MIRA
INFORM REPORT
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Report Date : |
20.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
ADIMMUNE CORP |
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Registered Office : |
3 Tanshing Rd Section 1 Tantzu Hsiang, Taichung Hsien 427 |
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Country : |
Taiwan |
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Date of Incorporation : |
22.12. 1965 |
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Com. Reg. No.: |
33259508 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Research and Development of Production Vaccines and Diagnostic Kits
Using Genetic Engineering |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 500,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
ADIMMUNE
CORP
3 TANSHING RD SECTION 1 TANTZU HSIANG
TAICHUNG HSIEN 427, TAIWAN
TEL: 886-4-25381220 FAX: 886-4-25382105
EXECUTIVE SUMMARY
INCORPORATION DATE :
DECEMBER 22, 1965
REGISTRATION NO. :
33259508
LEGAL FORM :
PRIVATE
CHIEF EXECUTIVE : DR. WEN-LI LIN (PRESIDENT)
STAFF STRENGTH :
100
CAPITAL :
US$ 45,262,523
BUSINESS LINE :
MANUFACTURER
TURNOVER :
N/A (AS OF DEC. 31, 2006)
EQUITIES :
N/A (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 500,000
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
TWD 31.60800 = US$1
.
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
M - million
TWD –Taiwan New Dollars
*Company History*
===============
1965 - Founded in Shu-Lin Town, Taipei Hsien through the technical
support of KITASATO I
NSTITUTE of Japan.
1992 - New
factory in Tantzu Hsiang started the production of vaccine.
1997 -
ADI GROUP joined the company.
2000 - Recommended by
National Chung Cheng University to Ministry of Education as a knowledge
demonstration institution of "Learning Enterprise Program" which had
modernized team and management system in Taiwan
2001 -
Negotiated with the US firms to license genetic engineering technology for
producing
vaccines.
- The EXECUTIVE YUAN DEVELOPMENT FUND,
YAO-HWA GLASS CO LTD and
NAN-HO INDUSTRIAL CO LTD joined the company
as new institutional shareholders.
2002 -
Started the pre-clinical trials of Japanese Encephalitis Vaccine (JEV) using
its new
production process.
1 February,
2003 - Conducted the
computerized process. The ERP system was introduced to handle the
purchasing logistic processes.
1 May, 2003 -
The ADImmune Second corporate campus was preliminarily planned.
-
Amid the SARS outbreak, the company participated in the vaccine-developing
project
organized by the Academia Sinica and
redesign R&D pilot plant to BL3 level.
- Completed the phase one personnel training
for the CDC technology transfer.
1 August,
2003 - The production capability for the influenza
vaccine was expanded to more than 600
thousand doses per year. The collaboration
relationship of marketing the vaccine was
established with TAIWAN BIOTECH CO LTD (SIN
TONG CO) and the clinical trial
(phase four) was conducted.
-
Initiated the development of the enterovirus vaccine. Professor Huan-Yao Lei
from the
Department of Microbiology and Immunology,
College of Medicine, NCKU was
contracted to conduct a study on animal
models.
1 September, 2003 - Dr. Sydar Wang was recruited as the
Chief Technical Officer.
1 November,
2003 -
Completed the company's homepage and the of company related operations
computerization
1 December,
2003 - The Danish SSI passed a facility
inspection required for the three phase validation.
1 March, 2004 - A four million doses per year influenza
vaccine manufacturing facility project was
initiated.
- Signed the lease agreement for leasing TAIWAN SUGAR
COOPERATION's land to
build a biotechnology campus.
1 May, 2004 - Completed the developing plan for the
Adimmune Second Corporate campus.
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Completed the expansion of the packaging line and the remodeling of the
classified area
for packaging processes.
1 June, 2004 - The shareholders meeting
was held to elect the fourteenth Adimmune Corporate Board
members.
1 August, 2004 - The production capability for the
influenza vaccine was expand to over 800 thousand
doses per year.
24 January,
2005 - The company/Kitasato
Institute technology transfer & factory design ceremony.
25 January, 2005 - Established the Foundation for the
Biopharmaceutical Industry of Taiwan.
7 November, 2005 - Established
the cGMP Biopharmaceutical Manufacturing Facility - A Presentation of Taiwan
Experience"
*Company Name*
==============
Incorporated as : KUO
KWANG SERUM & VACCINE LABORATORIES
Date of incorporation : 22
December, 1965
Changed name to : KUO KWANG
BIOTECH CORP
Year of change : 1997
Changed name to : ADIMMUNE
CORP
Year of change : 2001
*Licenses & Permits*
================
(1)
License number : 99633146
Date issued : 22 April,
1987
Issuing authority : Industrial Development Bureau, MOEA
Type of license : Factory
license
(2)
License number : 99076857
Date issued : 28 April,
1987
Issuing authority : Industrial
Development Bureau, MOEA
Type of license : Factory
license
Type of license : A three-year
grant to develop new production processof Japanese Encephalitis Vaccine (JEV)
using kidney cell line from African Green Monkey as a vehicle under a
serum-free cell growth condition.
