MITSUBISHI ELECTRIC AIR CONDITIONING SYSTEMS EUROPE LTD.

Company number: SC191805

Reporting period:
1 April 2023 to 30 September 2023

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This report was filed on 24 October 2023

and approved by Mr Masao Nagano

Payment statistics

Average time taken to pay invoices: 53 days

Invoices paid:

• within 30 days: 28%
• in 31 to 60 days: 59%
• in 61 days or more: 11%

Invoices due but not paid within agreed terms: 2%

Payment terms

Shortest standard payment periods

3 days

Longest standard payment period

90 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?

Answer not provided

Were suppliers notified or consulted about these changes before they were made?

N/A

Maximum contractual payment period agreed

180 days

Our statistical reporting includes non UK suppliers. Average time taken to pay UK based suppliers was 53 days. For UK based suppliers in the reporting period we paid 94% of invoices within 60 days. Freight suppliers affected due to delays in providing import documentation.

Any other information about payment terms

N/A

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, this business has signed up to: 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