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[HSBC LOGO]
                                                                   EXHIBIT 10.15

          Corporate & Institutional Banking - International Division L9
Ref:

    CONFIDENTIAL

    Novel Denim (HK) Ltd
    1/F Novel Industrial Building
    850-870 Lai Chi Kok Road
    Cheung Sha Wan
    Kowloon

                                                                18 February 2002
-   Attention: Mr Peter Leung / Mr Vincent Chan

    Dear Sirs

    BANKING FACILITIES
    A/C No 580-046001

    With reference to our recent telephone discussions, we are pleased to
    confirm our agreement to granting the undermentioned banking facilities.
    These facilities will be made available on the specific terms and conditions
    outlined herein and upon satisfactory completion of the security detailed
    below.

<TABLE>
<CAPTION>
                                      Existing              New
                                    -------------     ---------------
<S>                                 <C>               <C>
REVOLVING LIBOR LOAN FACILITIES     USD3,000,000.-    USD10,000,000.-
</TABLE>

    Interest on the loan will continue to be charged at 0.75% over 1, 2 or 3
    months LIBOR (London Interbank Money Market Offer Rate), subject to
    availability in the market, payable at the end of each interest period to
    the debit of your current account. Interest shall be calculated on actual
    days elapsed in a year of 360 days for USD loan.

    The applicable LIBOR will be that quoted by us at or about 11:00 a.m. on the
    date of drawdown / rollover.

    General conditions for the utilisation of the LIBOR Loan facilities:-

    a)  2 working days advance notice of drawdown / rollover is to be given to
        us for LIBOR facilities respectively. Once a quotation has been given
        and accepted by you, we will thereupon be bound to make, and you will
        thereupon be bound to accept, any advance on the terms so agreed.

    b)  Each drawdown / rollover to be for periods of 1, 2 or 3 months.

    c)  Each initial drawdown must be for USD300,000.- and thereafter in
        multiples of USD 100,000.-,

    d)  At the end of an interest period the amount of the drawing may be rolled
        over either in one or two or more amounts (providing such amounts are in
        multiples of USD100,000.- with a minimum drawdown of USD300,000.-) for
        further periods of 1, 2 or 3 months.

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED
Hong Kong Main Office: 1 Queen's Road Central, Hong Kong
Tel: 2822 1111 Fax:
Telex: 73205 [ILLEGIBLE]
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                                      - 2 -

Novel Denim (HK) Ltd                                            18 February 2002

e)       With our prior approval, which will not be withheld, provided we are
         satisfied that the funds utilised are generated from your internal
         resources, out of cash flow rather than from external re-financing
         during an interest period any amount of outstanding loan may, with 48
         hours advance notice to us, be repaid subject to the usual charges
         (i.e. the differential between the return we would have received had
         such amount run to maturity and the return we are able to obtain by the
         placing of the funds repaid for the remainder of the period in the
         market).

f)       We reserve the right to renegotiate the LIBOR interest spreads should
         any event occur which changes the basis on which LIBOR interest margins
         are presently calculated.

Please note that our Loans Section is responsible for the administration of
LIBOR facilities. For rate quotations and other day to day administrative
matters, please contact our Ms Joanna Lam on telephone number 2390 1575.


<TABLE>
<CAPTION>
                                                       Existing              New
                                                       --------              ---
<S>                                                 <C>                  <C>
HKD OVERDRAFT                                       HKD25,000,000.-      HKD30,000,000.-
</TABLE>

Interest on the overdraft facility will continue to be charged on daily balances
at our best lending rate, (currently 5.125% per annum, but subject to
fluctuation at our discretion) and payable monthly in arrears to the debit of
your current account.

A commitment fee of 0.25% per annum will be charged daily on the undrawn balance
of your overdraft facility and will be payable monthly in arrears to the debit
of your current account.


Apart from the forgoing, all other facilities, security, terms and conditions
as stated in our letters of 16 May 2001 remain unchanged. Notwithstanding the
above, these facilities are subject to review at any time, in any event by 31
March 2002, and also subject to our overriding right of suspension, withdrawal
and repayment on demand, including the right to call for cash cover on demand
for prospective and contingent liabilities.


SECURITY

As additional security, please let us have a Corporate Guarantee in our favour
for USD7,000,000.- from Novel Denim Holdings Limited together with a certified
copy of a Board Resolution in substantially the form of that enclosed with this
facilities letter. We enclose our standard form of guarantee for your completion
and return.


ACCRUAL OF INTEREST AND OTHER SUMS

Please note that interest and other sums expressed to be chargeable or payable
on a periodic basis will nonetheless accrue from day to day and amounts so
accrued may be demanded at any time.

                                                                         ...../3

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                                      - 3 -

Novel Denim (HK) Ltd                                            18 February 2002

DISCLOSURE OF INFORMATION

Unless expressed in writing from you to the contrary, we may provide any
information relating to any of your accounts with us and any facilities we may
provide to you from time to time or their conduct or any other information
concerning your relationship with us to any other company or office which at the
relevant time belongs to or is part of the HSBC Group.


SECTION 83 OF THE BANKING ORDINANCE

Please note that Section 83 of the Banking Ordinance has imposed on us as a bank
certain limitations on advances to persons related to our directors or
employees. In acknowledging this Facility Letter you should advise us whether
you are in any way related to any of our directors or employees within the
meaning of Section 83 and in the absence of such advice we will assume that you
are not so related, We would also ask, should you become so related subsequent
to acknowledging this Facility Letter, that you immediately advise us in
writing.

ACCEPTANCE

Please arrange for the authorised signatories of your company, in accordance
with the terms of the mandates given to the Bank, to sign and return to us
before 11 March 2002 the duplicate copy of this letter to signify your
understanding and acceptance of the terms and conditions under which these
facilities are granted.

We are pleased to be of continued assistance.

Yours faithfully

                                                  For and on behalf of
                                                  NOVEL DENIM (HK) LIMITED
                                                  /s/ [ILLEGIBLE]
/s/ Roddy K W Lau                                 ------------------------------
----------------------------                             Authorized Signature(s)
Roddy K W Lau
Global Relationship Manager
Encl