Wuhan General Group (China), Inc. Announces Fourth Quarter and Full Year 2009 Results

WUHAN, China, April 1 /PRNewswire-Asia/ -- Wuhan General Group (China), Inc. (Nasdaq: WUHN) ("Wuhan General" or the "Company"), a leading manufacturer of industrial blowers and turbines in China, operating through its subsidiaries, Wuhan Blower Co., Ltd. ("Wuhan Blower"), Wuhan Generating Equipment Co., Ltd. ("Wuhan Generating") and Wuhan Sungreen Environment Protection Equipment Co., Ltd. ("Wuhan Sungreen," previously known as "Wuhan Xingelin"), today reported financial results for the fourth quarter and full year 2009.

Fourth Quarter 2009 Highlights

-- Fourth quarter revenue was $33.1 million, an increase of 18.1% from the

same period in 2008

-- Gross profit was $8.6 million, an increase of 31.8% from the same

period in 2008

-- Gross profit margin increased 271 basis points to 26.0% from 23.3%

-- Net income was $4.3 million, compared with $1.3 million for the same

period in 2008

-- Net income available to common shareholders was $4.1 million, or $0.16

per on basic basis and $0.11 on diluted share basis, up from net income

available to common shareholders of $0.1 million, or $0.00 per diluted

share for the same period in 2008

Full Year 2009 Highlights

-- Total revenue was $93.1 million, exceeding guidance of $88 million to

$92 million

-- Total gross profit was $23.4 million with a gross profit margin of

25.1%

-- Income from operations was $13.8 million

-- Net income was $8.5 million, or $0.22 per diluted share

-- Net income available to common shareholders was $7.7 million

-- Adjusting for non-cash charges, adjusted net income available to common

shareholders for 2009 was $8.9 million, or $0.24 per diluted share

"We are pleased to see strong recovery of our business in the fourth quarter of 2009," said Mr. Xu Jie, CEO of Wuhan General. "The turnaround has been especially pronounced in our turbine division, as we increased sales to hydropower plants. The number of projects available for bid in this field is increasing as the government encourages investment in hydropower and subsidizes the construction of these plants in certain regions. Therefore, we have decided to make hydropower an important part of our strategy going forward. Our current backlog is RMB 175 million (approximately $25.7 million) and RMB 138 million (approximately $20 million) for Wuhan Blower and Wuhan Generating, respectively."

Fourth Quarter 2009 Results

For the fourth quarter ended December 31, 2009, total revenue was $33.1 million, up 18.1% compared to $28.1 million for the same period last year. Wuhan Blower generated $15.9 million in revenues, or 48.0% of the total revenues, compared to $14.6 million, or 52.0% of total revenues in the same period last year. Wuhan Generating contributed $16.8 million, or 50.7% of the total revenues, compared to $13.5 million, or 48.0% of total revenues for the same period last year. The remaining $0.4 million in revenues for the fourth quarter of 2009 was contributed by Wuhan Sungreen through sales of parts and components to unrelated third parties. The increase in total revenue year-over-year and quarter-over-quarter was mainly due to increased investment in capital equipment by the steel and power generation industries.

Gross profit for the quarter was $8.6 million, up 31.8% from $6.5 million in the fourth quarter of 2008. Gross margin was 26.0%, up 2.7 percentage points from 23.3% for the same period in 2008. The increase in gross margin was mainly due to increased economies of scale from the increased sales revenue in the fourth quarter of 2009 because of more projects delivered and revenue recognized, while production costs remained stable.

Net income for the fourth quarter of 2009 was $4.3 million, compared with $1.3 million for the same period last year. The significant increase was primarily due to a non-cash charge of $5.4 million in fourth quarter 2008 related to the Company's capital markets activities. Excluding these expenses, net income for the fourth quarter of 2008 was $6.6 million.

Net income available to common stockholders was $4.1 million, or $0.11 per diluted share, for the three months ended December 31, 2009, up from $0.1 million or $0.00 per diluted share for the same period the prior year. Excluding the aforementioned expenses related to the Company's capital markets activities, net income available to common stockholders was $5.4 million, or $0.12 per diluted share for the fourth quarter of 2008. For a complete reconciliation of adjusted financial information to GAAP financial information, please see the table below.

