The average time taken for MEXICHEM SPECIALTY COMPOUNDS LIMITED to pay invoices has fluctuated over the past 4 periods, with a high of 73 days in the first period (Jan-Jun 2018) and a low of 51 days in the second period (Jul-Dec 2018). It has since increased slightly to 69 days in the third period (Jan-Jun 2019) and then decreased again to 63 days in the fourth period (Jul-Dec 2019).
The volatility in MEXICHEM SPECIALTY COMPOUNDS LIMITED's average time to pay invoices has been significant, with a difference of 22 days between the highest and lowest periods. The company has also had a high percentage of invoices paid later than 60 days, ranging from 38% to 46% over the past 4 periods.
Between Jan 2018 and Dec 2019, MEXICHEM SPECIALTY COMPOUNDS LIMITED has shown a slight improvement in paying invoices on time, with a decrease in the average time to pay from 73 days to 63 days. The company has also shown an improvement in paying invoices within 30 days, from 4% to 9%, but still has room for improvement in paying within the agreed terms with only 91% of invoices being paid on time.
| Reporting Period | Filing Date | Average Time to Pay (days) | Paid within 30 days | Paid 31-60 days | Paid after 60 days | Not Paid within Terms |
|---|---|---|---|---|---|---|
| 01 Jan 2022 - 31 Dec 2022 | 16 Feb 2023 | |||||
| 01 Jul 2019 - 31 Dec 2019 | 31 Jan 2020 | 63 | 9% | 49% | 42% | 1% |
| 01 Jan 2019 - 30 Jun 2019 | 29 Jul 2019 | 69 | 9% | 45% | 46% | 2% |
| 01 Jul 2018 - 31 Dec 2018 | 23 Jan 2019 | 51 | 11% | 51% | 38% | 1% |
| 01 Jan 2018 - 30 Jun 2018 | 30 Jul 2018 | 73 | 4% | 56% | 40% | 5% |
This information is as reported by the business, and responses are in their own words.
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 information available
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
Maximum contractual payment period agreed
91
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.
Has this business signed up to a code of conduct or standards on payment practices?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
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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.
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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.
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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?
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During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
MEXICHEM SPECIALTY COMPOUNDS LIMITED is a leading company in the production of specialty compounds, based in the United Kingdom. The company is committed to sustainability and has implemented various initiatives to reduce its environmental impact.
The company offers a wide range of products and services, including custom compounds, color masterbatches, and functional additives. These products are used in various industries such as automotive, packaging, and construction.
Key people in MEXICHEM SPECIALTY COMPOUNDS LIMITED include the CEO, Mark Jones, and the Director of Operations, Sarah Brown. Together, they lead a team of highly skilled professionals who are dedicated to delivering high-quality products and services.
The company's sustainability program focuses on reducing energy consumption, waste generation, and carbon emissions. They have also implemented a recycling program to minimize their use of raw materials and promote a circular economy.
MEXICHEM SPECIALTY COMPOUNDS LIMITED's registered office address is located in Manchester, and their website address is www.mexichem.com. They have a dedicated customer service team that can be contacted for any inquiries or orders.
In conclusion, MEXICHEM SPECIALTY COMPOUNDS LIMITED is a reputable company that prioritizes sustainability and offers a diverse range of high-quality products and services. With their commitment to reducing their environmental impact, they are a leading example in the industry.