GOV.UK
MITSUBISHI ELECTRIC AIR CONDITIONING SYSTEMS EUROPE LTD.
Company number: SC191805
Reporting period:
1 April 2022
to 30 September 2022
This report was filed on 31 October 2022
and approved by Mr Masao Nagano
Payment statistics
Average time taken to pay invoices: 50 days
Invoices paid:
- within 30 days: 34%
- in 31 to 60 days: 51%
- in 61 days or more: 13%
Invoices due but not paid within agreed terms: 2 %
Payment terms
Standard payment period for qualifying contracts
3 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
Maximum contractual payment period agreed
180 days
Any other information about payment terms
Our statistical reporting includes non-UK suppliers. Average time taken to pay UK based suppliers 47 days.
For UK based suppliers, in the reporting period, we paid 91% of invoices within 60 days. Freight suppliers affected due to delays in supply chain and delays in import documentation.
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 Prompt Payment Code must commit to paying 95% of their invoices within 60 days.Yes – 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