Full Year 2009 Results

For the full year 2009, total revenue was $93.1 million in 2009 compared to $118.6 million in 2008. Wuhan Blower generated $48.2 million in revenues, or 51.7% of total revenues, compared to $58.8 million, or 49.6% of total revenues in the same period last year. Wuhan Generating contributed $44.2 million, or 47.5% of the total revenues, compared to $59.8 million, or 50.4% of total revenues in the same period last year. The remaining $0.7 million in revenues in 2009 was contributed by Wuhan Sungreen. Gross profit was $23.4 million in 2009 compared to $34.2 million in 2008. Overall gross margin was 25.1% in 2009 compared to 28.8% in 2008. Income from operations was $13.8 million in 2009 compared to $22.6 million in 2008.

Selling expenses in 2009 decreased 52.0%, to approximately $1.6 million from approximately $3.4 million in 2008. As a percentage of sales, selling expenses were 1.7% in 2009 compared to 2.8% in 2008. This decrease was primarily attributable to lower incentive expenses as a result of the significant decrease in sales. General and administrative expenses decreased approximately 2.0%, to $7.6 million in 2009 from approximately $7.8 million in 2008. The decrease was primarily due to management's effective control of expenses, offset by a consultancy fee of approximately $0.2 million relating to a bridge loan in 2009. As a percentage of sales, general and administrative expenses were 8.2% in 2009 compared to 6.5% in 2008. This increase as a percentage of sales was primarily attributable to the lower economies of scale as a result of the significant decrease in sales and the reasons mentioned above. As a result, operating income decreased 39.1%, to $13.8 million in 2009 from $22.6 million in 2008.

Net income was $8.5 million in 2009 compared to $16.1 million in 2008. Net income available to common shareholders was $7.7 million, or $0.22 per diluted share in 2009, compared with $11.2 million, or $0.26 per diluted share in 2008. Adjusting for non-cash charges of $1.2 million for 2009 and $5.4 million for 2008 associated with the Company's capital market activities, adjusted net income available to common shareholders for 2009 was $8.9 million, or $0.24 per diluted share compared with $16.5 million, or $0.35 per diluted share, for 2008. For a complete reconciliation of adjusted financial information to GAAP financial information, please see the table below.

Financial Condition

As of December 31, 2009, Wuhan General had $0.4 million in cash and $54.0 million in accounts receivable compared to $2.8 million and $41.5 million respectively as of December 31, 2008. The Company had $50.0 million in working capital with a current ratio of 1.8:1 and stockholders' equity of $102.7 million as of December 31, 2009. Wuhan General's short-term bank loans and notes were $35.3 million as of December 31, 2009. In November 2009, the Company secured a loan facility with Standard Chartered Bank (China) Limited, Guangzhou Branch ("Standard Chartered Bank") that provides up to RMB 303.1 million (approximately $44.4 million) in senior secured debt financing. The Company drew $10 million of the facility in December 2009 and $13 million in January 2010, which were used towards repayment of the Company's existing short-term bank loans.

The Company is also working on improving collection practices in order to reduce accounts receivable through the establishment of a collection department that monitors payment history and regularly evaluates the collectability of customers. In addition, the Company continues to tie its sales commissions to the collection of accounts receivable.

Net cash used in operating activities for 2009 was approximately $15.4 million, as compared to approximately $5.5 million provided in 2008. This change was primarily due to a decrease in net operating income coupled with an increase in receivables with a relatively long collection period and increased advances to suppliers.

Recent Events

On January 12, 2010, Wuhan General appointed Mr. Philip Tsz Fung Lo as the Company's new Chief Financial Officer and Treasurer. Mr. Lo replaces Mr. Haiming Liu, who resigned as the Company's Chief Financial Officer for family reasons on January 11, 2010.

Business Outlook

As the Company completed construction of its turbine facility at Wuhan Generating in 2009, its main focus for 2010 is ramping up the turbine business, focusing specifically on water turbines for hydropower plants. The Company's current backlog of turbine orders is $20 million, of which 60% is for water turbines.

