Amended Annual Report for the year ended 31 December 2011 (17-A)

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Item 2. Properties (B) Description of Property I-Remit and its subsidiaries do not own any real estate properties. I-Remit is leasing its headquarters located at the 25 th , 26 th , and 27 th floors of the Discovery Centre, a condominium office and residential building, located at 25 ADB Avenue, Ortigas Center, Pasig City from Oakridge Properties, Inc. In addition, certain departments of the Company are holding office at the 8 th floor of the Wynsum Corporate Plaza, a condominium office building located at 22 F. Ortigas Jr. Road (formerly Emerald Avenue), Ortigas Center, Pasig City. I-Remit and Oakridge Properties, Inc. are related to each other by virtue of JTKC Equities’ ownership of the Discovery Leisure Company, Inc. which in turn owns Oakridge Properties, Inc. JTKC Equities, Inc. is one of the Company’s major shareholders. The lease on the unit at the 25 th floor of the Discovery Centre (Unit 2503), consisting of an area of 199.70 square meters, is covered by an operating lease agreement which was extended for a term of six (6) months, commencing on February 1, 2012 and ending on August 31, 2012, with a 10 percent escalation on the aggregate current monthly rental on the 13 th month of the lease term. The lease may be renewed under terms and conditions mutually agreed upon by the parties 90 days prior to the expiration of the contract of lease. At the start of the lease, for the use and occupancy of the premises, the Company paid Oakridge Properties, Inc. the amount of PHP 658.85 per square meter every month or its equivalent monthly rental of PHP131,572.35. The lease on the unit at the 26 th floor of the Discovery Centre (Unit 2603), consisting of an area of 199.70 square meters, is covered by an operating lease agreement with a term of two (2) years, commencing on December 1, 2011 and ending on November 30, 2013, with a 10 percent escalation on the aggregate current monthly rental on the 13 th month of the lease term. The lease may be renewed under terms and conditions mutually agreed upon by the parties 90 days prior to the expiration of the contract of lease. I-Remit, as lessee, pays Oakridge Properties, Inc. every month the amount of PHP798.60 per square meter or its equivalent monthly rental of PHP159,480.42. The lease on the units at the 26 th floor of the Discovery Centre (Units 2604 and 2605) with an aggregate useable floor area of 278.00 square meters and 273.80 square meters, is covered by an operating lease agreement with a term of two (2) years, commencing on December 1, 2011 and expiring on November 30, 2013, with a 10 percent escalation on the aggregate current monthly rental on the 13 th month of the lease term. The lease may be renewed under terms and conditions mutually agreed upon by the parties 90 days prior to the expiration of the contract of lease. At the start of the lease, I-Remit, as lessee, paid Oakridge Properties, Inc. every month the amount of PHP827.21 per square meter or its equivalent monthly rental of PHP456,454.48. The lease on the unit at the 27 th floor of the Discovery Centre (Unit 2703) with an aggregate useable floor area of 199.70 square meters, is covered by an operating lease agreement with a term of two (2) years, which commenced on February 1, 2011 and expires on January 31, 2013, with an escalation rate of 10 percent on the 13 th month of the lease term. The lease may be renewed under terms and conditions mutually agreed upon by the parties 90 days prior to the expiration of the contract of lease. At the start of the lease, I-Remit, as lessee, paid Oakridge Properties, Inc. every month the amount of PHP671.00 per square meter or its equivalent monthly rental of PHP133,998.70. The above monthly rentals with respect to the lease contracts with Oakridge Properties, Inc. exclude charges for air-conditioning and electricity or generator set during brown-out, water, and other charges such as association dues, parking fees, overtime pay of janitors and technicians which are borne by I-Remit. The lease on the unit at the 8 th floor of the Wynsum Corporate Plaza with an aggregate useable floor area of 287 square meters and five (5) parking spaces, are covered by an operating lease agreement with a term of two (2) years, commencing on September 1, 2010 and expiring on August 31, 2012. The lease may be renewed under terms and conditions mutually agreed upon by the parties 90 days prior to the expiration of the contract of lease. I-Remit, as lessee, paid Wynsum Realty Developer, Inc. the rent on the condominium unit in the amount of PHP550.00 per square meter or its equivalent of PHP 157,850.00 every month and on the five (5) parking spaces in the amount of PHP17,500.00 every month, both not subject to escalation. The above monthly rentals with respect to the lease contract with Wynsum Realty Developer, Inc. exclude charges for air-conditioning, electricity, gas, telephone and other charges such as association dues, which are borne by I-Remit. 29
