India’s economic growth is often discussed through the lens of startups and large corporations. Yet the backbone of the country’s economy remains its MSMEs and mid-market enterprises. These businesses contribute significantly to employment, industrial production and exports. However, one challenge is limiting their growth potential: access to structured and affordable capital.
For many companies the issue is not a lack of opportunity. The real challenge is the difference between being economically strong and being recognized as economically strong.
This gap is exactly what Manish Jain set out to address.
From Bhinmal to Mumbai: An unexpected beginning
Manish Jain Grew up in Bhinmal, a small town in Rajasthan. He later moved to Mumbai to pursue higher education, qualifying as a chartered accountant and earning the CFA designation. During his early professional years in corporate credit research, he noticed recurring patterns in how businesses were evaluated by lenders and rating agencies.
“I kept seeing the same pattern,” recalls Jain. “Companies with solid fundamentals, real revenues and good management didn’t get the credit ratings they deserved. Not because they didn’t deserve credit, but because they didn’t know how to present their story.”
Large corporations usually have structured finance teams that manage interactions with lenders and rating agencies. However, for small and medium-sized businesses, limited internal resources often make this process more challenging. A lower rating may increase borrowing costs or reduce access to institutional capital.
starting finman at 24
At the age of 24, Jain started his own consulting firm with the aim of helping businesses better understand the credit assessment framework. Its purpose was to bridge the communication gap between business owners and rating agencies by linking financial presentation with valuation methods.
The focus was not on changing financial fundamentals, but on improving clarity, documentation and strategic positioning. Over time, this endeavor evolved into two separate ventures: Finman Advisors, which focuses on credit rating and IPO advisory, and Dhansarathi, a lending institution serving NBFCs, individuals, professionals and MSMEs.
Together, these institutions serve in advisory and financing roles within India’s broader financial ecosystem.
Credit perception challenge facing Indian businesses
Across all sectors, many businesses report consistent revenues, established operations and expansion plans. However, while seeking funds, they may face challenges such as:
- higher borrowing costs
- Limited access to institutional funding
- Difficulty in conveying qualitative strength to rating agencies
- Estimated credit risk is not commensurate with operational sustainability
Jain’s experience in credit risk analysis led to the idea that some companies struggle not because of weak fundamentals, but because their financial statements do not conform to lender and investor expectations.
This observation formed the basis for Finman Advisors.
Finman Advisors: A 15-year journey strengthening financial credibility
Established in 2010, Finman Consultants Works with promoters, CFOs and finance leaders to support credit preparedness and capital access. The firm assists businesses in evaluating financial structures, identifying potential gaps, and preparing for rating assessments and capital markets interactions.
According to company data, Finman Advisors has conducted more than 21,000 initial appraisals and completed more than 6,500 assignments. It operates through 13 branches across India with a team of over 80 professionals and reports a customer satisfaction rate above 90 percent.
These figures reflect the scale of its operations across industries and sectors.
Credit ratings are more than just a number
Jain believes that credit ratings are often misunderstood.
“People think it’s just a score. It’s not. It’s a conversation about your entire business, your governance, your cash flow discipline and how you handle risk.”
Finman’s approach includes working with management teams to review financial statements, governance practices and operational risks. The goal is to ensure that businesses understand how different aspects of their operations are evaluated.
“Clarity beats complexity. Cash flow is king. Compliance creates credibility. Adaptability ensures survival.”
These principles guide the advisory process and reflect generally recognized factors in credit evaluation.
Credit Rating as a Strategic Business Tool
Credit ratings increasingly influence borrowing costs, lender confidence and investor sentiment. Beyond regulatory requirements, they can impact working capital access and long-term financing options.
However, ratings depend on many variables, including business model, industry risk, capital structure, financial planning and rating agency methods.
To provide structure to this process, Feynman applies what he calls the PPP approach: prepare, condition, and protect.
- prepare This includes assessing financial, operational and strategic readiness.
- Post Focuses on clearly presenting strengths and mitigating factors.
- to protect Addresses monitoring, potential upgrades, and long-term rating management.
The firm reports working with businesses from over 30 industries using this framework.
Expansion in IPO Advisory
As some clients sought equity capital in addition to debt financing, Finman expanded into IPO advisory. The SME and mainboard IPO segments in India have seen increased activity, creating new funding avenues for medium-sized businesses.
The IPO advisory practice supports readiness assessment, governance alignment, financial restructuring, documentation and coordination with market intermediaries. This expansion allows the firm to support clients adopting both debt and equity capital strategies.
Knowledge, Leadership and Education
Credit rating and valuation methods remain complex areas for many business owners. To address this knowledge gap, Jain is working on a book titled decoding credit ratingThe purpose of which is to explain how rating agencies assess companies and how businesses can prepare.
He is also leading a video knowledge series covering rating methodologies, monitoring processes and upgrading strategies. These initiatives aim to improve financial literacy among promoters and finance leaders.
Dhansarathi NBFC: The Next Chapter
Jain has also established Dhansarathi NBFC after obtaining the license of non-banking financial company. The institution provides financing solutions to individuals, professionals and MSMEs.
Dhansarathi’s offerings include MSME loans, skill development financing, insurance premium financing and healthcare financing.
“We were helping businesses become creditworthy, but we couldn’t lend to them. Now we can offer structured financing ourselves,” explains Jain.
While Finmain focuses on advisory services, Dhansarathi operates as a regulated lending entity.
Two enterprises, one common focus
Finman Advisors and Dhansarathi NBFCs operate independently but address different aspects of capital access. One focuses on financial preparation and credit status. The second provides loan services within regulatory norms.
Together, they connect with businesses at different stages of their capital journey.
why does it matter
Access to affordable credit remains a significant issue for many small and medium-sized enterprises in India. Credit ratings influence interest rates, lender confidence, and overall financing terms.
Jain summarizes the broad objective as follows:
“If a small manufacturer in Surat or Ludhiana can go to the bank with confidence because they understand their numbers, then that is what we are here for.”
The broader goal, described by Jain, is to improve financial clarity and structured access to capital for growth-oriented businesses. Through advising and lending initiatives, the focus is on strengthening financial preparedness and expanding access within India’s emerging credit landscape.
Note to readers: This article is part of HT’s paid Consumer Connect initiative and has been independently created by the brand. HT does not take any editorial responsibility for the content, including its accuracy, completeness, or any errors or omissions. Readers are advised to independently verify all information.
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