EXHIBIT 10.48


                       Dated the 1st day of February 2007

                           LYNX INTERNATIONAL LIMITED

                                       and

                             TARRANT COMPANY LIMITED


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                                TENANCY AGREEMENT

                                       of

    All Those 202/2000th parts of shares of and in Kun Tong Inland Lot No.87
      (The whole of 13th & 14th Floors and Car Parking Spaces Nos. 2 & 3 on
  Ground Floor of Lladro Building, No. 72 (formerly Nos. 72-80) Hoi Yuen Road,
                         Kwun Tong, Kowloon, Hong Kong)

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AN AGREEMENT is made this 1st day of February, Two Thousand and Seven.

BETWEEN the parties  more  particularly  described  and set out in Part 1 of the
Schedule hereto.

WHEREBY IT IS AGREED as follows:-

1.       The Landlord shall let and the Tenant shall take all those parts of the
         premises  more  particularly  described  and  set  out in Part 2 of the
         Schedule hereto together with fixtures and fittings (hereinafter called
         "the said  fixtures") now thereat details whereof are contained in Part
         4 of the Schedule  hereto and together  with the use in common with the
         Landlord  and all  others  having  the  like  right  of the  entrances,
         staircases,  passages and  lavatories (if any) in the building of which
         the said  premises form part more  particularly  described in Part 2 of
         the Schedule hereto  (hereinafter called "the said premises") in so far
         as the same is necessary  for the proper use and  enjoyment of the said
         premises and  together  also with the use in common as aforesaid of the
         lifts (if any) whenever the same shall be operating for the term and at
         the  rent  more  particularly  described  and  set out in Part 3 of the
         Schedule hereto.

2.       The Tenant to the intent that the obligations  hereunder shall continue
         throughout the said term hereby agrees with the Landlord as follows:

         (a)      Throughout  the said term to pay the rent as set out in Part 3
                  of the  Schedule  to the  Landlord  monthly  in advance on the
                  first day of each calendar month without deduction and without
                  any right of set-off by the Tenant.  The first payment of rent
                  which shall be made on the 1st February  2007 shall consist of
                  the rent accruing from the date of commencement of the term to
                  the last day of the same month and  subsequent  payments shall
                  be made  monthly in advance on the first day of each  calendar
                  month.

         (b)      To pay and discharge all rates,  government  rent,  management
                  fees,  charges,  impositions  and  outgoings  of an  annual or
                  recurring  nature now or hereafter to be assessed,  imposed or
                  charged by the Government of Hong Kong Special  Administrative
                  Region of PRC or other lawful authority upon the said premises
                  or upon the Landlord thereof (not applicable to Property Tax).


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         (c)      To pay and discharge all charges for the supply of water,  gas
                  and  electricity  to the said premises and for water,  gas and
                  electricity  as may be shown by the separate  meter  installed
                  upon  or in  relation  to the  said  premises  or by  accounts
                  rendered  to the Tenant in respect of such amount of water gas
                  and electricity consumed in the said premises.

         (d)      To pay to the  Landlord  on demand all costs  incurred  by the
                  Landlord  for make good and repair of any damaged  part of the
                  said premises owing to the careless or improper use or neglect
                  by the Tenant or any employees,  agents, visitors,  contracted
                  parties, appointed person(s) or licensee(s) of the Tenant.

         (e)      To keep all the interior of the said  premises  including  the
                  flooring and interior  plaster or other  finished or rendering
                  to  walls,  floors,  windows  and  ceilings  and the pipes and
                  drains  exclusively  serving  the said  premises in good clean
                  tenantable  repair and  condition  and properly  preserved and
                  painted  (fair wear and tear  excepted) and so to maintain the
                  same at the  expense  of the Tenant and to deliver up the said
                  premises  to  the  Landlord  at  the   expiration   or  sooner
                  determination  of  the  said  term  in  condition   aforesaid.
                  Provided  that if the Landlord so  requires,  to remove at the
                  Tenant's expenses all fixtures and additions  installed by the
                  Tenant and in such event the Tenant shall make good all damage
                  caused to the said premises by such removal.

         (f)      To take all reasonable  precautions to protect the interior of
                  the said premises from storm or typhoon or the like.

         (g)      Not to make any  alterations or additions in the said premises
                  without  first having  obtained  consent from the Landlord and
                  all additional renovation is at the cost of the Tenant.

         (h)      To  prevent  causes  of fire,  water or  electricity  leakage,
                  damages  to the said  premises  or any  third  parties  by any
                  employees,  visitors,  agents,  contracted parties,  appointed
                  person(s) or licensee(s) of the Tenant.

         (i)      To insure and indemnify the Landlord  against any fire,  water
                  or electricity leakage, damages to the said premises or to any
                  third parties by any employees,  visitors,  agents, contracted
                  parties, appointed person(s) or licensee(s) of the Tenant.


