DENSO MANUFACTURING UK LTD.

Company number: 02502865

Reporting period:
1 October 2019 to 31 March 2020

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

This report was filed on 23 April 2020

and approved by Paul O'Brien

Payment statistics

Average time taken to pay invoices: 37 days

Invoices paid:

within 30 days: 41%
in 31 to 60 days: 53%
in 61 days or more: 6%

Invoices due but not paid within agreed terms: 10%

Payment terms

Shortest standard payment periods

30 days

Longest standard payment period

90 days

Standard payment terms

Denso Manufacturing UK (DMUK) operates 30 Days EOM (End of month) standard payment terms. These terms are agreed through our General Purchasing Agreement at the point of Purchase Order. In line with our standard terms, invoices are paid within 30 days following the end of the month in which the Invoice Date falls. The average time from Invoice Receipt to Invoice Payment (Currently 37 days) is therefore reflective of these terms.

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

90 days

A small number of suppliers have agreed 90 Days EOM (End of month) payment terms in place. These terms are reflective of the nature of goods shipment; which is most often long distance sea freight.

Any other information about payment terms

N/A

Dispute resolution process

DMUK is committed to prompt invoice payment and follows a standardised process in order to achieve this: a) Suppliers can raise an invoice query by contacting the Accounts Payable team via telephone (01952 675 344) or via email (invoices@denso-mfg.co.uk) b) The Accounts Payable team will liase with the relevant departments in order to resolve the query c) Regular communication will take place with the supplier in order to keep them appraised of the current status and any future payment dates d) The Accounts Payable team will work with the invoice approver to release the invoice for payment at the earliest opportunity DMUK demonstrates strong payment performance and continually works to improve this by building strong and open relationships with our supply chain.

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, 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.

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.

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?