FIRST GRADE INTERNATIONAL LIMITED

Company number: 04603605

Reporting period:
1 July 2018 to 31 December 2018

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This report was filed on 31 January 2019

and approved by Melvin Tay

Payment statistics

Average time taken to pay invoices: 34 days

Invoices paid:

• within 30 days: 37%
• in 31 to 60 days: 60%
• in 61 days or more: 3%

Invoices due but not paid within agreed terms: 79%

Payment terms

Shortest standard payment periods

30 days

Longest standard payment period

60 days

Standard payment terms

The company aim to pay in line with the terms agreed with suppliers. Where no agreement exists, the company aims to pay suppliers 30 days after the invoice date. Prompt payment is subject to receiving an accurate invoice which quotes the correct purchase order number.

Were there any changes to the standard payment terms in the reporting period?

Answer not provided

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

N/A

Dispute resolution process

All invoices are checked against our purchase order number or with the person responsible for the order . When a discrepency arises, which can be caused by incorrect pricing/quantities or the quality of goods or services, the invoice will be placed on hold. Invoices that are in dispute will not be paid until the issue has been resolved. The supplier is notified that the invoice is in dispute. Once the dispute has been resolved, payment will be made in accordance with the payment terms, unless the invoice is overdue whereupon it will be paid on the next available payment run.

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 Prompt Payment Code must commit to paying 95% of their invoices within 60 days.

No, this business has not signed up to a code of conduct or standards on payment practices.

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