"We are still in the process of finalizing equipment installation at our turbine facility at Wuhan Generating and completing construction at our Sungreen subsidiary, scheduled to be completed by the end of 2010. In 2010, we expect to expend approximately $15 million for the construction and equipment installation, which we expect to fund mainly through our credit facility from Standard Chartered Bank," said Mr. Xu. "We expect the new turbine facility to operate at close to full utilization by the end of 2010, while we expect Sungreen to reach around 70% utilization by the end of 2010."

"As Sungreen will mainly support our turbine and blower businesses by providing parts and components, we expect a reduction in outsourcing costs in 2010, which should support our gross margin. In light of the growing backlog, we expect around 20% growth in our top line for 2010," concluded Mr. Xu.

Conference Call

The Company will host a conference call at 9:00 a.m. ET on Thursday, April 1, 2010 to discuss the fourth quarter 2009 and year-end financial results. To participate in the live conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: +1 (877) 409-5551. International callers should dial +1 (702) 894-2407. When prompted by the operator, mention conference passcode 64423653. If you are unable to participate in the call at this time, a replay will be available for 14 days starting on Thursday, April 1, 2010, at 10:00 a.m. Eastern Time. To access the replay, please dial (800) 642-1687, international callers dial +1(706) 645-9291, and enter the pass code 64423653.

Use of Adjusted Financial Measures

To supplement the Company's condensed consolidated financial statements for the three and twelve months ended December 31, 2009 and December 31, 2008 presented on a GAAP basis, the Company provided adjusted financial information in this release that exclude the impact of the stock penalty for late listing on NASDAQ. The Company's management believes that these adjusted measures, adjusted net income and adjusted diluted earnings per share, provide investors with a better understanding of how the results relate to the Company's current and historical performance. The additional adjusted information is not meant to be considered in isolation or as a substitute for GAAP financials. The adjusted financial information that the Company provides also may differ from the adjusted information provided by other companies. Management believes that these adjusted financial measures are useful to investors because they exclude non-cash expenses that management excludes when it internally evaluates the performance of the Company's business and makes operating decisions, including internal budgeting, and performance measurement, because these measures provide a consistent method of comparison to historical periods. Moreover, management believes that these adjusted measures reflect the essential operating activities of the Company. In addition, the provision of these adjusted measures allows investors to evaluate the Company's performance using the same methodology and information as that used by the Company's management. Adjusted measures are subject to inherent limitations because they do not include all of the expenses included under GAAP and because they involve the exercise of judgment of which charges are excluded from the adjusted financial measure. However, the Company's management compensates for these limitations by providing the relevant disclosure of the items excluded. A reconciliation of each adjusted measures to the nearest GAAP measure is appears in the table below.

Reconciliation of Adjusted Financial Measures for the Three and Twelve

Months Ended December 31, 2009 and 2008

Three Months Three Months

December 31, December 31,

2009 2008

Net income per consolidated

statement of operations $4,321,967 $1,255,573

Stock Penalty for late listing on NASDAQ -- 5,355,233

Adjusted net income 4,321,967 6,610,806

Preferred dividends 183,766 193,813

Series B constructive preferred dividend -- 1,005,114

Adjusted net income available to common

shareholders 4,138,201 5,411,879

Weighted average shares outstanding -

diluted -- --

Adjusted diluted earnings per share $0.11 $0.12

Twelve Months Twelve Months

December 31, December 31,

2009 2008

Net income per consolidated statement of

operations $8,462,206 $16,148,092

Stock Penalty for late listing on NASDAQ 1,153,439 5,355,233

Adjusted net income 9,615,645 21,503,325

Preferred dividends 727,129 927,102

Series B constructive preferred dividend -- 4,032,656

Adjusted net income available to common

shareholders 8,888,516 16,543,567

Weighted average shares outstanding -

diluted 37,810,439 47,085,048

Adjusted diluted earnings per share $0.24 $0.35

About Wuhan General Group (China), Inc.

Through its subsidiaries Wuhan Blower, Wuhan Generating, and Wuhan Sungreen, Wuhan General is a leading manufacturer of industrial blowers and turbines in China and the Company is based in Wuhan, Hubei Province, China. Wuhan Blower is a China-based manufacturer of industrial blowers that are principal components of steam-driven electrical power generation plants. Wuhan Generating is a China-based manufacturer of industrial steam and water turbines used for electricity generation in coal, oil, nuclear, and hydroelectric power plants. Wuhan Sungreen manufactures silencers, connectors and other general parts for industrial blowers and electrical equipment, and it produces general machinery equipment. The Company's primary customers are from the iron and steel, power generation, petrochemical and other industries. Led by a strong management team, Wuhan General is well recognized for its technological sophistication and quality construction of blowers and turbines. For more information, visit http://www.wuhangeneral.com .

