SEC Form 20-IS - iRemit Global Remittance

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22. Related Party Transactions - 41 - Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or common significant influence. Related parties may be individuals or corporate entities. In the ordinary course of business, the Parent Company transacts with its related parties. Under the Parent Company’s existing policies, these transactions are made substantially on the same terms and conditions as transactions with other individuals and businesses of comparable risks. The Parent Company engages in transactions with related parties consisting primarily of the following: (a) Delivery fees earned from clients of subsidiaries and associates are as follows: 2011 2010 2009 IRCL P=55,556,118 P=55,227,017 P=51,071,109 HKHCL 46,127,251 33,202,567 25,364,567 IAPL and WEPL 28,136,596 26,166,135 30,787,242 ISPL 24,463,777 25,080,948 27,016,303 IGRL 17,147,494 21,562,260 22,736,884 LSML 7,562,975 10,342,216 9,633,356 INZL 4,032,091 3,498,875 2,697,639 IRCGmbH 1,242,098 3,899,549 4,368,628 P=184,268,400 P=178,979,567 P=173,675,728 (b) The Parent Company leases office spaces from Oakridge Properties (see Note 18). Rent expense amounted to P=9.88 million, P=9.25 million and P=8.17 million in 2011, 2010, and 2009, respectively. Oakridge Properties is owned by JTKC, one of the stockholders of the Parent Company. (c) The Parent Company entered into a sublease agreement with Surewell Equities Pte Ltd., one of the stockholders of the Parent Company (see Note 18). Rent expense amounted to P=0.90 million in 2011. (d) The Parent Company’s retirement fund is maintained with Sterling Bank of Asia (SBA), an affiliate due to common stockholders, as trustee (see Note 16). The Parent Company also has deposits amounting to P=118.62 million and P=129.71 million with SBA as of December 31, 2011 and 2010, respectively. These deposits earned P=0.43 million, P=1.12 million and P=1.16 million interest income in 2011, 2010, and 2009, respectively. (e) In 2011, the Parent Company provides call center services to process the phone-in transactions of IRCL, INZL, IGRL and WEPL. Service income earned amounted to P=6.17 million. *SGVMC116501*
- 42 - In addition to the related information disclosed elsewhere in the Parent Company’s financial statements, the following are the yearend balances in respect of transactions with related parties which were carried in terms that prevail in arm’s length transactions during the year: 2011 2010 Accounts receivable (Note 7): Subsidiaries: IRCL 42,142,000 28,873,378 WEPL 23,569,790 11,794,898 IGRL 19,114,840 – LSML 8,434,669 8,750,196 INZL 5,149,801 7,113,107 IRCGmbH – 9,476,775 IAPL Associates: – 25,949 ISPL 66,321,905 38,681,856 HKHCL 29,463,514 35,543,489 P=194,196,519 P=140,259,648 Advances to related parties (Note 8): Subsidiaries: IRCGmbH P=62,811,308 P=54,579,655 IGRL 20,421,294 5,099,127 INZL 15,725,924 9,285,149 LSML 6,778,807 4,454,735 KKIJ 5,611,520 – WEPL 604,175 94,113 IAPL 373,740 – IRCL 150,199 71,646 PSAGL 33,166 – Associates: ISPL 16,034,604 16,104,921 HKHCL 8,715,507 8,078,542 P=137,260,244 P=97,767,888 Advances from related parties (Note 13): Subsidiaries: PSAGL P=75,534,429 P=70,214,989 IAPL 4,218,688 3,946,101 P=79,753,117 P=74,161,090 Accounts receivable pertains to advances made by the Parent Company to beneficiaries of remittance transactions processed by the subsidiaries and associates. Advances to subsidiaries include operational cash advances from the Parent Company. These are non-interest bearing and are due on demand. Advances to associates pertain to unpaid delivery fees. These are non-interest bearing and are due on demand. *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.
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- 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 182 and 183: - 39 - (b) A lease agreement with W
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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SEC Form 20-IS - iRemit Global Remittance

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