MITSUBISHI ELECTRIC AIR CONDITIONING SYSTEMS EUROPE LTD.
Company number: SC191805
Reporting period:
1 October 2020 to 31 March 2021
Report filed on:
29 April 2021
Approved by:
Mr Masao Nagano
Payment statistics
Average time taken to pay invoices: 52 days
Invoices paid:
- within 30 days: 16%
- in 31 to 60 days: 69%
- in 61 days or more: 15%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 7%
Payment terms
Shortest standard payment periods
3 days
Longest standard payment period
180 days
Standard payment terms
The company operates a standard payment term of End of Month following month of invoice, meaning the standard payment term could be up to 60 days. Terms out with standard terms can be lower or higher than 60 days, dependent on supplier. Invoices included in our statistics include those from non-UK suppliers. Payment terms agreed with these suppliers are typically in excess of 60 days, to allow for transit time.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
180 days
No further comment provided
Any other information about payment terms
Our statistical reporting includes non-UK suppliers. For UK based suppliers, in the reporting period, we paid 94% of invoices within 60 days.
Dispute resolution process
In the first instance, suppliers are encouraged to submit queries to a central mailbox held by Mitsubishi finance team, finance@m-ace.mee.com. Our aim is to review these queries on a daily basis and resolve the issue as soon as is practically possible. The Accounts Payable team will escalate to Finance Manager any disputes they are unable to resolve. We also have an automated switchboard which allows suppliers to speak directly with a member of the finance staff.
Other payment information
Has this business signed up to a code of conduct or standards on payment practices? If so, which?
For example, signatories to The Fair Payment Code must commit to paying 95% of their invoices within 60 days.
Yes, this business has signed up to: Prompt Payment Code
Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
No
Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
No
Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No