ENRA Group Berhad Annual Report 2018

119 A N N U A L R E P O R T 2 0 1 8 NOTES TO THE FINANCIAL STATEMENTS 31 March 2018 cont’d 41. FINANCIAL INSTRUMENTS (Cont’d) (c) Categories of financial instruments Group Company 2018 2017 2018 2017 RM’000 RM’000 RM’000 RM’000 Financial assets Loans and receivables Trade and other receivables, net of prepayments and accrued billings in respect of property development 41,988 76,579 75,147 57,545 Cash and bank balances 26,101 20,659 10,093 5,174 Fair value through profit or loss Short term funds 20,088 43,406 17 - Forward foreign currency selling contracts 111 73 111 73 88,288 140,717 85,368 62,792 Financial liabilities Other financial liabilities Borrowings 75,862 63,202 49,223 38,580 Trade and other payables 44,618 83,640 11,976 3,488 RCPS liability 703 648 - - 121,183 147,490 61,199 42,068 (d) Determination of fair value Methods and assumptions used to estimate fair value The fair values of financial assets and financial liabilities are determined as follows: (i) Financial instruments that are not carried at fair value and whose carrying amounts are a reasonable approximation of fair values The carrying amounts of financial assets and liabilities, such as trade and other receivables, trade and other payables and borrowings are reasonable approximation of fair values, either due to their short- term nature or that they are floating rate instruments that are re-priced to market interest rates on or near the end of the reporting period. The carrying amounts of the current position of borrowings are reasonable approximations of fair values due to the insignificant impact of discounting. (ii) Hire-purchase and lease creditors and other borrowings The fair values of these financial instruments are estimated future contractual cash flows at current market rate for similar financial instruments and of the same remaining maturities at the end of the reporting period.