Capital India Finance Ltd Management Discussions

<dhhead>MANAGEMENT DISCUSSION AND ANALYSIS</dhhead>

An Economic Overview

As we reflect on the FY25, India stands as an emerging economy and a dynamic global force, confidently navigating an increasingly complex international landscape. This year, India overtook Japan to become the world’s fourth-largest economy, with its GDP crossing the US$4 trillion milestone-a powerful testament to its economic momentum and growing global influence.

 

Growth Drivers: FY25 underscored India’s structural resilience and strategic momentum toward transformative growth, powered by its demographic dividend, accelerating digital innovation and sustained investment in core infrastructure.

 

GDP Momentum: As the fastest-growing major economy, India maintained a strong upward trajectory with a projected GDP growth of 6.5%, following the exceptional 9.2% expansion in the previous year. This performance was anchored by expansive public infrastructure investment and buoyant private consumption, while financial sector stability-supported by robust credit expansion-catalysed activity across key economic segments.

 

Manufacturing Strength: India’s manufacturing sector exhibited consistent growth throughout FY25, with the Manufacturing Purchasing Managers’ Index (PMI) exceeding the 50-point expansion mark for the 44th consecutive month. This sustained momentum was coupled with rising employment levels and a clear tapering of inflationary pressures.

 

Infiation Trends: Retail inflation eased to a near six-year low of 3.34% in March, primarily due to softer prices of vegetables and protein-rich foods. This disinflationary trend coincides with the Reserve Bank of India’s recent policy rate cut, targeting an average consumer price inflation (CPI) of 4% for FY26. Simultaneously, wholesale price inflation declined to a six-month low of 2.05%, underscoring continued defiation across key food segments.

External Performance: India’s external sector recorded robust gains, with total exports of goods and services reaching a historic high of US$820.93 billion in FY25-a 5.5% increase over the previous year’s US$773 billion, achieved despite global headwinds and trade disruptions.

 

Fiscal Position: India remains on course to meet its FY25 fiscal deficit target of 4.8% of GDP, driven by higher-than-expected nominal growth, resilient revenue inflows and disciplined expenditure. The current account deficit narrowed meaningfully, buoyed by a services trade surplus and unprecedented remittance inflows, reflecting improved employment trends across OECD economies and contributing to a stable external balance.

 

Geopolitical Uncertainties: Geopolitical tensions such as the Russia-Ukraine war, Israel-Hamas conflict, Red Sea crisis and tari_ implementation are straining global supply chains. This is impacting revenue growth and increasing credit risk, especially for highly leveraged companies and vulnerable economies.

 

Outlook

In FY26, the Indian economy is expected to register moderate growth compared to the previous fiscal year, with real GDP projected to expand by 6.3–6.8%, a solid performance, considering the elevated base. This positions India to reinforce its status as one of the fastest-growing major economies and a key contributor to global GDP momentum.

The Government’s decision to reduce income tax rates reflects a positive structural shift, aimed at boosting disposable income, improving compliance and stimulating growth through higher consumer spending and private sector investment.

Nonetheless, external headwinds-ranging from global economic deceleration and geopolitical uncertainty to tari_ conflicts and trade volatility-pose potential challenges to India’s growth trajectory. Domestically, pressures such as subdued urban consumption, rising food inflation and sluggish capital formation may also weigh on overall economic performance.

 

Sources:( The Business Standard, India Today, Mint, PIB, The Economic Times, Trading Economics)

 

The Backbone of Financial Inclusion

Non-Banking Financial Companies (NBFCs) have carved a vital niche within India’s financial landscape by bridging credit gaps often overlooked by traditional banks. Their offerings span personal loans, vehicle financing, microcredit and MSME lending, catering to a broad spectrum of borrowers. According to recent data from the Reserve Bank of India (RBI), NBFCs account for nearly 25% of total credit disbursed across the financial system, with retail lending representing a substantial share of their activities.

The sector’s resilience is attributed from its agility, customer-first ethos and tailored approach to underserved segments, especially rural communities and urban low-income populations. Fintech-driven and digital-first NBFCs have accelerated sectoral transformation by leveraging technology to deliver faster loan approvals, customised credit products and robust risk management systems. This digital evolution continues to expand financial inclusion and redefine India’s broader lending architecture.

