(ii) The Company has not received any fund from any party(s) (Funding Party) with the understanding that the Company shall whether, directly or indirectly lend or invest in other persons or entities identifi ed by or on behalf of the Company (“Ultimate Benefi ciaries”) or provide any guarantee, security or the like on behalf of the Ultimate Benefi ciaries. 36. The Company has not extended any loans or advances in the nature of loans to its promoters, directors, key managerial personnel and its related parties, as defi ned under the Act, during the years ended 31 March 2023 and 31 March 2022. 37. Fair value hierarchy (i) Financial assets and financial liabilities at fair value on a recurring basis as of the reporting dates are as follows: As at 31 March 2023 31 March 2022 Financial assets Fair value hierarchy (Level 1) Quoted equity shares 0.30 0.20 Fair value hierarchy (Level 3) Unquoted equity shares 2.60 2.60 There are no transfers between levels during the current and previous year ended 31 March 2023 and 31 March 2022 respectively. The Company’s policy is to recognise transfers into and transfers out of fair value hierarchy levels at the end of the reporting period. (ii) Valuation technique and inputs used for level 3 instruments: The fair value of the level 3 instruments has been estimated using the discounted cash fl ow model. The valuation requires management to make certain assumptions about the model inputs, including forecasting of cash fl ows, discount rate, credit risk and volatility. The probabilities of the various estimates within the range can be reasonably assessed and are used in the management’s estimate of the fair value for these level 3 instruments. The signifi cant unobservable inputs used in the fair value measurement categorised within Level 3 of the fair value hierarchy as at 31 March 2023 and 31 March 2022 are as shown below. Significant unobservable inputs Assumption made Future growth rate 3% Discount rate 20% Discount for lack of marketability 15% (iii) Reconciliation of level 3 fair value measurement: Amount As at 1 April 2021 2.60 Changes during the year - As at 31 March 2022 2.60 Changes during the year - As at 31 March 2023 2.60 Summary of the significant accounting policies and other explanatory information (All amounts in ` millions, except share data and where otherwise stated) 229 Standalone | Financial Statements
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