*Office & Facilities*
===============
Building size : 5,174 sq.
meters (Approx.)
Location :
Taichung Hsien
Property status : Owned by
ADIMMUNE CORP
Facilities :
Modern
Type of building : Industrial
building
Comment : Serves as
office and factory.
Other Contact Details
-----------------------------
Tel no : 4-25395133
E-mail :
t.s-guo@adimmune.com.tw
c2100012@ms18.hinet.net
service@adimmune.com.tw
rmtheodore@frost.com
Previous Contact Details
---------------------------------
Address : 212
Chung Shan Rd Section 2, Shu Lin Chen, Taipei Hsien 238 Taiwan
Tel no. :
2-26812139
*Corporate & Organization Structure*
=============================
A large sized specialized company operated and managed by an experienced
team of professionals.
*Capital Details*
=============
Authorized capital : NTD 1,500,000,000.00
Paid-up capital : NTD
944,950,000.00
*Reputation*
==========
Reference checking for the purpose of establishing the firm's reputation
within the respective industry failed to
reveal any negative information.
Web
site: www.adimmune.com.tw the design is
professional and the content is well organized. At present it is in both
Chinese and English versions.
E-mail: info@adimmune.com
For the past two years there is no record of litigation.
*Major Shareholders*
================
Total number of shareholders: 5
Total number of shares: 64,591,000
Shareholders %
------------------------- --------
CRUCELL HOLLAND BV 28.97
CHENG CHANG ENTERPRISE CO LTD 26.78
EXECUTIVE YUAN DEVELOPMENT FUND 23.35
YAO-HWA GLASS CO LTD 18.58
NAN-HO HSING INDUSTRIAL CO LTD 2.32
Management: Mr. Chin-sheng
Chang, Director
Mr. Su-po Wang, Director
Mr. James Chi-cheng Liao, CEO
Name Nationality
Job Description Dept. / Division
Mr. Chin-sheng Chang Taiwanese
Director Product Development
Mr. Su-po Wang Taiwanese
Director Technology
Mr. James Chi-cheng Liao Taiwanese
CEO -
Dr. Wen-li Lin Taiwanese
President -
Ms. Chiao-ling Chen Taiwanese
Representative -
Dr. Ming-feng Lu Taiwanese
Vice President -
*Main Products & Services*
=====================
Specializes in the following areas of work:
1. Research and development of production vaccines and diagnostic kits
using genetic engineering
2. Importing of raw materials / components for in-house OEM production.
3. Manufacturing a wide range of human vaccines, such as Japanese
encephalitis vaccines and Influenza Vaccines and other related vaccines.
4. Exporting and domestic sales of its finished products.
Products: Analytical kits
Biotechnological
products
Biotechnology
Biotechnology
R&D
Biotechnology
research
*Brand*
======
ADImmune
KKB/KI
KKB/KI-DTaP
*Payment Terms*
==============
Sales
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Local : Cash
30-90 days credit
Export : Letter of Credit (L/C)
Document against Acceptance
(D/A)
Telegraphic
Transfer (T/T)
Purchases
--------------
Local : 30-90 days credit
Import : Letter of Credit (L/C)
Document against
Acceptance (D/A)
Telegraphic
Transfer (T/T)
Open account /DA
terms with settlement using Telegraphic Transfer (T/T)
*Long & Short Term Investment *
=========================
Type of investment :
Manufacturing plant construction
Date of investment : N/A
Investment amount : NTD 512
million
Other investors : EXECUTIVE YUAN DEVELOPMENT FUND
Location : Hsinchu Scienced-Based Industrial Park
Other details : The amount invested by EXECUTIVE YUAN
DEVELOPMENT FUND will be used to build up a state-of-the-art cGMP level
manufacturing plant for vaccine production and plasmid DNA contract
manufacturing business.
*Detailed Product Specifications*
=========================
(1)
Product : Beta-agonists ELISA kit
Description : Indirect competitive enzyme immunoassay
Applications : - For
quantitative analysis of clenbuterol, salbutamol and terbutaline and other
b-agonists in biological samples and feeds
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Designed for laboratory screening. b-agonist drugs
- Widely used in meat producing
animals because of their repartitioning effect
(2)
Product : Analytical Kit
for Sulphamics
Description : Consists of ELISA
assay for quantitative determination of sulphamics in various matrices.
