SEC Form 20-IS - iRemit Global Remittance

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- 29 - As at December 31, 2011, the Group has past due but not impaired receivables from agents amounting to P=8.77 million. These receivables have been outstanding for more than six months but less than one year. No impairment was recognized relative to these receivables. There are no past due but not impaired receivables as of December 31, 2010. Foreign Currency Risk Foreign currency risk is the risk to earnings or capital arising from changes in foreign exchange rates. It is the Group’s policy that all daily foreign currencies, which arise as a result of its remittance transactions, must be traded daily with bank partners only at prevailing foreign exchange rates in the market. The daily closing foreign exchange rates shall be the guiding rate in providing wholesale rates and retail rates to foreign offices and agents, respectively. The trading proceeds will be used to pay out bank loans and other obligations of the Group. The tables below summarize the Group’s exposure to foreign exchange risk. Included in the tables are the Group’s foreign currency-denominated monetary assets and liabilities as of December 31, 2011 and 2010, and their PHP equivalent. 2011 Cash and Cash PHP Currency Equivalents Receivables Payables Total Equivalent CAD 1,774,317 2,993,761 (52,132) 4,715,946 P=201,888,510 EUR 1,079,751 370,790 (58,203) 1,392,338 78,985,839 HKD 12,632,975 10,000 (106,006) 12,536,969 70,680,963 SGD 440,811 1,628,629 – 2,069,440 69,903,060 AUD 792,392 765,809 (45,767) 1,512,434 66,901,848 USD 1,263,619 246,093 – 1,509,712 66,185,751 GBP 166,587 851,560 (23,301) 994,846 67,396,873 NTD – 20,248,641 – 20,248,641 29,205,344 NZD 128,013 268,978 (5,630) 391,361 13,192,205 QAR 275 – – 275 3,311 Net exposure P=664,343,704 2010 Cash and Cash PHP Currency Equivalents Receivables Payables Total Equivalent CAD 1,109,576 2,765,810 (121,524) 3,753,862 P=164,519,939 EUR 1,303,292 360,688 (96,888) 1,567,092 90,850,617 HKD 5,410,983 14,370,305 (154,859) 19,626,429 110,564,310 SGD 89,587 1,254,112 – 1,343,699 45,565,156 AUD 470,898 718,244 (14,991) 1,174,151 52,360,146 USD 1,026,855 901,651 – 1,928,506 84,545,703 GBP 153,415 570 (25,738) 128,247 8,715,202 NTD – 23,731,378 – 23,731,378 35,581,120 NZD 128,277 105,825 (5,412) 228,690 7,659,688 QAR 275 – – 275 3,312 Net exposure P=600,365,193 *SGVMC116502*
- 30 - The following tables set forth for the year indicated the impact of reasonably possible changes in the rates of other currencies on pretax income. 2011 Change in Change in nominal nominal foreign currency Effect on foreign currency Effect on Currency exchange rate pretax income exchange rate 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) 2010 Change in Change in nominal 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) Translation Risk The Group’s consolidated statement of financial position is exposed to foreign exchange fluctuations as these affect the translation of subsidiaries’ net assets and income and expenses denominated in foreign currencies. The following tables set forth for the year indicated the impact of reasonably possible changes in the rates of other currencies on equity. Change in nominal foreign currency 2011 Change in nominal foreign currency Effect on Effect on Currency exchange rate equity exchange rate equity HKD +0.11 P=5,233,309 -0.26 (P=12,369,640) CAD +2.81 2,386,352 -1.60 (1,358,777) EUR +7.36 1,578,924 -0.25 (53,632) NZD +3.50 (955,612) -2.44 666,198 AUD +2.95 600,471 -2.94 (598,435) GBP +4.40 (12,964) -1.06 3,123 *SGVMC116502*
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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
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 64 and 65: I-REMIT, INC. AND SUBSIDIARIES NOTE
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 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
Page 106 and 107: - 43 - The Group’s objective is t
Page 108 and 109: The major categories of plan assets
Page 110 and 111: - 47 - (f) On July 1, 2011, the Par
Page 112 and 113: - 49 - In the ordinary course of bu
Page 114 and 115: - 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
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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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