SEC Form 20-IS - iRemit Global Remittance

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I-REMIT, INC. NOTES TO PARENT COMPANY FINANCIAL STATEMENTS 1. Corporate Information I-Remit, Inc. (the Parent Company) was incorporated in the Philippines and was registered with the Securities and Exchange Commission (SEC) on March 5, 2001 and started commercial operations on November 11, 2001. The Parent Company, which is domiciled in the Philippines, has its registered office and principal place of business at the 26/F Discovery Centre, 25 ADB Avenue, Ortigas Center, Pasig City. The Parent Company’s common shares were listed with the Philippine Stock Exchange (PSE) on October 17, 2007. The Parent Company and its subsidiaries (collectively referred to as “the Group”), except Power Star Asia Group Limited (PSAGL), are primarily engaged in the business of fund transfer and remittance services of any form or kind of currencies or monies, either by electronic, telegraphic, wire or any other mode of transfer; delivery of such funds or monies, both in the domestic and international market, by providing either courier or freight forwarding services; and conduct of foreign exchange transactions as may be allowed by law and other allied activities relative thereto. PSAGL, on the other hand, provides financial advisory and other services. The Group is 28.91% owned by STAR Equities, Inc., 19.34% owned by JTKC Equities, Inc., 22.27% owned by Surewell Equities, Inc., 3.10% owned by JPSA Global Services Co., and the rest by the public. The Parent Company is the ultimate parent company of the Group. The Parent Company’s subsidiaries and associates are as follows: Subsidiaries: International Remittance Country of Incorporation Functional Currency Effective Percentage of Ownership December 31 2011 2010 2009 (Canada) Ltd. (IRCL) Canada Canadian Dollar (CAD) 100.00 100.00 100.00 Lucky Star Management Hong Kong Limited (LSML) Hong Kong Dollar (HKD) 100.00 100.00 100.00 IRemit Global Remittance United Great Britain Limited (IGRL) Kingdom Pound (GBP) 100.00 100.00 100.00 I-Remit Australia Pty Ltd Australian (IAPL) Australia Dollar (AUD) 100.00 100.00 100.00 Worldwide Exchange Pty Australian Ltd (WEPL)* IREMIT Remittance Consulting GmbH Australia Dollar (AUD) 100.00 65.00 65.00 (IRCGmbH)** Austria Euro (EUR) 100.00 74.90 74.90 I-Remit New Zealand New Zealand Limited (INZL) New Zealand Dollar (NZD) Hong Kong 100.00 100.00 100.00 PSAGL Hong Kong Dollar (HKD) Japanese 100.00 100.00 100.00 K.K. Iremit Japan (KKIJ) (Forward) Japan Yen (JPY) 100.00 – –
Associates: IRemit Singapore Pte Ltd Country of Incorporation - 2 - Functional Currency Effective Percentage of Ownership December 31 2011 2010 2009 (ISPL) Singapore Singapore Dollar (SGD) 49.00 49.00 Hwa Kung Hong & Co., New Taiwan Ltd.(HKHCL) Taiwan Dollar (NTD) 49.00 49.00 * Consists of direct voting interest of 70.00% and indirect voting interest through IAPL of 30.00% **Formerly IREMIT EUROPE Remittance Consulting AG (IERCAG) 2. Summary of Significant Accounting Policies Basis of Preparation The accompanying financial statements of the Parent Company have been prepared on a historical cost basis. The Parent Company’s financial statements are presented in Philippine peso, the Parent Company’s functional and presentation currency, and all values are rounded to the nearest peso except when otherwise indicated. Statement of Compliance The accompanying financial statements of the Parent Company have been prepared in compliance with Philippine Financial Reporting Standards (PFRS). Changes in Accounting Policies The accounting policies adopted in the preparation of the parent company financial statements are consistent with those of the previous financial year except for the adoption of the following new and amended PFRS, Philippine Accounting Standards (PAS) and Philippine Interpretations which became effective on January 1, 2011. • PAS 24 Amendment, Related Party Disclosures • PAS 32 Amendment, Financial Instruments: Presentation - Classification of Rights Issues • Philippine Interpretation International Financial Reporting Interpretations Committee (IFRIC) 14 Amendment, Prepayments of a Minimum Funding Requirement • Philippine Interpretation IFRIC 19, Extinguishing Financial Liabilities with Equity Instruments The adoption of new standards, amendments and interpretations above did not have impact to the Parent Company except for the adoption of PAS 24 Amendment, Related Party Transactions. PAS 24 Amendment, Related Party Transactions PAS 24 clarifies the definitions of a related party. The new definitions emphasize a symmetrical view of related party relationships and clarify the circumstances in which persons and key management personnel affect related party relationships of an entity. In addition, the amendment introduces an exemption from the general related party disclosure requirements for transactions with government and entities that are controlled, jointly controlled or significantly influenced by the same government as the reporting entity. The amendment only affects the disclosures and has no impact on the Parent Company’s financial position or performance. Improvements to PFRS 2010 The omnibus amendments to PFRSs were issued in 2010 primarily with a view to remove inconsistencies and clarify wording. There are separate transitional provisions for each standard. 49.00 49.00 *SGVMC116501*
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• 1!I~lJllr June 25, 2012 THE PHI
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IRE:lftlr I-Remit, Inc. TO: ALL STO
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GENERAL INFORMATION Date, time and
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Note: The PCD Nominee Corporation (
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Harris Edsel D. Jacildo Mr. Jacildo
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Mr. Tan has also been the Corporate
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Ronald A. Benito Mr. Benito joined
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Involvement in Certain Legal Procee
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The compensation of the key managem
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Compensation Plans As described abo
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SIGNATURES After reasonable inquiry
