Golden Legand Leasing & Finance Ltd Management Discussions

1. Global Economy Overview

During the Financial Year 2025-26, the global economy continued to navigate a period of uncertainty amid geopolitical tensions, changing trade dynamics and evolving monetary policies across major economies. Although inflationary pressures eased in several regions compared to previous years, economic growth remained uneven due to persistent global challenges, including supply chain disruptions, geopolitical conflicts and fluctuations in commodity prices.

Central banks across the world continued to adopt a balanced approach towards controlling inflation while supporting economic growth. As inflation gradually moderated in many economies, financial markets witnessed improving stability, although global uncertainties continued to influence investment decisions and business sentiment.

At the same time, technological innovation continued to transform the global financial services industry. The increasing adoption of digital technologies, artificial intelligence, data analytics and automation is reshaping the way financial institutions operate, deliver services and manage risks. These developments are creating new opportunities for improving operational efficiency, expanding financial inclusion and enhancing customer experience.

Despite the prevailing global challenges, the long-term outlook for the world economy remains positive, supported by technological advancement, digital transformation and increasing economic integration. However, businesses across industries continue to remain watchful of global developments, as changes in interest rates, geopolitical events, commodity prices and regulatory policies are expected to

influence economic activity and financial markets in the coming years.

The Company continues to closely monitor these global developments and remains committed to adopting a prudent, technology-driven and customer-focused approach to strengthen its business and create long-term value for its stakeholders.

2. Indian Economic Overview

During the Financial Year 2025-26, the Indian economy continued to demonstrate resilience despite an uncertain global environment. Strong and resilient domestic consumption, sustained and steady public infrastructure spending, prudent fiscal policies and a stable financial system supported economic growth, reinforcing Indias position as one of the worlds fastest-growing major economies.

The Government of India continued to focus on structural reforms, digitalisation, financial inclusion and infrastructure development, creating a favourable environment for businesses across sectors. Continued expansion of the digital economy, increasing formalisation and wider adoption of technology have further strengthened the countrys long-term growth prospects.

The banking and financial services sector remained stable during the year, supported by healthy credit growth, improved asset quality and a balanced monetary policy approach adopted by the Reserve Bank of India. The growing acceptance of digital financial services and increasing access to formal credit continue to create significant opportunities for Non-Banking Financial Companies ("NBFCs").

The Company believes that Indias strong

economic fundamentals, supportive regulatory environment and rapidly expanding digital ecosystem provide a favourable platform for sustainable growth. As a technology-driven NBFC, GLLFL remains well-positioned to leverage these opportunities while maintaining a prudent approach towards risk management, regulatory compliance and long-term value creation.

3. Industry Structure and Developments

3.1. NBFC Industry Overview

The Non-Banking Financial Company (NBFC) sector continues to play a vital role in Indias financial system by complementing the banking sector and improving access to credit across diverse customer segments. NBFCs have emerged as important financial intermediaries, particularly in serving individuals, small businesses and under served markets where timely access to formal credit remains limited.

During the Financial Year 2025-26, the sector continued to witness steady credit growth, supported by increasing demand for retail loans, improving asset quality and a stable regulatory framework. The Reserve Bank of India (RBI) continued to strengthen the regulatory environment through risk-based supervision and governance-focused measures, encouraging NBFCs to enhance their operational resilience, compliance standards and risk management practices.

The increasing adoption of technology, data-driven credit assessment and digital customer onboarding has significantly

improved the efficiency of NBFC operations and expanded their reach. These developments are enabling

NBFCs to offer faster, more transparent and customer-centric financial solutions while maintaining prudent credit underwriting standards.

The Company believes that the long-term growth prospects of the NBFC sector remain encouraging, driven by increasing financial inclusion, rising credit demand and the continued adoption of digital financial services. As a

technology-driven NBFC, GLLFL remains focused on leveraging these opportunities through responsible lending, strong governance practices and sustainable business growth.

