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FORM 5500 DATA

Employees Savings Plan of Bonset America Corporation

Overview

Plan Information

  • Plan Year01/01/2009 — 12/31/2009
  • Date of Plan01/01/1991
  • Net Assets as of 12/31/2009 $5,749,159
  • 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?Yes
  • Plan Funding ArrangementInsurance Trust
  • Plan Benefit ArrangementInsurance Trust

Participant Information as of 12/31/2009

  • Active (Eligible) Participants124
  • Retired or separated participants receiving benefits0
  • Other retired or separated participants entitled to future benefits10
  • Subtotal134
  • Deceased participants whose beneficiaries are receiving or are entitled to receive benefits0
  • Total134
  • Total number of participants as of 01/01/2009128
  • Number of participants with account balances102
  • Number of participants that terminated employment during the plan year with accrued benefits that were less than 100% vested1

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 Drive
  • CityBrown Summit
  • StateNC
  • Zip27214
  • Telephone(336) 375-0234
  • EIN56-1645992
  • Industry Code326100
  • Named AdministratorJohn Pugh

Plan Administrator Information

  • Administrator NameBonset America Corporation
  • Address6107 Corporate Park Drive
  • CityBrown Summit
  • StateNC
  • Zip27214
  • Telephone(336) 375-0234
  • Administrator EIN56-1645992

Audit Information

  • Audit StatusAudited
  • AuditorMcgladrey & Pullen, LLP
  • Auditor EIN42-0714325
  • Audit Opinion Disclaimer
  • Audit TypeLimited Scope Audit

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.
2T Participant-directed Account Total or partial participant-directed account plan - plan uses default investment account for participants who fail to direct assets in their account.
3D Master plan A pension plan that is made available by a sponsor for adoption by employers; that is the subject of a favorable opinion letter; and for which a single funding medium (for example, a trust or custodial account) is established for the joint use of all adopting employers.
3F Leased Employees Plan sponsor(s) received services of leased employees, as defined in Code section 414(n), during the plan year.

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 have assets held for investment? Yes
Were any plan transactions or series of transactions in excess of 5% of the current value of plan assets? No
Were all the plan assets either distributed to participants or beneficiaries, transferred to another plan, or brought under the control of the PBGC? No
Has the plan failed to provide any benefit when due under the plan? No
If this is an individual account plan, was there a blackout period? No
If there was a blackout period, have you either provided the required notice or one of the exceptions to providing the notice applied under 29 CFR 2520.101-3? No

Financials

Income and Expense Statement

Income $1,726,383
Contributions $646,356
Cash Contributions $646,356
Cash from Employers $278,613
Cash from Participants $354,227
Others (including rollovers) $13,516
Noncash Contributions $0
Total Earnings on Investments $1,080,027
Total Interest $43,539
Interest-Bearing Cash $0
U.S. Government Securities $0
Corporate Debt Instruments $0
Loans (other than to participants) $22,251
Participant Loans $0
Interest from Other Investments $21,288
Total Dividends $0
Preferred Stock $0
Common Stock $0
Rents $0
Net gain (loss) on sale of assets $0
Aggregate Proceeds $0
Aggregate Carrying Amount $0
Total Unrealized Appreciation (depreciation) of assets $0
Real Estate $0
Other $0
Net investment gain (loss) from common/collective trusts $0
Net investment gain (loss) from pooled separate accounts $1,036,488
Net investment gain (loss) from master trust investment accounts $0
Net investment gain (loss) from 103-12 investment entities $0
Net investment gain (loss) from registered investment companies $0
Other Income $0
Expenses $123,122
Total Benefit Payments $65,282
Directly to participants or beneficiaries, including direct rollovers $65,282
To insurance carriers for the provision of benefits $0
Other Benefit Payment Fees $0
Corrective Distributions $0
Certain deemed distributions of participant loans $51,030
Interest expense $0
Total Administrative Expenses $6,810
Professional Fees $0
Contract Administrator Fees $6,810
Investment Advisory and management fees $0
Other Administrative Fees $0
Net Income $1,603,261
Transfers of Assets to this Plan $0
Transfers of Assets from this Plan $0

Asset and Liability Statement

12/31/2009 12/31/2008 Change YOY
Total Assets $5,749,159 $4,145,898 38.67%
Total noninterest-bearing cash $0 $0 0.0%
Receivables $0 $0 0.0%
Employer Contributions $0 $0 0.0%
Participant Contributions $0 $0 0.0%
Other Contributions $0 $0 0.0%
General Investments $0 $0 0.0%
Interest-bearing cash $0 $0 0.0%
U.S. Government Securities $0 $0 0.0%
Corporate Debt Instruments $0 $0 0.0%
Preferred $0 $0 0.0%
All Other $0 $0 0.0%
Corporate Stocks $0 $0 0.0%
Preferred $0 $0 0.0%
Common $0 $0 0.0%
Partnership/joint venture interests $0 $0 0.0%
Real estate (other than employer real property) $0 $0 0.0%
Loans (other than to participants) $0 $0 0.0%
Participants Loans $329,469 $368,490 -10.59%
Value of interest in common/collective trusts $0 $0 0.0%
Value of interest in pooled separate accounts $4,890,698 $3,439,320 42.20%
Value of interest in master trust investment accounts $0 $0 0.0%
Value of interest in 103-12 investment entities $0 $0 0.0%
Value of interest in registered investment companies $0 $0 0.0%
Value of funds held in insurance co. general account $528,992 $338,088 56.47%
Other Investments $0 $0 0.0%
Employer-related Investments $0 $0 0.0%
Employer Securities $0 $0 0.0%
Employer Real Property $0 $0 0.0%
Buildings and other property used in plan operation $0 $0 0.0%
Total Liabilities $0 $0 0.0%
Benefit Claims Payable (1) $0 $0 0.0%
Operating Payables (1) $0 $0 0.0%
Acquisition Indebtedness (1) $0 $0 0.0%
Other liabilities (1) $0 $0 0.0%
Net Assets $5,749,159 $4,145,898 38.67%

Service Providers

Persons Receiving Only Eligible Indirect Compensation

There is no information on eligible indirect compensation for this plan.

