SEC Form 20-IS - iRemit Global Remittance

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- 23 - The following tables set forth for the year indicated the impact of reasonably possible changes in the rates of other currencies on pretax income. Currency Change in nominal foreign currency exchange rate Effect on pretax income 2011 Change in nominal foreign currency exchange rate Effect on pretax income CAD +2.81 P=10,959,401 -1.60 (P=6,238,760) EUR +7.36 9,585,817 -0.25 (324,205) SGD +1.95 4,038,058 -0.66 (1,363,182) AUD +2.95 3,715,845 -2.94 (3,714,735) GBP +4.40 3,573,796 -1.06 (856,884) NTD +0.10 1,985,663 -0.12 (2,434,616) USD +0.91 1,373,837 -1.94 (2,928,840) NZD +3.50 1,099,962 -2.44 (766,071) HKD +0.11 169,062 -0.26 (399,917) QAR +0.24 66 -0.53 (147) Change in nominal 2010 Change in nominal foreign currency Effect on foreign currency Effect on Currency exchange rate pretax income exchange rate pretax income CAD +1.75 P=6,041,607 -2.09 (P=7,215,405) EUR +8.87 7,430,736 -3.04 (2,546,724) SGD +0.32 429,984 -1.87 (2,512,717) AUD +0.13 125,764 -7.05 (6,820,290) GBP +8.01 118,164 -3.57 (52,665) NTD +0.01 237,314 -0.12 (2,847,765) USD +3.55 6,846,196 -1.61 (3,104,895) NZD +1.03 226,486 -3.09 (679,457) HKD +0.41 637,042 -0.08 (124,301) QAR +1.73 476 -4.08 (1,122) There is no other impact on the Parent Company’s equity other than those already affecting the profit or loss. Cash Flow Interest Rate Risk Interest rate risk arises from the possibility that changes in interest rates will affect future cash flows of financial instruments. As of December 31, 2011 and 2010, the Parent Company’s exposure to cash flow interest rate risk is minimal. The Parent Company’s policy is to manage its interest cost by entering only into fixed rate short-term loans from banks. Liquidity Risk Liquidity or funding risk is the risk that an entity will encounter difficulty in raising funds to meet commitments associated with financial instruments. The Parent Company’s objective is to maintain a balance between continuity of funding and flexibility through the use of short-term debts. In addition, the Parent Company maintains credit facilities with local banks. As of December 31, 2011 and 2010, the Parent Company has unused credit facilities amounting to P=1.48 billion and P=1.02 billion, respectively (see Note 14). *SGVMC116501*
- 24 - Financial assets Maturity profile of financial assets held for liquidity purposes is shown below. The analysis is based on the remaining period from the end of the reporting period to the contractual maturity date, or if earlier, the expected date the assets will be realized. Financial liabilities The maturity grouping is based on the remaining period from the end of the reporting period to the contractual maturity date. When counterparty has a choice of when the amount is paid, the liability is allocated to the earliest period in which the Parent Company can be required to pay. The tables below summarize the maturity profile of the Parent Company’s financial instruments based on undiscounted contractual payments. 2011 Over 60 days but less than Less than 5 days 5 to 30 days 30 to 60 days one year Total Financial assets Cash and cash equivalents Cash on hand P=24,772,521 P=– P=– P= − =24,772,521 P Cash in banks Accounts receivable 642,750,978 − − − 642,750,978 Agents 984,506,271 − − 8,773,779 993,280,050 Couriers − − 3,523,052 − 3,523,052 P=1,652,029,770 P=– P=3,523,052 P=8,773,779 P=1,664,326,601 Financial liabilities Beneficiaries and other payables: Beneficiaries Advances from related P=155,140,304 P=– P=– P= − =155,140,304 P parties Agents, couriers and – – 79,753,117 − 79,753,117 trading clients 44,404,974 – – − 44,404,974 Accrued expenses – – 7,019,510 − 7,019,510 Payable to suppliers – – 1,391,836 − 1,391,836 Others – – 476,730 − 476,730 Interest-bearing loans 95,050,139 571,866,010 − − 666,916,149 P=294,595,417 P=571,866,010 P=88,641,193 P= − =955,102,620 P 2010 Less than 5 days 5 to 30 days 30 to 60 days Over 60 days but less than one year Total Financial assets Cash and cash equivalents Cash on hand P=41,745,551 P=– P=– P=– P=41,745,551 Cash in banks Accounts receivable 685,920,368 – – – 685,920,368 Agents 1,081,402,745 – – − 1,081,402,745 Couriers – – 34,283,201 – 34,283,201 P=1,809,068,664 P=– P=34,283,201 P=− P=1,843,351,865 Financial liabilities Beneficiaries and other payables: Beneficiaries Advances from related P=144,960,550 P=– P=– P=− P=144,960,550 parties Agents, couriers and – – 74,161,090 − 74,161,090 trading clients 27,101,817 – – − 27,101,817 Accrued expenses – – 6,250,462 − 6,250,462 Payable to suppliers – – 2,958,634 − 2,958,634 Others – – 803,350 − 803,350 Interest-bearing loans 395,273,055 483,077,528 – − 878,350,583 P=567,335,422 P=483,077,528 P=84,173,536 P=− P=1,134,586,486 *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
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- 23 - d. Discontinued Operations M
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- 25 - As of December 31, 2011 and
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- 27 - The following methods and as
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- 29 - As at December 31, 2011, the
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- 31 - Change in nominal 2010 Chang
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6. Cash and Cash Equivalents This a
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10. Other Current Assets This accou
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Office and Communication Equipment
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- 39 - value of the additional inte
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16. Interest-Bearing Loans - 41 - T
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- 43 - The Group’s objective is t
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The major categories of plan assets
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- 47 - (f) On July 1, 2011, the Par
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- 49 - In the ordinary course of bu
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- 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 144 and 145: I-REMIT, INC. NOTES TO PARENT COMPA
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 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
Page 188 and 189: - 45 - In the opinion of management
Page 190 and 191: - 47 - Taxes and licenses Other tax
Page 192 and 193: I-REMIT, INC. 26/F Discovery Centre
Page 194: I-REMIT, INC. AND SUBSIDIARIES (Com
Page 197 and 198: I-REMIT, INC. AND SUBSIDIARIES Cons
Page 199 and 200: I-REMIT, INC. AND SUBSIDIARIES Cons
Page 201 and 202: Item 1. Financial Statements PART I
Page 203 and 204: Below are the comparative key perfo
Page 205 and 206: Worldwide Exchange Pty Ltd Performa
Page 207 and 208: million as of March 31, 2012, a dec
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Page 211 and 212: Power Star Asia Group Limited Perfo
Page 213 and 214: Summary of Significant Accounting P
Page 215 and 216: 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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