SHIN-ETSU HANDOTAI EUROPE LIMITED
Company number: SC087947
Reporting period:
1 January 2021 to 30 June 2021
Report filed on:
28 July 2021
Approved by:
John Wallace
Payment statistics
Average time taken to pay invoices: 27 days
Invoices paid:
- within 30 days: 82%
- in 31 to 60 days: 2%
- in 61 days or more: 16%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 3%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
90 days
Standard payment terms
Shin-Etsu Handotai Europe Limited (SEHE) is the main trading entity of Shin-Etsu Chemical Co., Ltd in the UK. SEHE will pay for third party goods/services within 7, 14, 30, 60 or 90 days, depending on the Supplier contractual terms, of a correct, undisputed and properly due VAT invoice, unless otherwise agreed in writing by a duly authorised representative. Invoices must generally state: the relevant purchase order number; the contact details of the SEHE point of contact; the period to which the invoice relates; the Supplier's bank account for payment; all charges and applicable taxes, and a description of the goods/services purchased/supplied. SEHE may set off amounts owing to it by the Supplier, and if SEHE has a bona fide dispute relating to all or some of the Supplier's invoices, SEHE may withhold payment of the amount, subject to resolution of the dispute.
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
90 days
External Suppliers payment terms range from 7 to 60 days, with 98% being paid within 30 days. Intercompany Suppliers payment terms are either 30 or 90 days.
Any other information about payment terms
No further comment provided
Dispute resolution process
With respect to contracts with Suppliers, the general position is that the relevant manager authorises the payment for goods/services received. On receipt of the authorised invoice, and successfully matching to the goods/services receipts, the Accounts Department pays the Supplier. When an invoice is in dispute, it will be placed on hold until resolution with the Supplier before payment is made. The Accounts Department seek to deal with any disputes promptly (involving any other relevant parties as required) in accordance with the terms of the contract.
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.
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