Application : Determination of
the presence of residuals in biological fluids and animal tissues.
(3)
Product
: Japanese Encephilitis Vaccine (JEV)
Description
: Derived form infected neonatal mouse brain
Dosage/Administration :
Primary immunization series consists of three doses of vaccine given at 0 time,
7 to 14 days and 28 to 30 days after the first dose :
1. For children 3 years and older and adults is 1.0 mL subcutaneously
2. Children aged 1 to 2 years receive one-half the adult dose (0.5 mL).
3. The last dose of vaccine should be administered at least 10 days
prior to travel to ensure an adequate immune response and access to medical
care in the event of a delayed adverse reaction.
(4)
Product : Flu Vaccine
Brand : KKB/KI
Description : Combination
vaccine with three influenza virus strains
Indication : Annual influenza
vaccination specifically recommended for high-risk groups, including people
over 50 and people of any age with chronic diseases of the heart, lung or
kidneys, diabetes, immunosuppression, or severe forms of anemia for infection
prevention.
(5)
Product : Tetanus Toxoid
Alum Precipitated (Tetanus Toxoid Adsorbed USP)
Description : Sterile suspension
of alum-precipitated (aluminum potassium sulfate) toxoid in an isotonic sodium
chloride solution containing sodium phosphate buffer to control pH.
Indication : For active
immunization of children 7 years of age or older, and adults, against tetanus.
(6)
Product : DTP Vaccine
Brand : KKB/KI-DTaP
Description : 3-1 combination
of diphtheria, tetanus and acellular pertussis
Features : - Cause less
side-effect (such as fever, induration, pain) on child than conventional
DTP
vaccine because it uses only the parts protective antigens that help children
develop immunity to pertussis and leaves the adverse reaction behind.
- The
"a" in DTaP stands for acellular, which means there are no whole
bacteria in the vaccine.
(7)
Product : PPD Testing
Reagent
Description : Diagnostic skin
test reagent for Mantoux test.
Applications : - For the identification of infection with Mycobacterium
tuberculosis complex.
- For
comparative skin testing with mycobacterial sensitins
- Evaluating
tuberculin positive before and after BCG vaccination
(8)
Product : DNA Vaccine
Indication : - Prevents the
infection of infectious disease
- Utilized in cancer
treatment using cancer surface antigen gene or/and immune related cytokines
gene for cancer treatment.
- Potential
in AIDS prevention and therapy fields
*Technologies Developed and/or Acquired*
====================================
(1)
Name of technology : N/A
Type of technology : Developed
Other details : The
company developed a new licensed serum-free culture platform technology used as
a process for viral vaccine production.
(2)
Also maintains a technology licensed from KITASATO research organization
of Japan.
*Quality Certification*
=================
Obtained the following certifications:
(1)
Type of certification : GMP
Year of certification : 1992
Other details :
Factory facilities obtained such certification.
(2)
Also manufactures human vaccine under cGMP regulations.
*Exhibition Participation*
===================
Exhibition fair : The 14th
Taipei Int'l Medical Equipment & Pharmaceuticals Show
Dates attended : 9-12 November,
2002
Location : Taipei
World Trade Center - Exhibition Hall
*Competitors*
===========
The following locally based companies supply similar range of products :
- GLAXO WELLCOME TAIWAN LTD
- GLAXOSMITHKLINE FAR EAST BV TAIWAN BRANCH (NETHERLANDS)
- AB GENOMICS CORP
- CATHAY BIOTECH CO LTD
- SINPHAR PHARMACEUTICAL CO LTD
*Awards*
========
Award : Award for
Industrial Technology Advancement
Awarded by : Bio Industrial
Development Association (BIDEA)
Year : 1999
*Local Distribution Network*
=======================
An estimated 98% of the annual turnover is attributed to local
sales.
*Export Markets*
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An estimated 2% of the annual turnover is attributed to export.
NOTE : At the time of performing this report, the 2007 export figures has
not yet been released by the Ministry of Economic Affairs which monitors
exports and imports.
*LOCAL BRANCHES & MANAGEMENT*
================================
Branch :
ADIMMUNE CORP - TAIPEI CITY
Branch Address : 18Fl-1,
76 Tun Hua South Rd Section 2 Ta-an Dist, Taipei City, 106
Branch Tel :
[+886] 2-27093833
Branch Fax :
[+886] 2-27092005
Branch Employees : 12
*(Subsidiaries, Joint-ventures & Affiliates)
===============================
Company Name : ADI CORP
Address :
5Fl China Airlines 131 Nanking East Rd Section 3 Chungshan Dist Taipei City 104
Taiwan
Country :
Taiwan
Relationship :
Subsidiary
Legal Form :
Private company with limited liability
Company Type :
Manufacturer
Industry :
Electronic Products & Components
*Strategic Partners & Alliances*
=========================
Nature of alliance :
Collaboration Program
Parties involved : BIOMEDICAL SCIENCES INSTITUTE OF
ACADEMIA SINICA
Details : The company
has established a collaboration program with BIOMEDICAL SCIENCES INSTITUTE OF
ACADEMIA SINICA using Japanese Encephalitis Vaccine (JEV) as a working
model.
