HITACHI RAIL LIMITED

Company number: 05598549

Reporting period:
1 April 2022 to 30 September 2022

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This report was filed on 25 October 2022

and approved by Jim Brewin

Payment statistics

Average time taken to pay invoices: 64 days

Invoices paid:

• within 30 days: 30%
• in 31 to 60 days: 39%
• in 61 days or more: 31%

Invoices due but not paid within agreed terms: 19%

Payment terms

Shortest standard payment periods

0 days

Longest standard payment period

360 days

Standard payment terms

Payment terms are agreed with suppliers as part of the supplier selection process / contract negotiations. Hitachi Rail Limited takes into account circumstances of each supplier during this process, in particular for small to medium enterprises. Standard payment terms are 60 days from the date of receipt of Goods and or completion of Services relating to that specific Purchase Order. Payment runs are made on a weekly basis and invoices received without a valid Purchase Order number are returned to the supplier which may result in a delay in the payment process.

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

360 days

The maximum contractual payment term of 360 days relates to suppliers which have agreed to have access to supply chain finance. These are agreed on a case by case basis with specific suppliers predominantly on our long-term manufacturing contracts.

Any other information about payment terms

N/A

Dispute resolution process

Hitachi Rail Limited advises suppliers to liaise with their normal point of contact stated on the Purchase Order, who will help them in the first instance or direct them to the relevant persons. All payment specific enquiries can be made to the Accounts Payable team via telephone on 0800-014-9497 or e-mail: AP.queries@hitachirail.com. In the event of a dispute where an agreement cannot be made, Hitachi Rail Limited follows an established escalation process with Finance / Procurement leads who work to resolve any outstanding dispute.

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.

Yes

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.

Yes

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