3.2. Digital Lending & FinTech Industry Overview

Indias digital lending and fintech ecosystem continued to witness significant growth during the

Financial Year 2025-26, driven by increasing smartphone penetration, widespread adoption of digital

payments, advancements in financial technology and the growing

preference for seamless digital financial services. The rapid

evolution of the digital ecosystem has transformed the way financial institutions engage with customers, enabling faster loan processing, digital onboarding and an enhanced customer experience.

Government initiatives promoting

digital infrastructure, coupled with the increasing adoption of e-KYC, digital payment systems and data-driven credit assessment, have accelerated financial inclusion and expanded access to formal credit across urban, semi-urban and rural markets. These developments have created significant opportunities for technology-driven NBFCs to deliver efficient, transparent and

customer-centric lending solutions.

The integration of artificial intelligence (AI), machine learning, automation and data analytics is further transforming the lending landscape by enabling better credit assessment, fraud detection, portfolio monitoring and informed decision-making. As customer expectations continue to evolve, technology has become a key differentiator in delivering faster, secure and personalised financial services.

The Company believes that the continued evolution of the digital lending ecosystem presents significant long-term opportunities for technology-driven NBFCs. With its strategic focus on digital lending, technology-enabled credit

assessment and customer-centric financial solutions, GLLFL is well-positioned to leverage these emerging opportunities. The Company remains committed to strengthening its digital capabilities, enhancing operational efficiency and delivering responsible, transparent and accessible financial solutions while maintaining robust governance, prudent risk management and regulatory compliance.

4. Company Overview

Golden Legand Leasing and Finance Limited (GLLFLRs. 1 or "the Company") is a

Non-Banking Financial Company ("NBFC") registered with the Reserve Bank of India and listed on BSE Limited. The Company is primarily engaged in the business of providing financial solutions with a focus on technology-driven lending, offering accessible, transparent and

customer-centric credit solutions to individuals across India.

During the Financial Year 2025-26, the Company continued to strengthen its position by focusing on its core lending

business and enhancing its operational capabilities. The Companys business strategy is centred on providing accessible, transparent and customer-centric credit solutions through a streamlined lending process, supported by robust underwriting practices, sound risk management and regulatory compliance.

Recognizing the growing role of technology in the financial services sector, the Company continued to invest in digital infrastructure and process automation to improve operational efficiency, strengthen internal processes and enhance the overall customer experience. These initiatives are aimed at building a scalable and sustainable business model capable of meeting the evolving needs of customers in an increasingly digital environment.

The Company also continued to strengthen its governance framework, internal control environment and capital base during the year, reinforcing its commitment to long-term stability, responsible growth and sustainable value creation. By maintaining high standards of corporate governance and prudent financial management, GLLFL remains focused on creating a resilient organisation capable of adapting to changing market dynamics.

With a clear strategic direction, disciplined execution and a customer-centric approach, the Company believes it is well-positioned to leverage the growing opportunities in Indias financial services sector while continuing to deliver long-term value to its shareholders, customers and other stakeholders.

5. Business Performance Review

Financial Year 2025-26 marked a defining phase in the journey of GLLFL as it continued to strengthen its business fundamentals and reinforce its strategic focus on technology driven lending. During the year, the Company remained committed to building a scalable and sustainable

business model by enhancing operational capabilities, strengthening its governance framework and improving its overall financial position.

The Company continued to focus on its core lending business with an emphasis on responsible lending, operational efficiency and customer-centric service delivery. By strengthening its lending operations and adopting disciplined credit assessment practices, the Company enhanced its operational effectiveness while maintaining prudent risk management standards and compliance with the applicable regulatory framework.

Recognizing the increasing role of technology in the financial services sector, the Company continued to invest in digital infrastructure, process automation and operational improvements during the year. These initiatives were aimed at enhancing operational efficiency, strengthening internal controls, improving customer experience and building a robust technology enabled platform capable of supporting sustainable business growth.

