Adjusted Tangible Net Worth (ATNW) refers to net worth adjusted by excluding intangible assets, revaluation reserves, fictitious assets, and other weak capital items. It gives lenders a conservative measure of borrower capital support. ATNW is commonly used in leverage ratios such as TOL/ATNW and Total Debt/ATNW. In MSME underwriting, it is read as part of the financial assessment and is usually compared across periods, peers, banking conduct and management explanations. For example, the balance-sheet number should be read with audit notes, revaluation reserves, related-party balances and debt obligations before drawing a conclusion. It matters because the number can influence eligibility, limit sizing, repayment comfort, leverage view and early-warning assessment. The common mistake is to use it mechanically; seasonality, accounting treatment, one-off items and data mismatches can change the credit interpretation.