MEXICHEM SPECIALTY COMPOUNDS LIMITED
Company number: 01572669
Reporting period:
1 July 2018 to 31 December 2018
Report filed on:
23 January 2019
Approved by:
Mike Funderburg
Payment statistics
Average time taken to pay invoices: 51 days
Invoices paid:
- within 30 days: 11%
- in 31 to 60 days: 51%
- in 61 days or more: 38%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 1%
Payment terms
Shortest standard payment periods
35 days
Longest standard payment period
116 days
Standard payment terms
61 days End of month following document month
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
116 days
No further comment provided
Any other information about payment terms
There are two payment runs made in each month – on the 15th and last day of the month with payments clearing at the suppliers account the following day. All payments outside of this are either due to payments made under direct debit or to be paid in line with contract – for example on a capital purchase there could be deposits that are required to be made on purchase order. The payment terms are set up in the business system (SAP) and the payments are processed in line with these terms
Dispute resolution process
All payment terms are agreed before the account is set up onto the business system. Any amendments have to be agreed by both parties with terms outside of the standard terms having to be agreed with the Financial Director. There are two forms of agreement with vendors. There is either there is a signed acceptance of the MSC Ltd standard terms and conditions or there is a formal contract or supply agreement signed by both parties.
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.
Yes, this business has signed up to: Mexichem Specialty Compounds Ltd adheres to the Mexichem Code of Ethics which has clear guidelines on payment practices and dealing with creditors. The Code of Conduct is available to view on the website; www.Mexichem.com
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