During the year, the Company also strengthened its capital base through the preferential allotment of Convertible Share Warrants in accordance with the applicable provisions of the Companies Act, 2013 and the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The capital raised is expected to support the Companys long-term business objectives, including expansion of its lending business, strengthening of working capital and other general corporate purposes.

As part of its strategic initiatives, the Company incorporated Gullakkart Private Limited as its Wholly Owned Subsidiary, reflecting its long-term vision of strengthening the business structure and exploring new avenues for sustainable growth and value creation.

The strategic initiatives undertaken during the Financial Year 2025-26 translated into a

significant improvement in the Companys overall financial performance. Revenue from Operations increased to Rs. 183.59 crores during the year as compared to Rs. 9.34 crores in the previous financial year. The Company reported a Profit After Tax of Rs. 10.30 crores, as against a Net Loss of Rs. 2.20 crores in FY 2024-25, reflecting a significant turnaround in its financial performance. Further, the Companys total assets increased to Rs. 124.97 crores as on March 31, 2026 from Rs. 40.36 crores as on March 31, 2025, demonstrating the scale-up of its business operations and strengthening of its financial position.

The Board and the Management believe that the progress achieved during the year has laid a strong foundation for the Companys future growth. With a strengthened capital base, improved financial performance, disciplined execution and continued focus on technology driven lending, GLLFL remains well-positioned to capitalise on emerging opportunities in Indias evolving financial services sector while creating sustainable long-term value for its shareholders and other stakeholders.

6. Financial Performance Review

The Financial Year 2025-26 marked a significant improvement in the Companys financial performance, reflecting the successful execution of its business strategy, strengthening of operational capabilities and continued focus on its core lending business. The Company witnessed substantial growth across key financial parameters, demonstrating its commitment towards sustainable growth and long-term value creation.

6.1. Revenue from Operations

Revenue from Operations increased to Rs. 183.59 crores during the Financial Year 2025-26 from Rs. 9.34 crores in the Financial Year 2024-25. The significant increase in revenue reflects the expansion of the Companys business operations and its

continued focus on strengthening its core business.

6.2. Profitability

The Company reported a Profit Before Tax of Rs. 17.83 crores during FY 2025-26 as against a Loss Before Tax of Rs. 2.62 crores in FY 2024-25. Profit After Tax stood at Rs. 10.30 crores during FY 2025-26, compared to a Net Loss of Rs. 2.20 Crore in the previous financial year, reflecting a significant turnaround in the Companys financial performance. The improvement in profitability was driven by higher business volumes, improved operational efficiency and disciplined financial management.

6.3. Asset Base

The Companys financial position strengthened considerably during the Financial Year 2025-26. Total Assets increased from Rs. 40.36 crores as on March 31, 2025 to Rs. 124.97 crores as on March 31, 2026, representing a substantial increase compared to the Financial Year 2024-25.

6.4. Liquidity

The Company maintained a healthy liquidity position during the Financial Year 2025-26. Cash and Cash Equivalents increased significantly from Rs. 1.61 crores as on March 31, 2025 to Rs. 25.81 crores as on March 31, 2026. The strengthened liquidity position provides the Company with greater financial flexibility to support its business operations, meet working capital requirements and pursue future growth opportunities while maintaining prudent financial discipline.

6.5. Financial Highlights

Particulars	FY 2025-26	FY 2024-25
Revenue from Operations	18,358.82	934.38
Other Income	—	—
Total Income	18,358.82	934.38
Finance Cost	1,125.15	46,17
Employee Benefits Expense	1,436.84	380.36
Depreciation & Amortisation Expense	286.60	248.13
Other Expenses	13,727.46	521.60
Profit Before Tax (PBT)	1,782.77	(261.88)
Tax Expense	753.02	(41.93)
Profit After Tax (PAT)	1,029.75	(219.95)
Earnings Per Share (Basic & Diluted) (Rs. )	6.93	(1.48)

Note: All amounts are expressed in Rs. Lakhs unless otherwise stated. Percentage (%) and Earnings Per Share (EPS) figures are presented in their respective units.