 

Performance in FY25

NBFCs have become key lenders in India, addressing credit needs that traditional banks often miss. They provide personal loans, vehicle finance, microcredit and MSME funding to underserved borrowers. As per RBI, NBFCs now deliver about 25% of total credit in the system, with retail lending making up a large part of their business.

In FY25, Non-Banking Financial Companies (NBFCs) recorded a notable 20% year-on-year growth in credit, outpacing the performance of commercial banks. This growth was primarily driven by the Gold Loan NBFC segment, contributing significantly to the rise in total net advances, which reached INR 24.5 lakh cr.

The sector’s balance sheet expanded by 20%, with total assets increasing to INR 28.2 lakh cr. Simultaneously, borrowings rose by 22%, touching INR 19.9 lakh cr, reflecting strong funding activity that supported the sector’s accelerated growth trajectory.

Profitability trends were mixed, while the broader NBFC sector posted an 8% increase in absolute profit, the Microfinance Institutions (MFI) segment reported a decline in profit after tax, indicating stress within that category.

On the operational front, the sector achieved greater efficiency, with the cost-to-income ratio improving from 36.7% in FY24 to 36.2% in FY25. Asset quality also showed marginal improvement, with the Gross Non-Performing Assets (GNPA) ratio improving by 10 basis points. However, MFIs remained an exception, witnessing a rise in NPAs despite the overall sectoral improvement.

 

Digital Transformation and Customer-Centricity:

The sectors resilience is rooted in its agility, customer-first ethos and adaptive strategies tailored to underserved communities, particularly in rural areas and urban low-income segments. Fintech-driven and digital-first NBFCs are leading this transformation by: y Accelerating loan approvals y Delivering customised credit solutions y Strengthening risk management frameworks This digital evolution continues to drive financial inclusion, reshaping the lending landscape and expanding access to credit across India.

 

The Road Ahead

NBFCs are set to play an increasingly strategic role in expanding credit access across India, particularly in underserved and semi-urban regions. With continued focus on digital innovation, customised lending solutions and operational agility, they are well-positioned to complement the banking sector and drive inclusive economic growth.

 

Sustained Credit Expansion with Structural Strength

NBFC credit is projected to grow at a healthy 13–15% in FY25 and FY26, normalising from the sharp ~17% seen in previous fiscals (ICRA). Yet, the sector remains resilient and vital to India’s credit architecture-total NBFC credit crossed INR 52 trillion in Dec 2024 and is expected to exceed INR 60 trillion by FY26. This reflects: y Strong demand across retail, MSME and infrastructure segments y Continued digital innovation and product diversification y Strategic foresight and adaptability in reaching new borrower segments

 

Policy Support and Structural Reinforcement

To sustain this momentum, targeted policy and regulatory interventions continue to fortify NBFC fundamentals: y Partial Credit Guarantee Scheme (PCGS) and Special Liquidity Scheme (SLS) enhanced liquidity access y SIDBI and NABARD recapitalisation facilitated low-cost refinancing for rural and MSME lending y The RBI’s Harmonised Regulatory Framework brought scalable reforms in governance and risk calibration These coordinated policy moves reinforce long-term viability, resilience and NBFC leadership in last-mile credit delivery.

 

Accelerating Digital Transformation

The NBFC sector’s transformation is underpinned by Digital Public Infrastructure (DPI), especially:

y Account Aggregator frameworks y Aadhaar-enabled eKYC y UPI integrations

These have sharply enhanced operating efficiency, frictionless onboarding and formal credit access-scaling inclusion at speed.

 

Demand Catalyst

Digital Transformation: By FY25, NBFCs are embedding AI and ML into risk models, with blockchain-based tools enhancing transparency and customer journeys-redefining speed, scale and trust.

 

Focus on Tier-2 and Tier-3 Cities: NBFCs are driving credit deep into Tier-2 and Tier-3 cities, unlocking untapped demand, especially in semi-urban and rural markets. Regulatory Reforms: The RBI’s regulatory framework has elevated sectoral oversight and resilience, encouraging co-lending partnerships and PSL-linked products, widening formal credit access.

 

Rising Entrepreneurship: The rise of entrepreneurship and startups is reshaping the MSME landscape. With more individuals entering the ecosystem, theres a surge in innovation-led ventures that bring fresh ideas and agility. Government initiatives, such as Atmanirbhar Bharat, are further fueling this momentum by promoting self-reliance and job creation, while encouraging grassroots entrepreneurship across both urban and rural regions. Increased Collaboration: Strategic tie-ups between NBFCs, fintechs and traditional banks are powering hybrid distribution, ensuring faster decisions and enhanced financial inclusion.

