SEC Form 20-IS - iRemit Global Remittance

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I-REMIT, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED 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 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 follow: 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) Japan Yen (JPY) 100.00 – – (Forward) *SGVMC116502*
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 49.00 Hwa Kung Hong & Co., New Taiwan Ltd. (HKHCL) Taiwan Dollar (NTD) 49.00 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) On March 25, 2011, the Parent Company acquired 35.00% ownership interest in WEPL from the noncontrolling stockholders for a consideration of P=12.30 million. The carrying value of the noncontrolling interest at acquisition was P=1.09 million. The difference of P=11.21 million between the consideration paid and the carrying value of the noncontrolling interest was recognized as equity adjustment and deducted from ‘Capital paid-in excess of par value’. The acquisition increased the Parent Company’s effective ownership in WEPL to 100.00% from 65.00%. On May 5, 2011, the Parent Company acquired the 25.10% ownership interest in IERCAG from the noncontrolling stockholder for a consideration of P=25.02 million. The carrying value of the noncontrolling interest at acquisition was P=2.05 million deficit. The difference of P=27.06 million between the consideration paid and the carrying value of the noncontrolling interest was recognized as equity adjustment and deducted from ‘Capital paid-in excess of par value’. The acquisition increased the Parent Company’s ownership interest in IERCAG to 100.00% from 74.90%. Consequently, on October 11, 2011, IERCAG changed its legal name to IREMIT Remittance Consulting GmbH (IRCGmbH) and changed its legal status from a stock company to a limited liability company. It also amended its Articles of Incorporation to include management consultancy in its business activities. On June 10, 2011, the Parent Company incorporated KKIJ in Japan to provide remittance services. KKIJ has not started commercial operations as of March 23, 2012. 2. Summary of Significant Accounting Policies Basis of Preparation The accompanying consolidated financial statements of the Group have been prepared on a historical cost basis except for financial assets at fair value through profit or loss (FVPL) that have been measured at fair value. The 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. Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency. The respective functional currencies of the subsidiaries and associates are presented in Note 1. *SGVMC116502*
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• 1!I~lJllr June 25, 2012 THE PHI
Page 3 and 4: IRE:lftlr I-Remit, Inc. TO: ALL STO
Page 5 and 6: GENERAL INFORMATION Date, time and
Page 7 and 8: Note: The PCD Nominee Corporation (
Page 9 and 10: Harris Edsel D. Jacildo Mr. Jacildo
Page 11 and 12: Mr. Tan has also been the Corporate
Page 13 and 14: Ronald A. Benito Mr. Benito joined
Page 15 and 16: Involvement in Certain Legal Procee
Page 17 and 18: The compensation of the key managem
Page 19 and 20: Compensation Plans As described abo
Page 21 and 22: SIGNATURES After reasonable inquiry
Page 23 and 24: I-Remit Australia Pty Ltd, a wholly
Page 25 and 26: Properties I-Remit, Inc. and its su
Page 27 and 28: Company’s shareholders. Any stock
Page 29 and 30: Committees of the Board of Director
Page 31 and 32: Plan of Operation MANAGEMENT’S DI
Page 33 and 34: Full Years 2011 compared to 2010 I-
Page 35 and 36: Total liabilities declined by PHP 1
Page 37 and 38: 2010 compared to 2009 I-Remit reali
Page 39 and 40: IREMIT EUROPE Remittance Consulting
Page 41 and 42: I-Remit New Zealand Limited Perform
Page 43 and 44: Below are the comparative key perfo
Page 45 and 46: Goodwill decreased by PHP 1.5 milli
Page 47: IREMIT Remittance Consulting GmbH M
Page 66 and 67: - 3 - Statement of Compliance The a
Page 68 and 69: - 5 - Changes in Accounting Policie
Page 70 and 71: - 7 - deferred cumulative amount pr
Page 72 and 73: - 9 - For all other financial instr
Page 74 and 75: - 11 - Estimates of changes in futu
Page 76 and 77: - 13 - Gains or losses arising from
Page 78 and 79: - 15 - Once a financial asset or a
Page 80 and 81: - 17 - Income Taxes Current tax Cur
Page 82 and 83: - 19 - Related party relationships
Page 84 and 85: - 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
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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
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- 13 - I-Remit, Inc. and Subsidiari
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Title of Issue (i) Number of shares
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I-REMIT, INC. NOTES TO PARENT COMPA
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- 3 - The adoption of the following
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- 5 - After initial measurement, ot
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- 7 - If the Parent Company determi
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- 9 - assets or groups of assets, i
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- 11 - actuarial gains and losses a
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- 13 - A change in the ownership in
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- 15 - PFRS 11, Joint Arrangements
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- 17 - d. Contingencies The Parent
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- 19 - As of December 31, 2011 the
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- 21 - The main risks arising from
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- 23 - The following tables set for
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6. Cash and Cash Equivalents This a
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10. Investments in Subsidiaries and
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- 29 - IRCL On October 1, 2004, the
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- 31 - 2009 Balance Sheets Statemen
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13. Beneficiaries and Other Payable
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- 35 - In 2009 and 2008, the Parent
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- 37 - The amounts of retirement ex
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- 39 - (b) A lease agreement with W
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22. Related Party Transactions - 41
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- 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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