Balance Sheet Highlights

Particulars	As at March 31, 2026	As at March 31, 2025
Total Assets	12,497.15	4,036.41
Loan Portfolio	6,548.59	1,332.93
Cash & Cash Equivalents	2,581.27	161.37
Net Worth (Shareholders Equity)	4,327.53	1,148.01
Share Capital	1,487.00	1,487.00
Reserves & Surplus	2,840.53	(338.99)

Note: All amounts are expressed in Rs. Lakhs unless otherwise stated. Percentage (%) and figures are presented in their respective units.

7. Key Business Developments During FY 2025-26

The Financial Year 2025-26 was marked by several strategic initiatives that strengthened the Companys business foundation, enhanced its digital capabilities and reinforced its long-term growth strategy. Throughout the year, the Company remained focused on expanding its lending business, strengthening its capital position, improving operational efficiency and maintaining high standards of corporate governance. The key business developments during the year are summarised below:

Launch of Digital Lending Platform - Ashapurti Loans Application

A significant milestone during the year was the launch of the Ashapurti Loans App, marking the Companys continued progress towards building a technology-driven lending platform. The application was developed to provide customers with a seamless, paperless and user-friendly borrowing experience, enabling them to access the Companys lending services conveniently through digital channels. The launch of the mobile application reflects the Companys commitment towards digital transformation, enhanced customer accessibility and operational efficiency, while supporting its objective of expanding financial inclusion through

technology-enabled lending solutions.

Expansion of Lending Operations

The Company continued to strengthen its

, lending business by focusing on

responsible lending, disciplined credit underwriting and efficient loan processing. During the year, management concentrated on expanding the lending portfolio while maintaining a prudent risk management framework and strict adherence to

, regulatory requirements. These initiatives

contributed to improving the scale of operations and strengthening the Companys position in the digital lending space.

Strengthening of Capital Base

During the Financial Year, the Company undertook a preferential issue of Convertible Share Warrants to persons ^, belonging to the non-promoter category in

accordance with the applicable provisions i of the Companies Act, 2013 and the SEBI

(Issue of Capital and Disclosure i Requirements) Regulations, 2018. Pursuant

to the allotment of the Convertible Share > Warrants, the Company received 25% of the

: issue consideration during FY 2025-26,

thereby strengthening its capital base. The proceeds from the issue are proposed to be ^l utilised towards supporting the Companys

lending business, meeting working capital ^, requirements and funding future business

growth in accordance with the objects of the issue approved by the shareholders.

Incorporation of Wholly Owned Subsidiary

As part of its long-term business strategy, the Company incorporated Gullakkart Private Limited as its Wholly Owned Subsidiary. The incorporation of the subsidiary represents an important strategic initiative aimed at creating a scalable corporate structure capable of supporting future business opportunities and strengthening the Companys long-term growth framework.

Strengthening Governance and Compliance Framework

The Company continued to reinforce its governance framework by strengthening internal controls, enhancing regulatory compliance processes and improving enterprise-wide risk management practices. Throughout the year, the Board of Directors and its Committees remained actively engaged in providing strategic oversight, ensuring effective decision-making and promoting a culture of transparency, accountability and ethical business conduct. These initiatives further strengthened stakeholder confidence and supported the Companys commitment to sustainable and responsible business growth.

8. Opportunities and Threats

Opportunities

The Company believes that Indias rapidly evolving financial services ecosystem presents significant opportunities for sustainable business growth. Increasing formalisation of the economy, rising demand for formal credit, widespread adoption of digital financial services and continuous technological advancements are transforming the lending landscape. Backed by a strengthened financial position, a technology-driven business model and prudent governance practices, the Company is well-positioned to capitalise on these emerging opportunities.