 

Government Initiatives: The PCGS, SLS, ECLGS and CLM schemes continue to deepen NBFC penetration in rural and semi-urban areas, reinforcing their foundational role in the credit ecosystem.

( Sources: The Times of India, Iians.in, The Indian Express, The Economic Times)

 

The MSME Landscape

Micro, Small and Medium Enterprises (MSMEs) form the backbone of India’s economic development, contributing significantly to both rural and urban prosperity. Primarily engaged in manufacturing and production, MSMEs account for approximately 30% of India’s GDP, contribute 40% of total exports and support employment for over 110 million individuals. Their role is pivotal in fostering inclusive growth, entrepreneurial dynamism and supply chain resilience.

 

Strategic Growth Outlook

US$1 Trillion Contribution by 2028

As India advances toward its goal of becoming a US$5 trillion economy by FY2026-27, the MSME sector is expected to contribute US$1 trillion by 2028, underscoring its role as a critical driver of sustainable economic expansion.

 

Credit Expansion and Policy Stewardship

In FY25, the MSME credit ecosystem expanded significantly, propelled by targeted policy interventions and proactive oversight by the Reserve Bank of India (RBI). This momentum reinforces the sector’s growing relevance in India’s economic narrative. According to the Economic Survey: y Commercial credit exposure to MSMEs rose to INR 35.2 lakh cr in March 2025, reflecting 13% year-on-year growth from INR 31 lakh cr in March 2024

y Credit demand posted an 11% year-on-year increase during Q4 FY25, indicating continued borrower confidence and sectoral momentum

y Agricultural credit grew by 5.1%, while industrial credit improved to 4.4%, up from 3.2% the previous year

 

Enabling Infrastructure and Digital Empowerment

The Government of India has prioritised key initiatives to strengthen the MSME ecosystem by: y Enhancing financial inclusion and streamlining access to formal credit y Driving digitisation to enable efficient operations, transparency and scalability y Fortifying supply chain infrastructure to support manufacturing and trade y Easing regulatory burdens to foster innovation and entrepreneurship These structural reforms are generating a ripple effect, stimulating GDP contribution, promoting job creation and positioning MSMEs as a cornerstone of India’s inclusive and resilient economic future.

 

Government Support

Recognising the indispensable role of Micro, Small and Medium Enterprises (MSMEs) in powering India’s economic engine, the Government of India has introduced a robust suite of targeted interventions. These initiatives encompass credit facilitation, digitisation and performance-linked incentives, including the Emergency Credit Line Guarantee Scheme

(ECLGS), Production-Linked Incentives (PLI) and simpli_ed regulatory frameworks-all aimed at accelerating sectoral resilience and competitiveness.

 

NBFCs: NBFCs: Enabling Financial Access at Scale:

Complementing public sector efforts, Non-Banking Financial Companies (NBFCs) have emerged as critical enablers of credit inclusion. Through timely, tailored credit solutions and advisory-led financial inclusion, NBFCs are bridging liquidity gaps, especially for emerging enterprises in underserved geographies, empowering sustainable and scalable business growth.

 

Flagship Initiatives: PMMY and SIDBI Outreach - A cornerstone of this transformation is the Pradhan Mantri MUDRA Yojana (PMMY), launched in 2015 to bolster non-corporate, non-farm micro and small enterprises. The loan limit under PMMY was increased to INR 20 lakh in the Union Budget 2024–25, marking a major push to fuel entrepreneurial momentum.

To strengthen last-mile access, the government announced the opening of 24 new SIDBI branches, expanding institutional coverage across 168 of the 242 key MSME clusters nationwide. This reinforces the sector’s role as a job creation engine and a driver of economic equity.

 

Formalisation and Market Integration via Udyam: The MSME Formalisation Project is strategically onboarding Informal Micro Enterprises (IMEs) into the formal economy through the Udyam Registration platform, enhancing access to credit, government schemes and market opportunities.

By March 2025, over 6.2 cr MSMEs were registered on the Udyam and Udyam Assist platforms, compared to 2.5 cr in March 2024-a clear indication of widening formalisation and greater sectoral integration.

