EXCEL FORCE MSC BERHAD Annual Report 2019

EXCEL FORCE MSC BERHAD - ANNUAL REPORT 2019 113 notes to the financial statements 31 december 2019 (cont’d) 35. Financial Instruments (Cont’d) (b) Financial risk management objectives and policies (Cont’d) (iii) Market risks (Cont’d) (c) Fair value of financial instruments The carrying amounts of short-term receivables and payables, cash and cash equivalents and short-term borrowings approximate their fair value due to the relatively short-term nature of these financial instruments and insignificant impact of discounting. The carrying amount of long-term floating rate loans approximate their fair value as the loans will be re-priced to market interest rate on or near reporting date. It was not practicable to estimate the fair value of investment in unquoted equity due to the lack of comparable quoted prices in an active market and the fair value cannot be reliably measured. The table below analyses financial instruments carried at fair value and those not carried at fair value for which fair value is disclosed, together with their fair values and carrying amounts shown in the statements of financial position. Fair value of financial instruments carried at fair value Total fair value Total carrying amount Level 1 Level 2 Level 3 RM RM RM RM RM Group 2019 Financial assets Quoted shares 13,703,850 - - 13,703,850 13,703,850 Short-term funds 19,801,575 - - 19,801,575 19,801,575 33,505,425 - - 33,505,425 33,505,425 2018 Financial asset Short-term funds 26,149,369 - - 26,149,369 26,149,369