Safe Harbor Statement

Certain statements in this press release, including statements regarding future revenue, net income and sales, future demand for our products, improvement in economic conditions and costs, the fulfillment of our backlog orders, our ability to repay or refinance our debt, our ability to draw funds under our loan facility with Standard Chartered Bank, our liquidity position, improvement in the collection of our accounts receivable, and the installation of equipment at our turbine facility, the construction of our facilities for Wuhan Sungreen, and the utilization of our new facilities and future production may be forward-looking in nature or "forward-looking statements," as defined by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks and uncertainties, including all business uncertainties relating to vulnerability of our business to general economic downturn, operating in the People's Republic of China (PRC) generally and the potential for changes in the laws of the PRC that affect our operations, our failure to meet or timely meet contractual performance standards and schedules and other factors that may cause actual results to be materially different from those described in such forward-looking statements. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. These forward-looking statements are based on Wuhan General's current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting Wuhan General will be those anticipated by the Company. Wuhan General undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Financial Tables Follow

Wuhan General Group (China), Inc.

Consolidated Balance Sheets

At December 31, 2009 and December 31, 2008

(Stated in US Dollars)

At At

December 31, December 31,

ASSETS 2009 2008

Current Assets

Cash $407,394 $2,817,503

Restricted Cash 7,759,971 13,180,640

Notes Receivable 28,520 --

Accounts Receivable 53,962,201 41,486,856

Other Receivable 4,684,372 1,719,083

Inventory 15,630,470 10,583,906

Advances to Suppliers 24,616,120 20,274,473

Advances to Employees 342,829 189,516

Prepaid Expenses 928,629 92,279

Prepaid Taxes 546,050 604,610

Deferred Tax Asset 749,031 --

Total Current Assets 109,655,587 90,948,866

Non-Current Assets

Real Property Available for Sale 1,103,113 1,100,376

Property, Plant & Equipment, net 32,908,334 22,274,551

Land Use Rights, net 12,073,139 12,297,429

Construction in Progress 17,864,257 28,087,572

Intangible Assets, net 212,798 363,574

Total Assets $173,817,228 $155,072,368

LIABILITIES & STOCKHOLDERS' EQUITY

Liabilities

Current Liabilities

Bank Loans & Notes 35,276,347 35,171,690

Accounts Payable 8,049,057 8,420,678

Taxes Payable 3,169,948 1,109,548

Other Payable 4,228,042 7,708,323

Dividend Payable 727,129 193,804

Accrued Liabilities 3,524,388 2,805,558

Customer Deposits 4,696,719 4,614,370

Total Current Liabilities 59,671,630 60,023,971

Long Term Liabilities

Bank Loans and Notes 11,481,906 1,458,959

Total Liabilities 71,153,536 61,482,930

At At

Stockholders' Equity December 31, December 31,

2009 2008

Preferred Stock - $0.0001 Par Value

50,000,000 Shares Authorized;

6,241,453 and 6,241,453 Shares of

Series A Convertible Preferred Stock

Issued & Outstanding at December 31,

2009 and 2008, respectively 624 624

Additional Paid in Capital -

Preferred Stock 8,170,415 8,170,415

Additional Paid in Capital -

Warrants 3,484,011 3,687,794

Additional Paid in Capital -

Beneficial Conversion Feature 6,371,547 6,371,546

Preferred Stock - $0.0001 Par

Value 50,000,000 Shares Authorized;

6,354,078 and 6,354,078 Shares of

Series B Convertible Preferred Stock

Issued & Outstanding at December 31,

2009 and 2008, respectively 635 635

Additional Paid in Capital -

Preferred Stock 12,637,158 12,637,158

Additional Paid in Capital -

Warrants 2,274,181 2,274,181

Additional Paid in Capital -

Beneficial Conversion Feature 4,023,692 4,023,692

Common Stock - $0.0001 Par Value

100,000,000 Shares Authorized;

25,351,950 and 24,752,802 Shares

Issued & Outstanding at December 31,

2009 and 2008, respectively 2,536 2,475

Additional Paid in Capital 29,793,996 28,436,835

Statutory Reserve 4,563,592 3,271,511

Retained Earnings 23,477,239 17,034,243

Accumulated Other Comprehensive

Income 7,864,065 7,678,329

Total Stockholders' Equity 102,663,692 93,589,438

Total Liabilities &

Stockholders' Equity $173,817,228 $155,072,368

Wuhan General Group (China), Inc.