Current Rent per Month Contract Period exclusive of Term Unit & Location Address Area (sqm) VAT (PHP) (years) Start End Unit 2503, 25/F 25 ADB Avenue, Ortigas 199.70 131,572.35 6 months Feb. 1, Aug. 31, Discovery Centre Center, Pasig City extension 2012 2012 Unit 2603, 26/F 25 ADB Avenue, Ortigas 199.70 159,480.42 2 Dec. 1, Nov. 30, Discovery Centre Center, Pasig City 2011 2013 Unit 2604 & 2605, 25 ADB Avenue, Ortigas 551.80 456,454.48 2 Dec. 1, Nov. 30, 26/F Discovery Centre Center, Pasig City 2011 2013 Unit 2703, 27/F 25 ADB Avenue, Ortigas 199.70 133,998.70 2 Feb. 1, Jan. 31, Discovery Centre Center, Pasig City 2011 2013 8/F Wynsum 22 F. Ortigas Jr. Road, 287.00 157,850.00 2 Sep. 1, Aug. 31, Corporate Plaza Ortigas Center, Pasig City 2010 2012 Five (5) parking 22 F. Ortigas Jr. Road, --- 17,500.00 2 Sep. 1, Aug. 31, spaces, Wynsum Ortigas Center, Pasig 2010 2012 Corporate Plaza City Rent expense pertaining to the above leased office spaces by the Parent Company, from Oakridge Properties and Wynsum Realty amounted to PHP12.06 million in 2011, PHP11.01 million in 2010, and PHP10.55 million in 2009. I-Remit has office sharing arrangements with Surewell Equities (Singapore) Pte. Ltd. in Singapore. Mr. Bansan C. Choa, Chairman and Chief Executive Officer of I-Remit, is also a shareholder in both companies. I-Remit’s subsidiaries have their respective operating lease agreements for their office spaces. The lease contracts are for periods ranging from 1 to 10 years and may be renewed under the terms and conditions mutually agreed upon by the subsidiaries and the lessors. The Group’s rent expense includes operating lease agreements entered into by the subsidiaries for the use of its office spaces. Rent expense of the Group amounted to PHP 56.52, PHP 50.38, and PHP39.33 million in 2011, 2010, and 2009, respectively. The Group does not expect any purchase of significant properties in the next twelve (12) months. 30
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Page 5 and 6: INFORMATION ON INDEPENDENT ACCOUNTA
Page 7 and 8: COVER SHEET A 2 0 0 1 0 1 6 3 1 SEC
Page 9 and 10: SECURITIES AND EXCHANGE COMMISSION
Page 11 and 12: TABLE OF CONTENTS PART I BUSINESS A
Page 13 and 14: I-Remit currently operates in 24 co
Page 15 and 16: On June 29, 2007, the Board and the
Page 17 and 18: The Company’s general expansion p
Page 19 and 20: Principal Products and Services Thr
Page 21 and 22: I-Remit derives its income from rem
Page 23 and 24: I-Remit has the widest coverage in
Page 25 and 26: Domestic Money Transfer Agencies. T
Page 27 and 28: Dependence Upon a Single Customer o
Page 29 and 30: Principal Terms and Expiration Date
Page 31 and 32: I-Remit has licenses to the followi
Page 33 and 34: Employees The Company has 369 emplo
Page 35 and 36: Market risks, consisting of foreign
Page 37 and 38: The other risks identified are: reg
Page 39: The delivery of financial services
Page 43 and 44: PART II. OPERATIONAL AND FINANCIAL
Page 45 and 46: There were eighteen (18) common sha
Page 47 and 48: (4) Recent Sales of Unregistered or
Page 49 and 50: (2) Management’s Discussion and A
Page 51 and 52: PHP 83.4 million in 2010 to PHP 114
Page 53 and 54: IRemit Global Remittance Limited Pe
Page 55 and 56: The total assets of the Company dec
Page 57 and 58: I-Remit New Zealand Limited Perform
Page 59 and 60: Below are the comparative key perfo
Page 61 and 62: 2008 compared to 2007 I-Remit reali
Page 63 and 64: Worldwide Exchange Pty Ltd Performa
Page 65 and 66: Item 7. Financial Statements The co
Page 67 and 68: The following interpretation and am
Page 69 and 70: Armin V. Demetillo, 43, Filipino Di
Page 71 and 72: Ben C. Tiu, 59, Filipino Director D
Page 73 and 74: In accordance with the requirements
Page 75 and 76: The names, ages, citizenship, prese
Page 77 and 78: She obtained her bachelor’s degre
Page 79 and 80: (4) Involvement in Certain Legal Pr
Page 81 and 82: Item 11. Security Ownership of Cert
Page 83 and 84: Item 12. Certain Relationships and
Page 85 and 86: Item 13. Corporate Governance PART
Page 87 and 88: Nomination Committee The Nomination
Page 89 and 90: Evaluation System The Company also
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Also during the aforesaid organizat
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SIGNATURES Pursuant to the requirem
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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
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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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Amended Annual Report for the year ended 31 December 2011 (17-A)

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