SEC Form 20-IS - iRemit Global Remittance

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The Nomination Committee is composed of three (3) members of the Board, including one (1) independent director and one (1) non-voting member in the person of the Human Resources Manager. The Nomination Committee reports directly to the Board and meets whenever necessary to review and evaluate the qualifications of all persons nominated to the Board, as well as those nominated to other positions requiring appointment by the Board. The Nomination Committee is composed of Messrs. Bansan C. Choa, Armin V. Demetillo, Gregorio T. Yu (Independent Director), and Ms. Catherine M. Chan (Head, Human Capital Management Department). The Company’s Certificate of Compliance with the Manual (SEC Form MCG-2002) was submitted by the Compliance Officer to the SEC and disclosed to the Philippine Stock Exchange on January 5, 2012. Based on the results of the evaluation performed, there has been no significant deviation and, in general, the Company has complied with most of the provisions and requirements of the Manual, SEC Memorandum Circular No. 6 Series of 2009: Revised Code of Corporate Governance, and the leading practices and principles of good corporate governance for the year 2011. The Company accomplished and submitted the 2011 Corporate Governance Guidelines for Listed Companies Disclosure Template of The Philippine Stock Exchange, Inc. on March 28, 2012. The Company’s Management’s Discussion and Analysis of Financial Conditions and Results of Operations are attached as Annex “A”. The Company’s Financial Statements as of December 31, 2011 and 2010, and for the years ended December 31, 2011, 2010 and 2009 are attached as Annexes “C” and “C-1”. The Company’s SEC Form 17-Q for the first quarter of year 2012 is attached as Annex “D”. UPON WRITTEN REQUEST OF ANY SHAREHOLDER OF RECORD ENTITLED TO NOTICE OF AND VOTE AT THE MEETING, THE COMPANY SHALL FURNISH SAID SHAREHOLDER WITH A COPY OF THE COMPANY’S ANNUAL REPORT ON SEC FORM 17-A WITHOUT CHARGE. ANY SUCH WRITTEN REQUEST SHALL BE ADDRESSED TO: MARIA CECILIA V. SORIA CORPORATE SECRETARY, I-REMIT, INC. 2704 EAST TOWER, PHILIPPINE STOCK EXCHANGE CENTRE EXCHANGE ROAD, ORTIGAS CENTER 1605 PASIG CITY, METRO MANILA PHILIPPINES 27
Plan of Operation MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS 1 Annex “A” The Company’s strategy is anchored on expansion and gaining a larger share of the inward remittances of overseas Filipino workers (OFWs) and tapping the potential of other international remittance corridors. The Company aims to identify and tap a wider customer base in each of the countries where it operates through focused marketing efforts and expansion of distribution reach and capabilities by opening new offices, or engaging new agents and tie-ups. The Financial Services Authority (FSA) of the United Kingdom has authorized the Company’s wholly-owned subsidiary, IRemit Global Remittance Limited (IGRL), to operate the money remittance business effective April 15, 2011 under the Payment Services Regulations 2009, the transposition into English law of the European Union (EU) Payment Services Directive (2007/64/EC). As an authorized payment institution, IGRL may provide payment services including money remittance in all EU and European Economic Area states through “passporting” by establishing branches, engaging agents, or providing cross-border services. Currently, it has four (4) branches: two (2) in the United Kingdom and two (2) in Italy (Rome and Milan). It also has 25 agents: 23 in the United Kingdom, one (1) in Austria and one (1) in Germany. It currently has “passporting” rights in Italy, Austria, Ireland, and Germany. The Company intends to utilize the “passporting” rights of IGRL in opening additional branches and engaging more agents in Europe. I-Remit’s wholly-owned subsidiary, K.K. I-Remit Japan has been registered as a funds transfer company in accordance with the Payment Services Act of Japan. It has an office in Tokyo and has authorization to open in Nagoya. These offices will offer remittance services to Filipinos. The Company is considering expanding its services in the country by opening additional branches that will also offer money transfer services to workers of other nationalities in Japan. I-Remit has been in partnership with the Bank of China since 2008 to service the remittance needs primarily of expatriate Chinese, initially in Italy, the United Kingdom, and Canada. The Company intends to extend its services to expatriate Chinese in Japan. Recently, the Company signed an agreement with Bank Internasional Indonesia, a unit of Malaysian Banking Berhad, in line with its bid to reach out to the non-Filipino remittance market. This partnership between I-Remit and one of the largest banks in Indonesia will enable the Company to reach overseas Indonesians and their beneficiaries across the country of more than 17,500 islands through the bank’s 368 branches and more than 1,190 automated teller machines. Both the Philippines and Indonesia have large populations of overseas workers and expatriates. They are also among the world’s biggest recipients of remittance inflows, with the Philippines receiving USD 21.3 billion and Indonesia USD 7.1 billion, according to the 2010 Migration and Remittances Factbook of the World Bank. I-Remit utilize the potential of the offices of its subsidiaries and affiliates abroad to tap other international remittance corridors and provide its services to customers of various nationalities that need to send money back to their home countries. The Company provides world-class remittance services at very competitive prices. It provides the widest choices of remittance modes to its customers. Presently, it is strong in the bank-to-bank transactions that credit remittances to any bank of choice in the Philippines. The Company also utilizes various technological platforms and establishes strategic partnerships with banks and other financial institutions, making it possible for online and same-day crediting of accounts or delivery of remittances. iDol or I-Remit Direct Online was initially introduced to the Company’s customers in Canada. This facility allows remitters to avail of the Company’s remittance services through the Internet. iDOL allows the Company to reach out to a wider base of customers particularly in countries with large territorial areas. The facility is also scheduled to be introduced to remittance customers in the United Kingdom, Australia, Singapore, Japan, New Zealand, Hong Kong, Italy, Austria, and Taiwan.
Page 1 and 2: • 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: Committees of the Board of Director
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 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
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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
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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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