| 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 2019 - 30 Jun 2019 | 09 Dec 2019 | 54 | 13% | 51% | 36% | 66% |
| 01 Jul 2018 - 31 Dec 2018 | 09 Dec 2019 | 51 | 17% | 52% | 31% | 15% |
| 01 Jul 2018 - 31 Jul 2018 | 17 Apr 2019 | 51 | 17% | 52% | 31% | 15% |
| 01 Jan 2018 - 30 Jun 2018 | 30 Jul 2018 | 44 | 13% | 36% | 51% | 52% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
45 days end of month
Were there any changes to the standard payment terms in the reporting period?
No information available
Any other information about payment terms
IAC terms and conditions state 45 EOM
Maximum contractual payment period agreed
119
As a business we require a PO issued by us to pay for goods or services. If an IAC PO is not provided on each invoice then the supplier needs to go back to IAC buyer so one can be provided. If the Invoice does not match the PO price then the supplier needs to go back to IAC buyer for an amended PO.
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
International Automotive Components Group Limited is registered in Solihull and forms part of IAC Group, a global manufacturer of automotive interior components. The group designs and produces parts such as door trim systems, console systems, instrument panels, cockpit systems, overhead systems and EV systems, supplying these to vehicle manufacturers worldwide. The UK entity operates within this wider international corporate group, whose global headquarters is based in Luxembourg. Its registered activity, manufacture of other parts and accessories for motor vehicles, aligns with the group's stated focus on automotive interior design and engineering for mobility manufacturers.
Generated from the company's website and Companies House records. Sources: iacgroup.com