Step 1: Check the Assertion using the divisibility idea rather than full factorisation.
Since $36m^2 = 2m \times 18m$, it's clear $18m$ completely divides $36m^2$, and $18m$ is the largest such common factor, so H.C.F. $=18m$. Assertion (A) is true.
Step 2: Check the Reason on its own merit.
It is a standard fact that the H.C.F. of two numbers can never exceed the smaller one, since the H.C.F. must divide both numbers. So Reason (R) is also true.
Step 3: Test whether (R) actually explains (A).
Reason (R) only gives an upper bound ($\text{H.C.F.} \le$ smaller number); it never tells us why the H.C.F. equals exactly $18m$. The real reason is that $18m$ divides $36m^2$ completely.
Step 4: Conclude.
Both statements are true, but (R) does not explain (A), matching option (2).
\[ \boxed{\text{Option (2)}} \]