Selected Consolidated Statements of Income

For the three months ended December 31, 2009 and 2008

(Stated in US Dollars)

3 months 3 months

ended ended

December 31, December 31,

2009 2008

(Unaudited) (Unaudited)

Sales $ 33,130,411 $ 28,052,142

Cost of Sales 24,507,496 21,510,148

Gross Profit 8,622,916 6,541,994

Earnings before Tax 4,683,300 1,255,573

Income Tax 361,334 --

Net Income $ 4,321,967 $ 1,255,573

Preferred Dividends Declared 183,766 193,813

Series A Constructive Preferred

Dividend -- --

Series B Constructive Preferred

Dividend -- 1,005,114

Income Available to Common

Stockholders $ 4,138,200 $ 56,646

Earnings Per Share

Basic $ 0.16 $ 0.00

Diluted $ 0.11 $ 0.00

Weighted Average Shares

Outstanding

Basic 25,351,950 24,384,785

Diluted 37,986,362 46,275,771

Wuhan General Group (China), Inc.

Consolidated Statements of Income

For the three and twelve months ended December 31, 2009 and 2008

(Stated in US Dollars)

3 months 3 months Year Year

ended ended ended ended

December 31, December 31, December 31, December 31,

2009 2008 2009 2008

Sales $33,130,411 $28,052,142 $93,079,755 $118,633,833

Cost of Sales 24,507,495 21,510,148 69,720,627 84,442,278

Gross Profit 8,622,916 6,541,994 23,359,128 34,191,555

Operating Expenses

Selling 126,970 1,216,615 1,606,712 3,346,586

General &

Administrative 3,200,199 1,151,132 7,595,755 7,753,163

Warranty (110,582) (177,589) 371,764 469,586

Total Operating

Expense 3,216,587 2,190,158 9,574,231 11,569,335

Operating Income 5,406,329 4,351,836 13,784,897 22,622,220

Other Income (Expenses)

Other Income 207,852 986,678 226,798 986,678

Interest Income (153,187) (552,101) 341,071 84,525

Other Expenses (152,888) 1,293,097 (92,132) (199,621)

Interest Expense (624,805) 531,296 (3,197,789) (1,990,477)

Stock Penalty for late

listing on NASDAQ -- (5,355,233) (1,153,439) (5,355,233)

Total Other Income

(Loss) & Expense (723,028) (3,096,263) (3,875,491) (6,474,128)

Earnings before Tax 4,683,301 1,255,573 9,909,406 16,148,092

Income Tax 361,334 -- 1,447,200 --

Net Income $4,321,967 $1,255,573 $8,462,206 $16,148,092

Preferred Dividends

Declared 183,766 193,813 727,129 927,102

Series A Constructive

Preferred Dividend -- -- -- --

Series B Constructive

Preferred Dividend -- 1,005,114 -- 4,032,656

Income Available to

Common Stockholders $4,138,200 $56,646 $7,735,076 $11,188,334

Earnings Per Share

Basic $0.16 $0.00 $0.31 $0.49

Diluted $0.11 $0.00 $0.22 $0.26

Weighted Average Shares

Outstanding

Basic 25,351,950 24,384,785 25,176,026 22,675,532

Diluted 37,986,362 46,275,771 37,810,439 47,085,048

Wuhan General Group (China), Inc.