Growing Adoption of Digital Lending

The increasing acceptance of digital lending platforms and paperless financial services is reshaping customer expectations and accelerating the shift towards technology-enabled borrowing. This evolving landscape presents significant opportunities for the Company to expand its customer reach, enhance service delivery and provide convenient, transparent and efficient lending solutions through its digital platform.

Expanding Retail Credit Market

The retail lending segment continues to witness robust growth, driven by increasing financial awareness, rising disposable income and improved access to formal credit. The Company believes that its customer-centric approach, disciplined

credit underwriting framework and technology-enabled operations provide a strong platform to address the growing demand for responsible lending solutions.

Technology and Digital Transformation

Rapid advancements in digital technologies, automation and data-driven

decision-making continue to reshape the financial services industry. The Company views technology as a key enabler for

improving operational efficiency, strengthening internal processes, enhancing customer experience and building a scalable lending platform capable of supporting sustainable long-term growth.

Artificial Intelligence and Advanced Analytics

Artificial Intelligence (AI), machine learning and advanced data analytics are

increasingly transforming the financial services sector by enabling smarter credit assessment, enhanced fraud detection, predictive risk management and personalised customer engagement. The Company believes that the continued

evolution of these technologies presents significant opportunities to improve operational efficiency, strengthen credit decision-making and support innovation across the digital lending ecosystem.

Favourable Industry Outlook

Indias long-term economic fundamentals, supportive regulatory environment and continued focus on financial inclusion are expected to create a favourable operating environment for technology-driven NBFCs. The Company believes that its focus on responsible lending, operational excellence, digital transformation and strong corporate governance positions it well to create sustainable value for its customers, shareholders and other stakeholders.

Threats

The financial services industry continues to operate in a dynamic and competitive environment shaped by evolving customer expectations, technological advancements and regulatory developments. While these changes create new opportunities, they also present challenges that require continuous monitoring and proactive management. The Company remains vigilant in identifying external factors that may influence its business operations and long-term growth.

Intensifying Competition

The Indian financial services sector is witnessing increasing competition from banks, Non-Banking Financial Companies (NBFCs), fintech companies and digital lending platforms. Continuous innovation, competitive pricing and evolving customer expectations require financial institutions to consistently enhance their products, service quality and operational efficiency to maintain their competitive position.

Regulatory and Compliance Changes

The financial services industry is subject to an evolving regulatory framework governed

by various regulatory authorities. Changes in laws, regulations, prudential norms or compliance requirements may require modifications to business processes, operational practices and technology systems. The Company continuously monitors regulatory developments and remains committed to maintaining full compliance with applicable legal and regulatory requirements.

Economic and Market Uncertainty

Macroeconomic conditions, inflationary pressures, interest rate movements, geopolitical developments and fluctuations in financial markets may influence borrowing behaviour, credit demand and repayment capacity of borrowers. Such external factors could impact the overall business environment for the financial services industry.

9. Segment wise or Product wise Performance

The Company operates in a single segment. All revenues and expenses are attributable to this segment.

10. Risks and Concerns

Risk management forms an integral part of the Companys business strategy and decision-making process. As a technology-driven Non-Banking Financial Company (NBFC), the Company operates in a dynamic business environment where effective identification, assessment and mitigation of risks are essential for sustainable growth. The Company has established an appropriate risk management framework designed to identify potential risks, strengthen internal controls and ensure compliance with applicable regulatory requirements.

Credit Risk

Credit risk remains one of the key risks associated with the lending business. The

risk primarily arises from the possibility of borrowers failing to meet their repayment obligations. The Company manages this risk through prudent credit appraisal processes, defined underwriting standards, continuous portfolio monitoring and periodic review of credit exposures.

Operational Risk

Operational risk may arise from inadequate internal processes, human error, system failures or unforeseen external events. The Company continuously reviews and strengthens its operational processes, internal controls and standard operating procedures to minimise operational disruptions and enhance business efficiency.

