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FORM 5500 DATA

Employees Savings Plan of Bonset America Corporation

Overview

Plan Information

  • Plan Year01/01/2007 — 12/31/2007
  • Date of Plan01/01/1991
  • Net Assets as of 12/31/2007 $6,039,530
  • Plan Number1
  • Plan Type Single Employer
  • Is the plan collectively bargained? No
  • Did the plan file for an extension of time or the DFVC Program? No
  • Plan Funding ArrangementInsurance Trust
  • Plan Benefit ArrangementInsurance Trust

Participant Information as of 12/31/2007

  • Active (Eligible) Participants108
  • Retired or separated participants receiving benefits0
  • Other retired or separated participants entitled to future benefits12
  • Subtotal120
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits0
  • Total120
  • Total number of participants as of 01/01/2007112
  • Number of participants with account balances105
  • Number of participants that terminated employment during the plan year with accrued benefits that were less than 100% vested6
  • Number of participants required to be reported on Schedule SSA3

Expenses

  • Total Benefit Payments$0
  • Corrective Distributions$0
  • Administrative Service Providers$0
  • Other Expenses$0
  • Total Expenses$0
  • Total Transfers$0

Sponsor Information

  • Address6107 Corporate Park Dr
  • CityBrowns Summit
  • StateNC
  • Zip27214-9700
  • Telephone(336) 375-0234
  • EIN56-1645992
  • Industry Code326100
  • Named AdministratorToshio Awatsuji
  • Named Plan SponsorToshio Awatsuji

Plan Administrator Information

  • Administrator NameSAME
  • Administrator EIN

Plan Preparer Information

  • Preparer NameSecurian Retirement Services
  • AddressPo Box 64787
  • City St. Paul
  • StateMN
  • Zip55164-0787
  • Telephone(651) 665-3500
  • Preparer EIN41-0417830

Benefits Provided Under the Plan

Code Benefit Description
2E Profit-sharing A defined contribution plan that allows employer discretionary contributions. These plans often contain a 401(k) feature.
2F ERISA section 404(c) Plan This plan, or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1.
2G Total participant-directed account plan Participants have the opportunity to direct the investment of all the assets allocated to their individual accounts, regardless of whether 29 CFR 2550.404c-1 is intended to be met.
2J Code section 401(k) feature A cash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan that provides for an election by employees to defer part of their compensation or receive these amounts in cash.
2K Code section 401(m) arrangement Employee contributions are allocated to separate accounts under the plan or employer contributions are based, in whole or in part, on employee deferrals or contributions to the plan. Not applicable if plan is 401(k) plan with only QNECs and/or QMACs. Also not applicable if Code section 403(b)(1), 403(b)(7) or 408 arrangements/accounts/annuities.
3E Prototype plan A pension plan that is made available by a sponsor for adoption by employers; that is the subject of a favorable opinion or notification letter; and under which a separate funding medium (for example, a separate trust or custodial account) is established for the use of each adopting employer.

Questions and Answers

Question Answer Amount
During the plan year did the employer fail to transmit to the plan any participant contributions within the time period described in 29 CFT 2510.3-102? No
Were any loans by the plan or fixed income obligations due the plan in default as of the close of plan year or classified during the year as uncollectible? Disregard participant loans secured by participant's account balance. No
Were any leases to which the plan was a party in default or classified during the year as uncollectible? No
Were there any nonexempt transactions with any party-in-interest? No
Was this plan covered by a fidelity bond? Yes $500,000
Did the plan have a loss, whether or not reimbursed by the plan's fidelity bond, that was caused by fraud or dishonesty? No
Did the plan hold any assets whose current value was neither readily determinable on an established market nor set by an independent third party appraiser? No
Did the plan receive any noncash contributions whose value was neither readily determinable on an established market nor set by an independent third party appraiser? No
Did the plan at any time hold 20% or more of its assets in any single security, debt, mortgage, parcel of real estate, or partnership/joint venture interest? No $0
Are you claiming a waiver of the annual examination and report of an independent qualified public accountant (IQPA) under 29 CFR 2520.104-46? Yes
Were all the plan assets either distributed to participants or beneficiaries, transferred to another plan, or brought under the control of the PBGC? No

Financials

Income and Expense Statement

Income $1,152,349
Contributions $0
Cash Contributions $616,320
Cash from Employers $270,889
Cash from Participants $314,074
Others (including rollovers) $31,357
Noncash Contributions $0
Other Income $536,029
Expenses $175,976
Total Benefit Payments $134,639
Corrective Distributions $0
Certain deemed distributions of participant loans $34,737
Other Expenses $6,600
Net Income $976,373
Transfers of Assets to (from) this Plan $0

Asset and Liability Statement

12/31/2007 12/31/2006 Change YOY
Total Assets $6,039,530 $5,063,157 19.28%
Total Liabilities $0 $0 0.0%
Net Assets $6,039,530 $5,063,157 19.28%

Specific Assets Statement

Held? Amount
Total Specific Assets No $403,749
Partnership/joint venture interests Yes $0
Employer Real Property Yes $0
Real Estate Yes $0
Employer Securities Yes $0
Participant Loans No $403,749
Loans (other than to participants) Yes $0
Tangible Personal Property Yes $0

Service Providers

Service Providers

There are no service providers listed for this plan.