PAYMENT RATING : 3 OBTAINED SCORES :
69
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Implication |
Implications |
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1 |
Scores 85–100 |
Excellent |
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2 |
Scores 75 – 84 |
Above Average |
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3 |
Scores 50 – 74 |
Average |
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4 |
Scores 35 – 49 |
Fair |
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5 |
Scores 15 – 34 |
Below Average |
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6 |
Scores 01 – 14 |
Poor |
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NR |
No Data |
No Data |
The rating indicates the
payment pattern of SC based upon our Payment Database, comments from suppliers
of SC, information from banks (if available), as well as industrial sources.
Dealings on open terms may be possible for MODERATE
amounts depending on individual judgement experience.
As a private limited company there is no legal requirement according to
local corporate law for public disclosure of detailed financials.
*BANK DETAILS*
===============
Bank Name : BANK
OF TAIWAN
Branch :
Chungcheng Dist, Taipei City
Branch Address : 120
Chung Ching South Rd Section 1
SWIFT Code :
BKTWTWTP
Bank Name : FUBON
COMMERCIAL BANK
Branch :
Ta-an Dist, Taipei City
Branch Address : 2Fl B1
Fubon Banking Center 169 Jen Ai Rd Section 4
SWIFT Code : This
bank does not have a SWIFT Code
Bank Name : MEGA
INT'L COMMERCIAL BANK CO LTD
Branch :
Chungcheng Dist, Taipei City
Branch Address : 123
Jhongsiao E Rd Section 2
SWIFT Code :
ICBCTWTP
*Financial Summary (Currency: U.S. $'s)
==============================
Year Sales Assets Net Income
2006 $18,189,238.21 $22,309,552.60 $758,162.03
*Int´l Trade Activity (Currency: U.S. $'s)
=============================
Year Imports Exports Total
2004 $2,220,000.00 $47,000.00 $2,267,000.00
2005 $2,900,000.00 n/a $2,900,000.00
2006 $3,700,000.00 $290,000.00 $3,990,000.00
SC is considered medium-sized in its line with a long history. Taking
into consideration of SC’s general performance, a credit line up to USD 500,000
appears to be within SC’s capacities.
Attached:
trade references
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Importing 3841 Surgical
and medical instruments and apparatus,
Importing 5047 Medical/Dental
Equip/Supplies
Manufacturing 2833 Medicinals
and botanicals
Manufacturing 2834 Pharmaceutical
preparations
Manufacturing 5122 Drugs/Druggists'
Sundries
Service 8071 Medical
Laboratories
Service 8731 Comm
Phys/Biological Research
Trading 2833 Medicinals and botanicals
Trading 2834 Pharmaceutical preparations
Trading 5122 Drugs/Druggists'
Sundries
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Importing 9018 Medical,
surgical, dental or vet inst, no elec, part
Manufacturing 2934302700 Other
drugs,
Manufacturing 3000 Pharmaceutical
products
Manufacturing 3002 Human
blood; animal blood; antisera, vaccines etc
Manufacturing 3002200000 Vaccines
for human medicine
Manufacturing 3006 Pharmaceutical
goods (specified sterile prod etc.)
Manufacturing 3822 Composite
diagnostic/lab reagents, except pharmaceuticals
Manufacturing 9018310040 Hypodermic
syringes, with or without their needles
Manufacturing 9018310080 Other
syringes, with or without their needles
Service 9870 Commercial
physical research
DETAILED PRODUCT
CLASSIFICATION & ACTIVITY
Activity Product/Service Description
Manufacturer Pharmaceutical
preparations
Manufacturer Vaccines
Manufacturer Diphtheria
vaccine
Manufacturer Tetanus
vaccine
Manufacturer Japanese encephalitis
vaccines
Manufacturer Diagnostic
kits
Manufacturer PPD testing
reagents
Manufacturer DTP vaccine
Manufacturer Flu vaccine
Manufacturer Analytical
kits
INTERNATIONAL
TRADE : ACTIVITY & MARKETS
Exporting to Asia
Exporting to Macau
Importing from Asia
Importing from Denmark
Importing from Europe
Importing from Japan
Importing from North America
Importing from USA
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)