People Risk

The Companys continued growth depends on its ability to attract, develop and retain skilled professionals across key business functions. The highly competitive financial services industry presents challenges in acquiring and retaining qualified talent, particularly in specialised areas such as lending, risk management, compliance and technology. The Company seeks to mitigate this risk by fostering a performance-driven work culture, investing in employee development, promoting continuous learning and providing opportunities for professional growth.

Regulatory and Compliance Risk

Being a regulated NBFC, the Company is required to comply with various laws, regulations and guidelines issued by the Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI), the Ministry of Corporate Affairs (MCA) and other regulatory authorities. The Company has established a robust compliance framework to ensure timely compliance with all applicable statutory and regulatory requirements.

Technology and Cybersecurity Risk

The increasing use of digital platforms and technology-driven operations exposes financial institutions to cybersecurity threats, data breaches and technology-related disruptions. The Company continues to strengthen its information security framework, digital infrastructure and technology controls to safeguard customer information, ensure business continuity and maintain operational resilience.

Liquidity Risk

Liquidity risk refers to the Companys ability to meet its financial obligations as they fall due while supporting ongoing business operations. The Company maintains a prudent approach towards liquidity management through regular monitoring of cash flows, maintenance of adequate liquidity and effective financial planning.

Reputation Risk

The Companys reputation is one of its most valuable assets. Any adverse event relating to customer service, regulatory compliance, operational performance or data security may affect stakeholder confidence. The Company remains committed to maintaining high standards of corporate governance, ethical business practices and transparent stakeholder communication to protect and strengthen its reputation. The Company believes that effective risk management is fundamental to achieving sustainable growth. The Board of Directors, supported by its Committees and the Management, periodically reviews the Companys risk management framework to ensure that emerging risks are identified at an early stage and appropriate mitigation measures are implemented in a timely manner.

Fraud Risk

The increasing use of digital channels and technology-enabled financial services

exposes financial institutions to risks arising from fraudulent transactions, identity theft and cyber-enabled financial crimes. The Company has implemented appropriate internal controls, customer due diligence processes, monitoring mechanisms and technology-driven safeguards to detect, prevent and mitigate fraud risks while ensuring the integrity of its business operations.

11. Outlook and Future Prospect

The Company remains optimistic about the long-term outlook of the Indian financial services sector, supported by increasing financial inclusion, growing demand for formal credit, rapid digital adoption and continuous technological advancements. The Management believes that these structural trends will continue to create significant opportunities for

technology-driven Non-Banking Financial Companies (NBFCs) that are focused on innovation, operational excellence and responsible lending.

Building on the strong foundation established during the Financial Year 2025-26, the Company intends to further strengthen its lending business by expanding its presence in the retail lending segment and enhancing access to timely, transparent and customer-centric financial solutions. The Companys strategy remains focused on creating a scalable and sustainable lending platform supported by disciplined credit underwriting, prudent risk management and strong governance

practices.

The Company will continue to strengthen and enhance its digital lending platform, Ashapurti Loans, with the objective of improving customer experience,

streamlining loan origination and servicing processes, and enhancing operational efficiency. In addition, the Company is developing new technology-driven

platforms, including Bade Bhaisab and Saral Sahayak, which are expected to broaden its

digital ecosystem and support future business growth through innovative financial solutions.

Recognising the increasing role of technology in the financial services industry, the Company intends to continue investing in digital infrastructure, automation, advanced analytics and Artificial Intelligence (AI) to strengthen credit assessment, risk evaluation, fraud detection and operational decision-making. The Company believes that technology-driven innovation will remain a key differentiator in delivering efficient, secure and customer-centric financial services.

The Company also remains committed to further strengthening its enterprise risk management framework, regulatory compliance mechanisms and internal control environment to support sustainable growth while maintaining the highest standards of corporate governance.

