MITSUBISHI HEAVY INDUSTRIES AIR-CONDITIONING EUROPE, LTD.
Company number: 08391144
Reporting period:
1 April 2018 to 30 September 2018
Report filed on:
30 October 2018
Approved by:
Masayuki Fujinami
Payment statistics
Average time taken to pay invoices: 61 days
Invoices paid:
- within 30 days: 19%
- in 31 to 60 days: 34%
- in 61 days or more: 47%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 12%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
90 days
Standard payment terms
Mitsubishi Heavy Industries Air Conditioning Europe, Ltd. (MHIAE) trades with a wide spectrum of suppliers ranging from large to small businesses. The company’s preferred and most commonly used payment term is 60 days end of month which is widely accepted in the UK. MHIAE is unable to apply standard payment terms across all suppliers. The agreed payment terms with suppliers vary from 14 days to 90 days and are based on the nature of the procured goods and services. MHIAE follows an internal approval process of all invoices and the payment term is applied to correctly rendered invoices from the date of the invoice.
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
90 days
N/A
Any other information about payment terms
N/A
Dispute resolution process
In the event of a dispute pertaining to nonpayment or delayed payment, suppliers may contact MHIAE’s accounting department. In case of straight forward queries and/or disputes such as administrative errors, missing invoices or discrepancies, MHIAE accounting team aim to resolve such queries in time for the current month payment cycle. Efforts are made by MHIAE accounting department to contact suppliers once errors are identified on the received invoices.
Disputes involving more complex matters, such as nonperformance or service failure are referred to the appropriate general manager within MHIAE who will liaise with the supplier directly.
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