security deposits payable are considered to be the same as their fair values due to the current and short-term nature of such balances. The fair values of non-current borrowings 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. For financial assets and liabilities that are measured at fair value, the carrying amounts are equal to the fair values. Note 26.7 Financial risk management The business activities of the Group are exposed to a variety of financial risks, namely liquidity risk, market risk and credit risk. Responsibility for the establishment and oversight of the risk management framework lies with the Senior Management of the Group. The Group has constituted a Risk Management Committee, which is responsible for developing andmonitoring the risk management policies of the Group. The key risks andmitigating actions are also placed before the Audit Committee of the Group. The risk management policies are established to identify and analyse the risks faced by the Group, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the activities of the Group. The Risk Management Committee of the Group is supported by the Finance team and experts who provide assurance that the financial risk activities of the Group are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the policies and risk objectives of the Group. The objective of the Management is to maintain financial risk and market risk within acceptable parameters, while optimising returns. This note explains the risks which the Group is exposed to and how the Group manages the risks in the Consolidated Financial Statements. Note 26.6 Fair value measurements (continued)
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