MITSUBISHI HEAVY INDUSTRIES AIR-CONDITIONING EUROPE, LTD.
Company number: 08391144
Reporting period:
1 October 2024 to 31 March 2025
Report filed on:
29 April 2025
Approved by:
Ryoichi Kariya
Payment statistics
Average time taken to pay invoices: 55 days
Invoices paid:
- within 30 days: 32%
- in 31 to 60 days: 38%
- in 61 days or more: 30%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 7%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
120 days
Standard payment terms
There has been no change during the reporting period to the company's 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 a single standard payment term across all suppliers. The agreed payment terms with suppliers vary from 14 days to 120 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 issued 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
120 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
In case of straightforward queries / disputes (i.e. administrative errors, missing invoices or discrepancies), suppliers may contact MHIAE accounting department directly. In addition, members of MHIAE accounting department aim to resolve such queries in time for the monthly payment cycle. Disputes involving more complex queries (i.e. non-performance, quality issues or service failure), are referred to appropriate general manager within MHIAE who will liaise with the supplier directly. All efforts are made to deal with and resolve even the most complex disputes so that the due invoices can be settled without unnecessary delay.
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