PETROFAC (MALAYSIA-PM 304) LIMITED
Company number: 03418736
Reporting period:
1 July 2018 to 31 December 2018
Report filed on:
30 January 2019
Approved by:
Nigel Hooker
Payment statistics
Average time taken to pay invoices: 97 days
Invoices paid:
- in 31 to 60 days: 11%
- in 61 days or more: 89%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 100%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
60 days
Standard payment terms
Standard contractual payment terms for goods and services is 30 days
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
60 days
No further comment provided
Any other information about payment terms
Note: All the qualifying contracts are intercompany
Dispute resolution process
The main point of contact for disputes is the Accounts Payable Team. When an invoice is disputed, the supplier will receive invoice rejection notification indicating the invoice number and reason for rejection. To resolve a dispute, the supplier is required to provide any missing information or a corrected invoice. Petrofac Malaysia- PM304 Limited requires an approved Purchase/Service Order/CTR follows any payment can be made. The PO/SO/CTR Number is communicated to the supplier at the time of placing the order.
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: The 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