Investments

Investments

Name of Investment Investment Manager Type of Investment Dollar Value
Money Market Minnesota Life Insurance Company DFE: Pooled Separate Account $943,488
Lifestrategy II Minnesota Life Insurance Company DFE: Pooled Separate Account $703,272
Natural Resources I Minnesota Life Insurance Company DFE: Pooled Separate Account $673,441
Large Growth Equity III Minnesota Life Insurance Company DFE: Pooled Separate Account $567,450
Emerging Markets I Minnesota Life Insurance Company DFE: Pooled Separate Account $394,861
International Core I Minnesota Life Insurance Company DFE: Pooled Separate Account $348,016
Lifestrategy I Minnesota Life Insurance Company DFE: Pooled Separate Account $305,389
Lifestrategy III Minnesota Life Insurance Company DFE: Pooled Separate Account $249,706
Real Estate Minnesota Life Insurance Company DFE: Pooled Separate Account $181,200
Small Value Equity Ix Minnesota Life Insurance Company DFE: Pooled Separate Account $147,249
Health Care Equity II Minnesota Life Insurance Company DFE: Pooled Separate Account $134,994
Long-Term Inv-Grade Bond Minnesota Life Insurance Company DFE: Pooled Separate Account $124,216
Large Value Equity Xi Minnesota Life Insurance Company DFE: Pooled Separate Account $120,582
Large Equity Index I Minnesota Life Insurance Company DFE: Pooled Separate Account $108,998
Intermediate Term Bond Index I Minnesota Life Insurance Company DFE: Pooled Separate Account $96,692
Large Growth Equity VIII Minnesota Life Insurance Company DFE: Pooled Separate Account $75,797
Large Value Equity III Minnesota Life Insurance Company DFE: Pooled Separate Account $71,626
Small/Mid Equity Index I Minnesota Life Insurance Company DFE: Pooled Separate Account $63,378
Small Equity VII Minnesota Life Insurance Company DFE: Pooled Separate Account $58,409
Small Equity I Minnesota Life Insurance Company DFE: Pooled Separate Account $57,060
Small/Mid Growth Equity I Minnesota Life Insurance Company DFE: Pooled Separate Account $23,646
Mid-Cap Value Equity III Minnesota Life Insurance Company DFE: Pooled Separate Account $1,389
Intermediate-Term Bond Index Ia Minnesota Life Insurance Company DFE: Pooled Separate Account $0
Total $5,450,859

Insurance Information

Insurance Information

Insurance Carrier Summary Persons Covered
Minnesota Life Insurance Company 120
EIN 41-0417830
Industry Code 66168
Contract Number 064118
Contract Year 01/01/2007 — 12/31/2007
Value in General Account at Year End $184,922
Value in Separate Accounts at Year End $5,450,859
Insurance Fees and Commissions $12,336
Persons Receiving Commissions and Fees
Agent/Broker Organization Code Commissions Paid Fees Paid Purpose of Fees Paid
Jade Avery Osborne 2007 A Boulevard Street Greensboro, NC 27407 Insurance Agent or Broker $5,757 $0
Dennis E Howe 9115 Harris Corners Suite 250 Charlotte, NC 28269 Insurance Agent or Broker $4,112 $0
Roberta A Brumsey 2007 A Boulevard St Greensboro, NC 27407 Insurance Agent or Broker $2,467 $0
Allocated Funds
Type of Contract Unspecified
Basis of premium rates
Premiums paid to carrier $0
Premiums due but unpaid at the end of the year $0
If the carrier, service, or other organization incurred any specific costs in connection with the acquisition or retention of the contract or policy, enter amount $0
Specify the nature of the costs
Unallocated Funds
Type of Contract
Balance at the end of the previous year $78,927
Additions $125,092
Contributions Deposited during the year $14,428
Dividends and credits $0
Interest credited during the year $3,989
Transferred from separate account $103,558
Other $3,117
Total of Balance and Additions $204,019
Deductions $19,097
Disbursed from fund to pay benefits or purchase annuities during the year $0
Administration charge made by carrier $2
Transferred to Separate Account $7,196
Other $11,899
Balance at the end of the current year $184,922