Other Service Providers Receiving Direct or Indirect Compensation

Name Nature of Service Relationship to Plan Sponsor Direct Compensation Paid by Plan Indirect Compensation Paid by Plan Total Compensation
Minnesota Life Insurance Company Participant loan processing, Consulting (general), Consulting (pension), Insurance agents and brokers, Investment advisory (participants), Investment advisory (plan), Investment management, Soft dollars commissions NONE $6,810 $0 $6,810
Total $6,810 $0 $6,810

Indirect Compensation

There are no service providers with indirect compensation listed for this plan.

Service Providers Who Fail or Refuse to Provide Information

There are no service providers who failed or refused to provide information.

Termination Information on Accountants and Enrolled Actuaries

There is no termination information for this plan.

Investments

Investments

Name of Investment Investment Manager Type of Investment Dollar Value
Lifestrategy II Minnesota Life Insurance Company DFE: Pooled Separate Account $653,563
Natural Resources I Minnesota Life Insurance Company DFE: Pooled Separate Account $473,999
Large Growth Equity III Minnesota Life Insurance Company DFE: Pooled Separate Account $470,520
Money Market Minnesota Life Insurance Company DFE: Pooled Separate Account $433,642
Intermediate Term Bond I Minnesota Life Insurance Company DFE: Pooled Separate Account $320,241
Emerging Markets II Minnesota Life Insurance Company DFE: Pooled Separate Account $312,058
Large Growth Equity VIII Minnesota Life Insurance Company DFE: Pooled Separate Account $271,848
Lifestrategy I Minnesota Life Insurance Company DFE: Pooled Separate Account $263,058
Large Value Equity III Minnesota Life Insurance Company DFE: Pooled Separate Account $252,187
Real Estate Minnesota Life Insurance Company DFE: Pooled Separate Account $251,387
Lifestrategy III Minnesota Life Insurance Company DFE: Pooled Separate Account $248,194
International Core I Minnesota Life Insurance Company DFE: Pooled Separate Account $246,166
Small Equity VII Minnesota Life Insurance Company DFE: Pooled Separate Account $113,503
Intermediate Term Bond Inx I Minnesota Life Insurance Company DFE: Pooled Separate Account $105,481
Small Value Equity Ix Minnesota Life Insurance Company DFE: Pooled Separate Account $104,759
Large Equity Index I Minnesota Life Insurance Company DFE: Pooled Separate Account $95,840
Small/Mid Growth Equity I Minnesota Life Insurance Company DFE: Pooled Separate Account $79,280
Health Care Equity II Minnesota Life Insurance Company DFE: Pooled Separate Account $61,840
Small/Mid Equity Index I Minnesota Life Insurance Company DFE: Pooled Separate Account $40,029
Small Equity I Minnesota Life Insurance Company DFE: Pooled Separate Account $38,917
Social Equity II Minnesota Life Insurance Company DFE: Pooled Separate Account $20,769
Global Bond I Minnesota Life Insurance Company DFE: Pooled Separate Account $17,987
Mid-Cap Value Equity III Minnesota Life Insurance Company DFE: Pooled Separate Account $14,873
International Value II Minnesota Life Insurance Company DFE: Pooled Separate Account $557
Large Value Equity Xi Minnesota Life Insurance Company DFE: Pooled Separate Account $0
Emerging Markets I Minnesota Life Insurance Company DFE: Pooled Separate Account $0
Long-Term Inv-Grade Bond Minnesota Life Insurance Company DFE: Pooled Separate Account $0
Total $4,890,698

Insurance Information

Insurance Information

Insurance Carrier Summary Persons Covered
Minnesota Life Insurance Company 134
EIN 41-0417830
Industry Code 66168
Contract Number 064118
Contract Year 01/01/2009 — 12/31/2009
Value in General Account at Year End $528,992
Value in Separate Accounts at Year End $4,890,698
Insurance Fees and Commissions $11,794
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 $5,504 $0
Dennis E Howe 9115 Harris Corners Suite 250 Charlotte, NC 28269 Insurance Agent or Broker $3,931 $0
Roberta A Brumsey 2007 A Boulevard St Greensboro, NC 27407 Insurance Agent or Broker $2,359 $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 GROUP ANNUITY CONTRACT
Balance at the end of the previous year $338,088
Additions $259,516
Contributions Deposited during the year $72,519
Dividends and credits $0
Interest credited during the year $21,288
Transferred from separate account $140,197
Other $25,512
Total of Balance and Additions $597,604
Deductions $68,612
Disbursed from fund to pay benefits or purchase annuities during the year $11,223
Administration charge made by carrier $34
Transferred to Separate Account $27,042
Other $30,313
Balance at the end of the current year $528,992