With a strengthened financial position, an expanding digital ecosystem and a clear long-term strategic direction, the Company believes it is well-positioned to capitalise on emerging opportunities in Indias evolving financial services landscape and continue creating sustainable long-term value for its

12.Internal Control System and Their Adequacy

The Company adopts a structured approach and prioritizes the implementation of effective checks to ensure operational efficiency and accuracy. GLLFL maintains an appropriate and comprehensive system of internal controls that aligns with its size and the nature of its operations. The Companys internal control system provides reasonable assurance for safeguarding assets and ensuring proper authorization, recording and reporting of transactions.

The Internal Auditors periodically review and evaluate the adequacy of the control system and processes including in particular, internal financial controls as

required under the Companies Act, 2013, ensure strict adherence to processes and procedures as well as to prescribed regulatory and legal framework and suggest improvements. The internal auditors have expressed their satisfaction about the adequacy of the control systems and the manner in which the Company is updating and strengthened its internal audit systems and procedures to meet the challenging requirements of the business. Significant audit observations and follow-up action thereon are reported by the Internal Auditors to the Audit Committee. The Audit Committee & Board of Directors reviews the internal audit reports and the adequacy and effectiveness of the Companys internal control environment and monitors the implementation of audit recommendations.

13.Information Technology

Technology continues to play a pivotal role in the Companys business operations and remains a key enabler for delivering efficient, secure and customer-centric financial services. The Company is committed to leveraging technology to enhance operational efficiency, strengthen risk management, improve customer experience and support sustainable business growth.

During the Financial Year 2025-26, the Company continued to strengthen its digital capabilities through the launch of the Ashapurti Loans App, providing customers with a seamless, paperless and convenient platform to access the Companys lending services. The digital platform has enhanced customer accessibility, streamlined loan processing and improved the overall service experience.

The Company continues to invest in digital infrastructure and process automation to improve operational efficiency, optimise business processes and strengthen internal controls. Technology-enabled workflows facilitate faster decision-making, improve operational accuracy and support effective

monitoring of business activities across various functions.

The Company also recognises the importance of information security and data protection in an increasingly digital business environment. Appropriate technology controls and security measures are implemented to safeguard customer information, maintain data confidentiality and support the continuity and resilience of business operations.

The Company believes that continuous investment in technology and digital innovation will remain a key driver of operational excellence, customer satisfaction and long-term sustainable growth.

14.Human Resources

The Company firmly believes that its employees are the cornerstone of its sustained growth and long-term success. A skilled, committed and motivated workforce enables the Company to deliver quality financial services, maintain high standards of governance and respond effectively to the evolving needs of its customers and stakeholders.

The Company continues to foster a professional work environment that promotes integrity, collaboration, continuous learning and performance excellence. It remains committed to attracting, developing and retaining talented professionals by providing opportunities for skill enhancement, knowledge sharing and career development, while encouraging a culture of accountability, innovation and ethical business conduct.

As the Company continues to strengthen its technology-driven lending business, emphasis is placed on developing employee capabilities across key functional areas, including lending operations, risk management, compliance, finance and technology. The Company believes that investing in its human capital is essential for

building organisational resilience and supporting sustainable business growth. The Company also promotes an inclusive and respectful workplace, where equal opportunities, diversity and employee well-being are valued. It remains committed to maintaining a safe and healthy work environment and complying with all applicable labour laws and statutory requirements.

15. Cautionary Statement

The statements contained in this Management Discussion and Analysis describing the Companys objectives, expectations, projections, estimates, strategies or future developments may constitute "forward-looking statements" within the meaning of the applicable laws and regulations. These statements are based on certain assumptions and expectations of future events and involve known and unknown risks, uncertainties

and other factors that could cause actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking statements.

Important factors that may influence the Companys operations include changes in economic conditions, regulatory and governmental policies, interest rate movements, market conditions, technological developments, competitive intensity and other factors affecting the financial services industry.

The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required under applicable laws and regulations. Readers are advised to exercise their own judgment and not place undue reliance on such forward-looking statements.