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I-Remit Australia Pty Ltd, a wholly
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Properties I-Remit, Inc. and its su
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Company’s shareholders. Any stock
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Committees of the Board of Director
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Plan of Operation MANAGEMENT’S DI
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Full Years 2011 compared to 2010 I-
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Total liabilities declined by PHP 1
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2010 compared to 2009 I-Remit reali
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IREMIT EUROPE Remittance Consulting
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I-Remit New Zealand Limited Perform
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Below are the comparative key perfo
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Goodwill decreased by PHP 1.5 milli
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IREMIT Remittance Consulting GmbH M
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I-REMIT, INC. AND SUBSIDIARIES NOTE
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- 3 - Statement of Compliance The a
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- 5 - Changes in Accounting Policie
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- 7 - deferred cumulative amount pr
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- 9 - For all other financial instr
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- 11 - Estimates of changes in futu
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- 13 - Gains or losses arising from
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- 15 - Once a financial asset or a
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- 17 - Income Taxes Current tax Cur
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- 19 - Related party relationships
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- 21 - PFRS 13, Fair Value Measurem
Page 86 and 87: - 23 - d. Discontinued Operations M
Page 88 and 89: - 25 - As of December 31, 2011 and
Page 90 and 91: - 27 - The following methods and as
Page 92 and 93: - 29 - As at December 31, 2011, the
Page 94 and 95: - 31 - Change in nominal 2010 Chang
Page 96 and 97: 6. Cash and Cash Equivalents This a
Page 98 and 99: 10. Other Current Assets This accou
Page 100 and 101: Office and Communication Equipment
Page 102 and 103: - 39 - value of the additional inte
Page 104 and 105: 16. Interest-Bearing Loans - 41 - T
Page 106 and 107: - 43 - The Group’s objective is t
Page 108 and 109: The major categories of plan assets
Page 110 and 111: - 47 - (f) On July 1, 2011, the Par
Page 112 and 113: - 49 - In the ordinary course of bu
Page 114 and 115: - 51 - The table below shows the in
Page 116 and 117: - 53 - Segment information as of an
Page 118: - 55 - The results of IRCGmbH’s o
Page 121 and 122: - 1 - I-REMIT, INC. SCHEDULE OF RET
Page 123 and 124: - 3 - Schedule II Page 2 of 5 PFRSs
Page 125 and 126: - 5 - Schedule II Page 4 of 5 Impor
Page 127 and 128: - 7 - I-REMIT, INC. AND SUBSIDIARIE
Page 129 and 130: Name of Debtor - 9 - I-Remit, Inc.
Page 131 and 132: - 11 - I-Remit, Inc. and Subsidiari
Page 133 and 134: - 13 - I-Remit, Inc. and Subsidiari
Page 135 and 136: Title of Issue (i) Number of shares
Page 146 and 147: - 3 - The adoption of the following
Page 148 and 149: - 5 - After initial measurement, ot
Page 150 and 151: - 7 - If the Parent Company determi
Page 152 and 153: - 9 - assets or groups of assets, i
Page 154 and 155: - 11 - actuarial gains and losses a
Page 156 and 157: - 13 - A change in the ownership in
Page 158 and 159: - 15 - PFRS 11, Joint Arrangements
Page 160 and 161: - 17 - d. Contingencies The Parent
Page 162 and 163: - 19 - As of December 31, 2011 the
Page 164 and 165: - 21 - The main risks arising from
Page 166 and 167: - 23 - The following tables set for
Page 168 and 169: 6. Cash and Cash Equivalents This a
Page 170 and 171: 10. Investments in Subsidiaries and
Page 172 and 173: - 29 - IRCL On October 1, 2004, the
Page 174 and 175: - 31 - 2009 Balance Sheets Statemen
Page 176 and 177: 13. Beneficiaries and Other Payable
Page 178 and 179: - 35 - In 2009 and 2008, the Parent
Page 180 and 181: - 37 - The amounts of retirement ex
Page 182 and 183: - 39 - (b) A lease agreement with W
Page 184 and 185: 22. Related Party Transactions - 41
Page 186 and 187: - 43 - The amounts payable to PSAGL
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- 45 - In the opinion of management
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- 47 - Taxes and licenses Other tax
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I-REMIT, INC. 26/F Discovery Centre
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I-REMIT, INC. AND SUBSIDIARIES (Com
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I-REMIT, INC. AND SUBSIDIARIES Cons
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I-REMIT, INC. AND SUBSIDIARIES Cons
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Item 1. Financial Statements PART I
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Below are the comparative key perfo
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Worldwide Exchange Pty Ltd Performa
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million as of March 31, 2012, a dec
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Lucky Star Management Limited Perfo
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Power Star Asia Group Limited Perfo
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Summary of Significant Accounting P
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Day 1 difference Where the transact
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Historical loss experience is adjus
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Foreign Currency Risk Foreign curre
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MINUTES OF THE ANNUAL STOCKHOLDERS
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RELEVANT RESOLUTIONS APPROVED BY TH
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February 17, 2012 March 23, 2012 Ma
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SEC Form 20-IS - iRemit Global Remittance

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