Consolidated Statements of Cash Flows

For the twelve months ended December 31, 2009 and 2008

(Stated in US Dollars)

12 months 12 months

ended ended

December 31, December 31,

2009 2008

Cash Flow from Operating Activities

Cash Received from Customers $77,692,950 $110,726,349

Cash Paid to Suppliers & Employees (89,535,620) (115,284,453)

Interest Received 341,071 84,525

Interest Paid (3,197,789) (1,990,477)

Taxes Paid (943,923) --

Miscellaneous Receipts 226,798 986,678

Cash Sourced/(Used) in Operating

Activities (15,416,513) (5,477,378)

Cash Flows from Investing Activities

Cash Released/(Invested in) Restricted

Time Deposits 5,420,669 (4,071,775)

Payments for Purchases and Construction

of Plant & Equipment (2,498,470) (2,155,271)

Purchases of Land Use Rights -- (10,606,926)

Cash Sourced/(Used) in Investing

Activities 2,922,199 (16,833,972)

Cash Flows from Financing Activities

Proceeds from Issuance of

Preferred Stock -- 13,081,477

Proceeds from Bank Loans and Notes 45,299,293 13,594,158

(Repayment of Bank Loans and Notes) (35,171,690) (5,096,172)

Dividends Paid (193,804) (1,632,173)

Cash Sourced/(Used) in Financing

Activities 9,933,799 19,947,290

Net Increase/(Decrease) in Cash &

Cash Equivalents for the Period (2,560,515) (2,364,060)

Effect of Currency Translation 150,406 4,188,598

Cash & Cash Equivalents at Beginning

of Period 2,817,503 992,965

Cash & Cash Equivalents at End

of Period $407,394 $2,817,503

Non-Cash Investing Activity:

Purchase of Sukong Asset through

Hubei Gong Chuang Real Estate Co., Ltd. -- 20,064,965

Non-Cash Financing Activity:

Constructive Preferred Stock Dividend -- 4,032,656

Wuhan General Group (China), Inc.

Reconciliation of Net Income to Cash Sourced/(Used) in Operating Activities

For the three and twelve months ended December 31, 2009 and 2008

(Stated in US Dollars)

12 months 12 months

ended ended

December 31, December 31,

2009 2008

Net Income $8,462,206 $16,148,092

Adjustments to Reconcile Net Income

to Net Cash Provided by / < Used in >

Operating Activities:

Non-Cash Purchase of Sukong Assets -- (20,064,965)

Reclassification of prior period

stock compensation from liability

to equity -- 14,479

Stock Penalties 1,153,439 5,355,233

Stock Compensation -- 227,603

Amortization 407,659 190,192

Depreciation 2,088,002 2,157,143

Decrease/(Increase) in Notes Receivable (28,520) 1,865,491

Decrease/(Increase) in

Accounts Receivable (12,475,345) (9,611,445)

Decrease/(Increase) in Other

Receivable (2,965,288) 258,563

Decrease/(Increase) in Inventory (5,046,563) (2,687,946)

Decrease/(Increase) in Advances

to Suppliers (4,341,647) (7,531,343)

Decrease/(Increase) in Advances

to Employees (153,313) (51,096)

Decrease/(Increase) in Prepaid Expenses (836,350) (92,279)

Decrease/(Increase) in Prepaid Taxes 58,560 (347,057)

Decrease/(Increase) in Deferred

Tax Asset (749,031) --

Increase/(Decrease) in Accounts Payable (371,621) 3,673,380

Increase/(Decrease) in Taxes Payable 2,060,400 66,165

Increase/(Decrease) in Other Payable (3,538,783) 4,570,747

Increase/(Decrease) in Related

Party Payable 58,503 --

Increase/(Decrease) in Accrued

Liabilities 718,830 801,759

Increase/(Decrease) in Customer Deposits 82,349 (420,094)

Total of all adjustments (23,878,719) (21,625,470)

Net Cash Provided by Operating

Activities $(15,416,513) $(5,477,378)

For more information, please contact:

Contact:

Wuhan General Group (China), Inc.

Mr. Philip Lo, CFO

Phone: +86-27-5970-0067 (China)

Email: philip3336@gmail.com

Web: http://www.wuhangeneral.com

CCG Investor Relations Inc.

Ms. Linda Salo, Financial Writer

Email: linda.salo@ccgir.com

Phone: +1-646-922-0894

Mr. Crocker Coulson, President

Phone: +1-646-213-1915 (New York)

Email: crocker.coulson@ccgir.com

Web: http://www.ccgirasia.com

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