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MITSUBISHI ELECTRIC AIR CONDITIONING SYSTEMS EUROPE LTD.

Company number: SC191805

Reporting period:
1 April 2018 to 30 September 2018

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This information is as reported by the business, and responses are in their own words.

This report was filed on 23 October 2018

and approved by Yoshihiro Sumida

Payment statistics

Average time taken to pay invoices: 42 days

Invoices paid:

• within 30 days: 33%
• in 31 to 60 days: 51%
• in 61 days or more: 16%

Invoices due but not paid within agreed terms: 16 %

Payment terms

Shortest standard payment period

3 days

Longest standard payment period

180 days

Standard payment terms

The company operates standard payment terms of End of Month plus 30, meaning standard payment terms will potentially be 60 days.

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

Statistics are calculated on invoice receipt date.

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.

No

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