Addressing Challenges and Building Future Resilience: Despite tangible progress, the MSME sector faces ongoing challenges: y Limited access to formal finance y Skill gaps and digital adoption hurdles y Infrastructure bottlenecks in rural and semi-urban regions Nonetheless, the confluence of policy support, private sector innovation and digital transformation is redefining the MSME landscape, positioning it as a cornerstone of India’s inclusive growth journey.

As the nation advances toward its goal of becoming a US$5 trillion economy, MSMEs remain at the forefront-empowering millions, fostering innovation and reshaping India’s economic trajectory with resilience and scale.

 

Increasing Contribution of NBFC’s MSME Lending

Non-Banking Financial Companies (NBFCs) are exhibiting strong momentum in MSME financing, underscoring their expanding role in inclusive credit delivery. The segment recorded an impressive 32% compounded annual growth rate (CAGR) in MSME lending-albeit from a smaller base-highlighting the sector’s agility in servicing high-potential borrowers.

The share of MSME credit in NBFCs’ overall loan portfolio surged from 5.9% in FY21 to 9.1% in H1 FY25, representing a growth of over 50% in proportional allocation. This upward trajectory contrasts with the relatively stable MSME exposure maintained by banks, whose share fluctuated modestly between 16.2% and 16.9% over the same period.

Looking ahead, NBFCs are projected to sustain their growth, with MSME lending expected to expand by approximately 20% in FY26. This continued momentum reafirms the rising significance of NBFCs in driving credit inclusion, particularly among underserved micro and small enterprises.

 

2025–26 Budget Highlights

In a concerted effort to strengthen the Micro, Small and Medium Enterprises (MSME) sector, the Government of India unveiled a series of strategic initiatives in FY26 aimed at enhancing credit access, expanding classification coverage and promoting innovation-led enterprise development.

 

MSME Classification and Innovation Enablement:

To accommodate sectoral evolution, investment thresholds for MSME classification have been increased by 2.5 times, thereby expanding eligibility for MSME-specific incentives and schemes. Reinforcing its commitment to innovation and entrepreneurship, the government has also established a dedicated Fund of Funds, designed to support startups and emerging MSMEs in scaling operations and accessing institutional capital.

 

Economic Impact and Future Outlook: These measures are poised to: y Deepen the penetration of formal credit across underserved enterprise segments y Elevate entrepreneurial confidence, particularly among marginalised groups y Enhance productivity and scalability across the MSME landscape y Accelerate job creation and bolster GDP contribution As these initiatives gain momentum, the MSME sector is expected to play an increasingly vital role in driving inclusive economic growth, enhancing employment generation and contributing to Indias broader vision of becoming a US$5 trillion economy.

( Sources: Taxscan, Deccan Herald, IIFL, SIDBI, The Economic Times, PIB, Care Edge, Altois)

 

Company Overview

The Company offers customised financial solutions to micro, small and medium-sized enterprises (MSMEs) that often lack access to traditional financing channels. With a strong belief in India’s growth story, it is committed to serving the unique credit needs of small businesses, traders and self-employed individuals. By bridging the gap left by conventional lenders, the Company positions itself as a reliable credit partner, enabling business growth and meeting working capital requirements through tailored offerings.

 

Product Portfolio

Capital India Finance Limited (CIFL) is a pivotal NBFC focused on MSME lending, boasting a diversified business portfolio tailored to modern market demands. CIFL offers a suite of loan products, including:

 

MSME Secured Loans

The Company provides tailored financial solutions that empower sustainable business growth. By deeply understanding each client’s credit behaviour, market conditions and expansion needs, the Company delivers financing aligned to their real-world requirements. As a trusted credit partner, it supports high-potential businesses with timely capital and flexible structures.

y Micro / Affordable Loan Against Property (LAP): Available for residential, commercial and industrial properties, with loan exposures of up to INR 40 lakh. y Prime LAP: Designed to meet business needs such as working capital, expansion and asset acquisition. y Commercial Property Purchase: Financing support for acquiring commercial premises. y Lease Rental Discounting: Provides funding against anticipated rental cash flows from leased assets.

 

MSME Unsecured Loans

These loans are designed to meet the working capital and growth requirements of MSMEs. Our streamlined digital loan processing ensures quick approvals and seamless access to funds.

 

Technology and Risk Management

The Company leverages technology and robust risk assessment practices across the entire loan lifecycle, supported by seamless integrations and efficient in-house data management systems.

