Datasonic Group Berhad Annual Report 2019

Notes to the Financial Statements (Cont’d) For the Financial Year ended 31 March 2019 47. FINANCIAL INSTRUMENTS (CONT’D) 47.4 FAIR VALUE INFORMATION (CONT’D) (a) Fair Value of Financial Instruments Carried at Fair Value (i) The fair values above have been determined using the following basis:- (aa) The fair value of the club membership is estimated based on its market price. (bb) The fair values of short-terminvestments aremeasuredat their quotedclosingbidprices at the end of the financial year. (ii) There were no transfer between level 1 and level 2 during the financial year. (b) Fair Value of Financial Instruments not Carried at Fair Value The fair values, which are for disclosure purposes, have been determined using the following basis:- (i) The fair values of trade receivables (non-current) are determined using discounted cashflows based on risk-free rates ranging from 3.62 to 3.76% (2018 - 3.62 to 3.67%). (ii) The fair values of hire purchase and finance lease payables, term financing and term loans are determined by discounting the relevant cash flows using current market interest rates for similar instruments at the end of the financial year. The interest rates used to discount the estimated cash flows are as follows:- Group Company 2019 2018 2019 2018 % % % % Hire purchase and  finance lease  payables 4.33 to 13.40 4.53 to 13.40 4.33 to 4.55 4.53 Term financing 4.70 4.60 4.70 4.60 Term loans 4.55 to 5.80 4.55 to 5.80 – – 181 DATASONIC GROUP BERHAD (Company No. 809759-X) ANNUAL REPORT 2019