The Accounting and Taxation firms work persistently on delivering the clients with utmost expertise regarding the tax laws and accounting standards. With introduction of new laws time and again, the firms have to be put their best foot forward to stand amongst all and make a name in the marketplace. Integrating effective measures, the firms have gained a fruitful momentum of client satisfaction, long-term relationships and project success.
In an interview with Insights Success, B R Maheswari, Founding Partner of B. R. Maheswari & Co. LLP gave some insightful answers highlighting the influences made by his firm, service offerings, winning honours, current and future perceptions.
With over six decades of rich experience, B. R Maheshwari is an eminent personality in the CA fraternity. His dedicated-self has led the company to achieve many milestones along the way and made it a renowned firm. His sheer contribution and ethical work approach has handled numerous offices in his career profile.
- Kindly brief us about the company.
Established in 1964 by Mr B R Maheswari (Past President of the Institute of Chartered Accountants of India), B R Maheswari & Co LLP is now managed by 11 partners, and supported by a staff of over 50 persons across our offices at New Delhi, Gurgaon and Mumbai.
2. Please tell us about your Founder/CEO and his/her contribution towards the company and the industry.
Mr B R Maheswari (Founding Partner), 88, started his practice in 1954 with a different name. He set up BRMCo in 1964 and continues to mentor the Firm. With over 65 years of experience in the industry, he is regarded as an industry stalwart. He has held numerous offices in his illustrious career:
- President of the Institute of Chartered Accountants in 1976-77
- Chairman of the Northern India Regional Council of the ICAI (1966-67)
- Member of the Central Council member of the ICAI (1970 – 79)
- Governing body member – Jawaharlal Nehru University (1978 – 81)
- Has served on the Boards of numerous companies including New Bank of India (pre-nationalisation), Sudarshan Chemicals Ltd, JCT Mills Ltd, NBI Industrial and Finance Co Ltd, Jyoti Ltd etc
3. Kindly brief us about your services and products?
We are a full service professional services firm. Our main lines of business include:
- Audit and Assurance Services – We have almost 5 decades of experience in providing Auditing and Assurance services to our clients. We conduct audits of all types, including Statutory Audits, Tax Audits, Internal Audits, and Concurrent Audits etc. We have also conducted special Investigation Audit for Banks, Financial Institutions and Regulatory Authorities like SEBI. We have deep experience in conducting Central Statutory Audits of some of the largest nationalised banks and public sector enterprises over the past few decades. Our private sector clientele includes some of the leading companies in their respective industries. We are empanelled with all major institutional and regulatory authorities like Comptroller and Auditor General of India, Reserve Bank of India, Securities and Exchange Board of India and National Commodity and Derivatives Exchange.
- Corporate Finance Advisory – Our Corporate Finance division provides services like Debt Syndication, M&A Advisory, Valuations, Due Diligence, Equity raising etc. Our past deals range across industries like Steel, Textiles, Publications & Printing, and Entertainment etc.
- Insolvency Resolution Services – a new practice domain under the recently introduced Insolvency Resolution Code 2016 with the objective of facilitating the financially stressed assets achieve a viable turn-around. Two of our partners are qualified Resolution Professionals under the Insolvency and Bankruptcy Board of India.
- Business Advisory – We cover a wide range of services under our Business Advisory Services division like- Implementation of Ind AS / IFRS, Specialised compliance with foreign laws like Anti-Bribery, GDPR etc. and Forensic Advisory, IPO related work – assisting companies become IPO ready, Developing Business plans, India Entry strategy for multi nationals, Information systems audit, Business Process Solutions including, Design and Development of Accounting, Costing and MIS, Financial management and Outsourcing of Accounting, Corporate Secretarial services. We have advised clients across a wide range of industries including textiles, publishing, pharmaceuticals, manufacturing etc
- Tax and Related Services – We offer a full range of taxation advisory services including Representation in Assessment proceedings, Appellate proceedings etc, Advising on Innovative financing structures and instruments, Transfer pricing – policy formulation, risk management and audit defence, Compiling, filing tax returns and related advisory – both to corporates, as well as individuals, Other forms of trade and business taxes, e.g., value-added and turnover-based taxes, service tax, GST etc.
- Risk Advisory Services to Financial Institutions – We are pioneers in the field of Bank process outsourcing, having teamed up with one of the largest private sector banks in India more than a decade ago to set up a system to enable early detection of NPAs. Our services include Credit monitoring, stock audits, pre sanction due diligence and ROC related matters
- What intrigues you most about the account and taxation system?
India has one of the oldest accounting systems and one of the most complex and evolving taxation systems in the world. It is heartening to see the government doing a lot to simplify these and integrate them with world best practices so as to make India a better place to attract business and assist in economic growth. With the complete implementation of Ind AS / IFRS and GST, the Indian Industry will be truly part of the global economy.
- Kindly mention the awards and accolades received by the CEO and the company?
Our ethos has always been to work with integrity and dedication. An accountant never covets or pursues awards or accolades. Our Founding partner has however been felicitated on numerous occasions by the ICAI and industry bodies for services to the profession. We have also been awarded the ‘Best Annual Report (2000-2001)’ award by ICAI as statutory auditors for Shree Cements Limited.
- What are the major challenges the company has faced over the years in terms of growth, and evolving new players in the industry?
The biggest challenge Indian accounting firms have faced in the last 20-30 years is the advent of foreign players (Big 4) into India. Coupled with the fact that our professional ethics do not allow us to advertise or solicit business, competing with the might of these MNCs is a huge challenge for midsize firms like us. Having said that, we do see the larger and better run Indian firms re-emerging of late, specially into new areas of practice like Insolvency and Financial advisory.
- Being one of the leaders in the accounts and taxation industry how do you integrate settlement commission advisory and service tax audit advisory in the company?
Our taxation practice is focussed on Income Tax and GST Advisory, and we have created separate teams that specialise in these fields.
- What are your views regarding the current reforms and acts and what measures are taken to incorporate it in the company?
The 3 biggest reforms to impact our sector over the last couple of years have been GST, Ind AS adoption and Insolvency and Bankruptcy Code. All of these progressive reforms are designed to integrate India with the developed world.
As a firm, we have a thriving Ind AS implementation business, and a GST team. We have also set up an Insolvency division with our Corporate Finance team to approach this business.
- Kindly share with your Vision and Mission of your organization.
Our vision is to become one of the largest and most respected Indian professional services firms that is capable of competing with the Big 4 in India.
Our mission is to reach to that stage within 5 years.
- What is your key mantra that has driven you for the past three decades?
Integrity above all else – even if it comes at a cost.
- What are your future perspectives?
Our business is interlinked to the evolution of the Indian economy at large. We are positive on the future of the Indian economy and hold great expectations from the government to continually improve the business environment and make India a preferred investment destination.
- Please share a quote that best describes your company.
Delivering solutions reliably and with integrity