MITSUBISHI CHEMICAL UK LIMITED
Company number: 03830161
Reporting period:
1 October 2022 to 31 March 2023
Report filed on:
15 May 2023
Approved by:
Colin Cuthill
Payment statistics
Average time taken to pay invoices: 34 days
Invoices paid:
- within 30 days: 52%
- in 31 to 60 days: 41%
- in 61 days or more: 7%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 60%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
90 days
Standard payment terms
The standard terms of payment are different for different spend categories for example, 60 days after date of invoice for GC13-Raw Materials, or immediate payment for duty and import costs. In all categories, terms of payment can, by exception, be varied from the standard payment terms by agreement between the seller and the buyer.
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
Supplier payments are processed 3 times a month on the 10th, 20th and last working day. Ad hoc payments are also made throughout the month. There could be a delay in payment if the invoice is received late or doesn’t state the correct purchase order as these have to be returned to the supplier. A conscious effort is being made to request invoices by email so that receipt of invoice is instant and any queries can be resolved quickly. Invoices are not paid by accounts payable until they have been authorised by someone with the relevant authority or the buyer. There is sometimes a delay due to holidays/sickness which results in late payment to the supplier.
Any other information about payment terms
No further comment provided
Dispute resolution process
If a supplier raises a query in respect of non-payment of an invoice, it would initially be handled by accounts payable. If necessary the accounts payable team will direct the query to the most relevant business area within Mitsubishi Chemical UK Limited (for example Purchasing) to resolve this promptly.
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