266 MKH BERHAD | ANNUAL REPORT 2023 45. FAIR VALUE OF FINANCIAL INSTRUMENTS (CONT’D) (iv) Borrowings The carrying amounts of bank overdrafts, short-term revolving credits, bridging loan and shortterm loans approximate fair values due to the relatively short-term maturity of these financial liabilities. The carrying amounts of long-term floating rate revolving credits and loans approximate their fair values as the loans will be re-priced to market interest rate on or near reporting date. The fair value of hire-purchase liabilities is estimated using discounted cash flow analysis, based on current lending rates for similar types of lending arrangements. The carrying amounts and fair value of financial instruments, other than the carrying amounts which are reasonable approximation of fair values, are as follows: The Group Carrying amount Fair Value RM RM 2023 Financial assets Long-term other receivables 46,312 46,312 Loan receivables 39,507,675 37,282,120 Financial liabilities Hire-purchase liabilities 2,767,542 2,899,373 2022 Financial assets Long-term other receivables 67,592 67,592 Loan receivables 28,727,268 26,991,913 Financial liabilities Hire-purchase liabilities 1,735,682 1,787,769 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2023
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