 

1. API first methodology: Implemented advanced tools for customer pro_ling and financial analysis, with integrated KYC/CKYC checks, digital signature, bank and bureau platforms enabling instant verification and credit checks.

2. Loan Management System: The system centralises loan data and enforces stringent checks through automated workflows.

3. Future ready Digital Infrastructure: Leverages cloud infrastructure for scalable and secure data hosting.

 

Strategic Path to Expansion and Diversification

Strengthening the MSME lending portfolio: Recognising the vital role of MSMEs in India’s economic growth, the Company is committed to supporting this dynamic segment as part of its portfolio diversification strategy. This targeted approach aims to build a healthy, balanced and resilient portfolio. Backed by decades of experience in financial services, the Company’s management possesses the expertise to effectively assess, understand and lend to this sector with prudence.

 

Leveraging leadership expertise for growth: As part of its strategy for sustained growth, the Company plans to expand operations in the upcoming financial year by increasing its branch network and scaling the Loan Against Property business, particularly in Tier 2 and Tier 3 towns across India. Backed by a seasoned senior management team with diverse experience and deep insight into market trends, credit dynamics and industry developments, the Company is well-positioned to identify and engage the right customer segments across various industries. This strategic use of leadership expertise will enable the Company to swiftly adapt to evolving market conditions and capitalise on emerging opportunities.

 

Strategic Risk Management Framework

At the heart of the Company’s business strategy is a strong risk management culture that is deeply embedded across the organisation. As an NBFC operating in a dynamic financial landscape, the Company is inherently exposed to a range of risks linked to its lending activities. Its primary objective is to carefully assess, monitor and mitigate these risks through a comprehensive risk management framework supported by well-defined policies and advanced procedures.

 

Comprehensive Risk Mitigation Measures

The Company’s credit risk management approach is founded on robust underwriting standards, strict regulatory compliance and comprehensive risk assessments. A delegated approval process, coupled with regular portfolio reviews, ensures continuous oversight and control. The experienced risk management team plays a pivotal role in proactively identifying potential risks and implementing effective mitigation strategies.

 

Advanced Risk Management Systems

The Company has established advanced risk management systems that address a wide range of potential exposures, including operational, liquidity, market, compliance and regulatory risks. It continuously enhances its sector-specific expertise to remain vigilant and responsive to event-driven risks across various product segments.

 

Role of The Risk Management Committee

Aligned with the Company’s strategic objectives, the Risk Management Committee collaborates closely with the Board of Directors to oversee all facets of risk. The Committee plays a critical role in ensuring the effectiveness of risk management practices and reinforcing corporate accountability. It conducts regular reviews of the risk management framework’s implementation and effectiveness, working in tandem with the Audit Committee to address and report on all identified risk categories.

 

Risk Mitigation

Credit Risks

The Company’s Credit Committee, comprising experienced senior management, is responsible for evaluating medium and large-sized credit proposals. Smaller proposals are assessed at designated levels in accordance with the Board-approved approval matrix. Additionally, product-specific lending policies and regular exposure monitoring mechanisms are in place to ensure prudent credit decision-making and risk management.

 

Technology Risks

The Company has implemented a range of security measures to mitigate technology-related risks. These include restricted access to critical tools, secure internet protocols and robust access controls. Management conducts periodic reviews of key technology risks such as data leakage, identity theft, cybercrime and the protection of sensitive customer information. Business continuity is supported through well-defined cybersecurity protocols and proactive risk mitigation strategies.

 

Fraud Risks

The Risk Management Committee oversees matters related to fraud risk, with a strong focus on corrective and remedial actions involving personnel and processes. The Company has instituted robust due diligence protocols and automated fraud detection systems equipped with real-time alerts. A comprehensive framework of internal control, supports proactive risk identification and mitigation. Additionally, periodic fraud risk assessments, whistleblower policies and regular audits and reconciliations are in place to uphold transparency and strengthen organisational integrity.

 

Compliance Risks

The Company has implemented business-specific Compliance Manuals, limit monitoring systems and robust Anti-Money Laundering (AML) and Know Your Customer (KYC) policies to effectively address compliance risks. Active participation in the compliance process is ensured through structured reporting mechanisms across all business units, zones and departments. This is further supported by the submission of quarterly compliance reports, fostering a culture of accountability and regulatory adherence throughout the organisation.

