SEC Form 20-IS - iRemit Global Remittance

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- 39 - (b) A lease agreement with Wynsum Realty was entered into for a period of 24 months commencing on September 1, 2008 to August 31, 2010 with a 5.00% escalation on the monthly rental on the second year of the lease term. The contract was renewed for another period of 2 years from September 1, 2010 to August 31, 2012 with the same terms. (c) On February 7, 2007, a lease agreement with Oakridge Properties (Unit 2503) was made for a period of 36 months commencing on February 1, 2007 to January 31, 2010 with a 10.00% escalation on the monthly rental payable effective on the 13th and 25th month of the lease term. The contract was renewed for another period of 2 years from February 1, 2010 to January 31, 2012 with the same terms. (d) A lease agreement with Oakridge Properties (Unit 2603) was entered into for a period of 12 months, which commenced on December 1, 2008 and expired on November 30, 2009. The contract was renewed for a period of 2 years commencing on December 1, 2009 to November 30, 2011 with a 10.00% escalation on the monthly rental on the 13th month of the lease term. The contract was renewed for another period of 2 years from December 1, 2011 to November 30, 2013 with the same terms. (e) On January 6, 2009, a lease agreement with Oakridge Properties (Unit 2703) was entered into for a period of 24 months commencing February 1, 2009 to January 31, 2011 with a 10.00% escalation rate on the aggregate monthly rental effective on the 13th month of the lease term. The contract was renewed for a period of 2 years from February 1, 2011 to January 31, 2013 with the same terms. (f) On July 1, 2011, the Parent Company entered into a sublease agreement with Surewell Equities Pte Ltd., one of the stockholders of the Parent Company, for the use of the latter’s office space in Singapore for an initial term of two (2) years. Total rent expense of the Parent Company amounted to P=14.23 million, P=11.74 million and P=11.11 million in 2011, 2010 and 2009, respectively (see Note 22). Future minimum rentals payable under non-cancelable operating leases are as follows: 2011 2010 Within one year P=10,458,903 P=11,225,119 After one year but not more than five years 7,101,949 3,122,961 P=17,560,852 P=14,348,080 19. Marketing Expenses This account consists of: 2011 2010 2009 Marketing and promotions P=22,310,186 P=27,448,244 P=11,465,823 Advertising and publicity 5,937,904 4,950,676 3,378,503 P=28,248,090 P=32,398,920 P=14,844,326 *SGVMC116501*
20. Other Operating Expenses This account consists of: - 40 - 2011 2010 2009 Taxes and licenses P=6,726,300 P=6,085,301 P=2,253,135 Association dues 3,230,078 1,927,949 2,066,643 Business development 2,974,650 2,679,500 943,210 Disallowance of input VAT by BIR 2,058,616 – 1,338,804 Insurance 814,865 613,229 754,666 Repairs and maintenance 691,037 799,563 508,566 Donations and contributions – 1,155,280 1,209,115 Miscellaneous 2,136,107 1,784,742 1,730,305 P=18,631,653 P=15,045,564 P=10,804,444 ‘Miscellaneous’ includes various expenses incurred on recruitment, Christmas parties, and Christmas giveaways. 21. Realized Foreign Exchange Gains - Net and Other Income ‘Realized foreign exchange gains - net’ represents currency exchange income (net of losses) arising primarily from trading third currencies to Philippine pesos. These third currencies are sourced from the remittance transactions. ‘Other operating income’ consists of: 2011 2010 2009 Service fees P=6,316,114 P=– P=– Rebates 2,881,469 687,509 2,595,006 Foreign exchange gain - net 2,722,754 116,205 5,172,171 Reversal of foreign income tax − 2,406,695 − Dividends – 596,381 34,242,442 Others 1,504,014 1,077,589 2,594,154 P=13,424,351 P=4,884,379 P=44,603,773 Service fees pertain to revenue earned from services rendered by the call center agents employed by the Parent Company to service the phone in transactions of its foreign subsidiary offices in Canada, New Zealand, Australia and UK (see Note 22). Also included on this classification is the service fee collected from the Social Security System (SSS) for remittance accepted and transacted by the Parent Company on its behalf amounting to P=0.15 million. Foreign exchange gain - net represents currency exchange income (net of losses) arising from revaluation of foreign currency denominated assets and liabilities. Rebates pertain to the refund of bank service charges. *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
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- 53 - Segment information as of an
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- 55 - The results of IRCGmbH’s o
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- 1 - I-REMIT, INC. SCHEDULE OF RET
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- 3 - Schedule II Page 2 of 5 PFRSs
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- 5 - Schedule II Page 4 of 5 Impor
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- 7 - I-REMIT, INC. AND SUBSIDIARIE
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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 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 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
Page 222 and 223: MINUTES OF THE ANNUAL STOCKHOLDERS
Page 224 and 225: RELEVANT RESOLUTIONS APPROVED BY TH
Page 226: February 17, 2012 March 23, 2012 Ma
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