SEC Form 20-IS - iRemit Global Remittance
SEC Form 20-IS - iRemit Global Remittance SEC Form 20-IS - iRemit Global Remittance
- 29 - IRCL On October 1, 2004, the Parent Company’s BOD approved the acquisition of 65.00% of IRCL for a consideration of P=10.34 million. IRCL was incorporated on July 16, 2001 and is based in Canada and has the same operations as the Parent Company. On July 26, 2006, the additional 30.00% ownership interest from a noncontrolling stockholder in IRCL was transferred to the Parent Company at no additional cost. On June 2, 2007, the Parent Company’s BOD approved the acquisition of 5.00% ownership interest from a noncontrolling stockholder for a consideration of P=3.10 million thereby taking its ownership in IRCL to 100.00%. Accordingly on June 29, 2007, the IRCL noncontrolling stockholder executed a deed of assignment to transfer the ownership interest to the Parent Company. Under the deed of assignment, the existing advances by the Parent Company to certain stockholder were applied as payment for the purchase of IRCL. PSAGL On November 28, 2008, the Parent Company’s BOD ratified the acquisition of 100.00% ownership interest in PSAGL for a consideration of P=5.96 million. PSAGL is based in Hong Kong and was incorporated on April 28, 2008 to engage in foreign currencies trading services. LSML LSML was incorporated on March 16, 2001 and is based in Hong Kong and has the same operations as the Parent Company. On April 2001, the Parent Company’s BOD approved the acquisition of 51.00% ownership interest in LSML for a consideration of P=17.85 million. On June 2, 2007, the Parent Company’s BOD approved the acquisition of the 49.00% ownership interest in LSML from its noncontrolling stockholder for a consideration of P=24.70 million. Accordingly on June 29, 2007, the noncontrolling stockholder of LSML (who is also a stockholder of the Parent Company) executed deed of assignment to transfer its ownership interest to the Parent Company. Acquisition of associates HKHCL On July 1, 2009, the Parent Company acquired 49.00% ownership interest in HKHCL, for a consideration of NTD2.45 million (P=3.57 million). HKHCL is a remittance business based in Taiwan. ISPL On June 29, 2007, the Parent Company acquired 49.00% ownership interest in ISPL through the execution of a deed of assignment by the previous stockholders (who are also stockholders of the Parent Company) of the entity for a consideration of P=12.60 million. ISPL is a remittance business based in Singapore. *SGVMC116501*
- 30 - The following tables present the summarized financial information of the Parent Company’s subsidiaries and associates as of and for the years ended December 31, 2011 and 2010: 2011 Balance Sheets Statements of Income Total Total Gross Net Income Assets Liabilities Revenue (In thousands) Income (Loss) Subsidiaries: PSAGL P=260,768 P=1,959 P=70,608 P=70,409 P=66,526 IRCL 87,150 50,795 102,900 92,629 16,148 IRCGmbH 76,487 64,317 7,053 6,174 9,930 IGRL 49,057 49,256 60,754 50,653 (10,809) WEPL 33,093 28,188 36,404 34,563 302 LSML 26,072 16,658 17,064 17,055 (265) INZL 13,083 22,286 6,338 5,277 (3,047) IAPL 12,301 8,236 953 623 15 KKIJ 11,223 5,612 − − − Associates: 569,234 247,307 302,074 277,383 78,800 ISPL 73,254 49,703 55,924 31,894 3,127 HKHCL 26,875 23,906 19,340 13,151 1,223 P=669,363 P=320,916 P=377,338 P=322,428 P=83,150 2010 Balance Sheets Statements of Income Total Total Gross Net Income Assets Liabilities Revenue (In thousands) Income (Loss) Subsidiaries: PSAGL P=193,141 P=1,722 P=62,610 P=62,413 P=63,271 IRCL 62,144 40,718 109,058 97,525 666 IRCGmbH 68,553 70,507 13,400 11,711 (46,642) IGRL 16,662 13,645 55,240 43,769 1,019 WEPL 21,785 17,111 30,546 29,226 200 LSML 24,435 14,722 25,562 25,553 6,107 INZL 11,870 18,025 9,618 8,798 (1,129) IAPL 5,600 1,526 628 308 29 Associates: 404,190 177,976 306,662 279,303 23,521 ISPL 61,209 40,638 56,130 33,198 4,754 HKHCL 69,159 53,006 65,648 22,037 5,996 P=534,558 P=271,620 P=428,440 P=334,538 P=34,271 *SGVMC116501*
- 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 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 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
- Page 209 and 210: Lucky Star Management Limited Perfo
- 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
- Page 217 and 218: Historical loss experience is adjus
- Page 219 and 220: Foreign Currency Risk Foreign curre
- 30 -<br />
The following tables present the summarized financial information of the Parent Company’s<br />
subsidiaries and associates as of and for the years ended December 31, <strong>20</strong>11 and <strong>20</strong>10:<br />
<strong>20</strong>11<br />
Balance Sheets Statements of Income<br />
Total Total<br />
Gross Net Income<br />
Assets Liabilities Revenue<br />
(In thousands)<br />
Income (Loss)<br />
Subsidiaries:<br />
PSAGL P=260,768 P=1,959 P=70,608 P=70,409 P=66,526<br />
IRCL 87,150 50,795 102,900 92,629 16,148<br />
IRCGmbH 76,487 64,317 7,053 6,174 9,930<br />
IGRL 49,057 49,256 60,754 50,653 (10,809)<br />
WEPL 33,093 28,188 36,404 34,563 302<br />
LSML 26,072 16,658 17,064 17,055 (265)<br />
INZL 13,083 22,286 6,338 5,277 (3,047)<br />
IAPL 12,301 8,236 953 623 15<br />
KKIJ 11,223 5,612 − − −<br />
Associates:<br />
569,234 247,307 302,074 277,383 78,800<br />
<strong>IS</strong>PL 73,254 49,703 55,924 31,894 3,127<br />
HKHCL 26,875 23,906 19,340 13,151 1,223<br />
P=669,363 P=3<strong>20</strong>,916 P=377,338 P=322,428 P=83,150<br />
<strong>20</strong>10<br />
Balance Sheets Statements of Income<br />
Total Total<br />
Gross Net Income<br />
Assets Liabilities Revenue<br />
(In thousands)<br />
Income (Loss)<br />
Subsidiaries:<br />
PSAGL P=193,141 P=1,722 P=62,610 P=62,413 P=63,271<br />
IRCL 62,144 40,718 109,058 97,525 666<br />
IRCGmbH 68,553 70,507 13,400 11,711 (46,642)<br />
IGRL 16,662 13,645 55,240 43,769 1,019<br />
WEPL 21,785 17,111 30,546 29,226 <strong>20</strong>0<br />
LSML 24,435 14,722 25,562 25,553 6,107<br />
INZL 11,870 18,025 9,618 8,798 (1,129)<br />
IAPL 5,600 1,526 628 308 29<br />
Associates:<br />
404,190 177,976 306,662 279,303 23,521<br />
<strong>IS</strong>PL 61,<strong>20</strong>9 40,638 56,130 33,198 4,754<br />
HKHCL 69,159 53,006 65,648 22,037 5,996<br />
P=534,558 P=271,6<strong>20</strong> P=428,440 P=334,538 P=34,271<br />
*SGVMC116501*
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