 

Internal Control Systems and Their Adequacy

The Company’s internal control system is meticulously structured to ensure operational efficiency, safeguard resources and uphold compliance with applicable laws and regulations. It plays a critical role in maintaining the accuracy and timeliness of financial reporting. This framework is reinforced by a robust internal audit mechanism that regularly evaluates the adequacy and effectiveness of internal controls, encompassing both front-end and back-end operations, as well as compliance with regulatory standards.

A key focus of the control framework is the continuous assessment of processes and systems to proactively identify and mitigate risks, thereby preventing potential leakages or fraud. This comprehensive and preventive approach supports strong corporate governance and operational integrity, forming a cornerstone of the Company’s long-term sustainability and success.

 

Key Financial Indicators

Particulars	Year ended March 31, 2025	Year ended March 31, 2024
Total Income	184.45	194.66
Total Expenditure	171.57	167.22
PAT	11.78	20.10
Net Worth	621.54	606.54
Debt to Equity (Times)	1.06	0.93
CRAR	36.08%	36.58%

 

Details of significant changes (i.e. change of 25% or more as compared to the immediately previous financial year) in key financial ratios, along with detailed explanations therefor, including: I. Debtors Turnover: Not applicable being an NBFC II. Inventory Turnover: Not applicable being an NBFC III. Interest Coverage Ratio: Not applicable being an NBFC IV. Current Ratio: Not applicable being an NBFC

V. Debt Equity Ratio: 1.06

VI. Operating Profit Margin (%): Not applicable VII. Net Profit Margin (%): 6.39%

Details of any change in Return on Net Worth as compared to the immediately previous financial year, along with a detailed explanation thereof: The increase/decrease in net worth to INR 15cr is due to plough back of profit and issue of equity shares, for the year ended March 31, 2025 and increase in share capital and security premium on the same.

 

Human Resources

At Capital India Finance Limited (CIFL), employees are recognised as the cornerstone of organisational progress. The Human Capital function plays a critical role in steering growth by aligning people strategies with business objectives, encompassing talent acquisition, seamless onboarding, continuous learning, performance management and comprehensive compensation frameworks.

 

Leadership Strengthening and Talent Diversification:

In FY2024–25, CIFL significantly fortified its leadership and management teams, enhancing operational depth and laying the groundwork for long-term scalability. The company adopted a focused talent strategy to attract top-tier professionals while cultivating a diverse pipeline that integrates the dynamism of emerging talent with the experience of seasoned leaders. This synergy fosters a collaborative, high-performance culture built on innovation and excellence in execution.

 

Learning Culture and Regulatory Alignment:

Talent development remained central to CIFL’s people agenda. The company launched targeted upskilling and reskilling programs across key business functions, nurturing a culture of continuous learning and regulatory compliance. Structured training sessions-both on-the-job and classroom-based-covered: y Frontline sales and marketing y Credit assessment and customer service y Mandatory KYC and RBI-aligned compliance modules

All programs were strategically aligned with regulatory expectations, reflecting CIFL’s commitment to building a compliance-driven and ethically sound organisation.

 

Benchmarking and Performance Optimisation:

As of 31 March 2025, CIFL employed 616 professionals across diverse functions. To enhance workforce productivity and credit delivery efficiency, the company continued to benchmark practices in: y Customer acquisition and retention y Credit lifecycle management y Collections and manpower optimisation Insights from peer NBFCs supported refinements in talent deployment and operational workflows, driving sustainable expansion across key markets.

Inclusivity, Diversity and Workplace Culture: CIFL’s growing emphasis on inclusivity and gender diversity resulted in improved representation and supportive work-life balance initiatives, particularly benefiting women across roles and functions. The company remains deeply committed to nurturing a workplace anchored in: y Meritocracy and equal opportunity y Openness and transparency y Mutual respect and trust This ethos empowers every employee to contribute meaningfully to CIFL’s shared success and long-term ambition of becoming a leading force in Indias NBFC landscape.

 

Cautionary statement:

This document contains forward-looking statements about expected events and the company’s financial and operational results. By their nature, forward-looking statements require the company to make assumptions and are subject to inherent risks and uncertainties. There is a significant chance that the assumptions, predictions and other forward-looking statements may not be accurate. Readers are cautioned not to place undue reliance on forward-looking statements as several factors could cause assumptions and actual results and events to differ materially from those expressed here.