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         (j)      To be wholly responsible for any loss, damage or injury caused
                  to any person(s) whomsoever directly or indirectly through the
                  defective or damaged  condition of any part of the interior of
                  the said  premises  and to make  good the same by  payment  or
                  otherwise and to indemnify  the Landlord  against all actions,
                  proceedings,  claims and  demands  made upon the  Landlord  in
                  respect of any such  loss,  damage or injury and all costs and
                  expenses incidental thereto.

         (k)      On receipt of any notices from the landlord or its  authorized
                  representatives  specifying any works or repairs which require
                  to be done and  which  are the  responsibility  of the  Tenant
                  hereunder  forthwith to execute the same at the expense of the
                  Tenant with all possible efforts and without any delay.

         (l)      Not  without  the prior  written  consent of the  Landlord  to
                  assign underlet share or otherwise part with the possession or
                  occupation of the said premises or any part thereof in any way
                  whether by way of sub-letting  letting  sharing or other means
                  whereby  any person or persons  not a party to this  Agreement
                  obtains  the  use or  possession  or  occupation  of the  said
                  premises  or any part  thereof  irrespective  of  whether  any
                  rental  or  other  consideration  is  given  for  such  use or
                  possession  and in the event of any such transfer  sub-letting
                  sharing  assignment or parting with the possession of the said
                  premises  (whether  for  monetary  consideration  or not) this
                  Agreement  shall  absolutely  determine  and the Tenant  shall
                  forthwith  vacate the said  premises  on notice to that effect
                  from the Landlord.

         (m)      Not to do or permit or suffer to be done any act, deed, matter
                  or thing whatsoever whereby any insurance of the said premises
                  or the building  against loss or damage by fire and/or  claims
                  by third  parties  for the time being in force may be rendered
                  void  or  voidable  or  whereby  the  premium  thereon  may be
                  increased  provided  that is as the  result of any act,  deed,
                  matter or thing done permitted or suffered by the Tenant,  the
                  premium on any such insurance shall be increased, the Landlord
                  shall be  entitled  at its  option  either to  terminate  this
                  Agreement  or to continue  the same upon payment by the Tenant
                  of the  increased  premium  and  upon  such  other  terms  and
                  conditions as the Landlord may, at its discretion think fit to
                  impose.

         (n)      Not to use or permit or suffer  the said  premises  to be used
                  for any illegal or immoral purpose.


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         (o)      Not to store arms,  ammunition  or unlawful  good,  gunpowder,
                  saltpetre,  petrol, kerosene or other explosive or combustible
                  substances in any part of the said premises.

         (p)      To obey and comply with and to indemnify the Landlord  against
                  the breach of all ordinances, regulations, bye-laws, rules and
                  requirements of any governmental or other competent  authority
                  relating to the use and occupation of the said premises or any
                  other act, deed, matter or thing done, permitted,  suffered or
                  omitted  therein or  thereon  by the Tenant or any  employees,
                  agents, visitors,  contracted parties,  appointed person(s) or
                  licensee(s) of the Tenant.

3.       The Landlord hereby agrees with the Tenant as follows:-

         (a)      To pay property tax  attributable  to or payable in respect of
                  the said premises.

         (b)      To permit to the Tenant (duly  paying the rent the  management
                  fee and all other charges hereby agreed to be paid on the days
                  and in manner  herein  provided  for  payment  of the same and
                  rates and observing and performing the agreements stipulations
                  terms  conditions and  obligations  herein  contained) to have
                  quiet possession and enjoyment of the said premises during the
                  said term  without  any  interruption  by the  Landlord or any
                  person  lawfully  claim  under or  through or in trust for the
                  Landlord.

         (c)      The acceptance of any rent by the Landlord hereunder shall not
                  be deemed to operate as a waiver by the Landlord of any rights
                  to  proceed  against  the  Tenant  in  respect  of any  breach
                  non-observance or  non-performance by the Tenant of any of the
                  agreements  stipulations terms and conditions herein contained
                  and on the part of the Tenant to be observed and performed.


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4.       The Landlord shall not in any  circumstances by liable to the Tenant or
         any other person(s) whatsoever:-

         (a)      In respect of any loss or damage to any  person(s) or property
                  sustained by the Tenant or any such other person(s)  caused by
                  or through  or in any way owing to any defect in or  breakdown
                  of the lifts, electricity gas and water supplies, or any other
                  building service provided in the said building.

         (b)      In respect of any loss or damage to any  person(s) or property
                  sustained  by the Tenant or any other  person(s)  caused by or
                  through or in any way owing to the escape of fumes  smoke fire
                  or any other  substance or thing or the overflow of water from
                  anywhere within the said building  unless  attributable to the
                  act or default of the Landlord.

5.       Notwithstanding anything herein contained, it is agreed by Landlord and
         the  Tenant  that each  party  should,  in case of  termination  of the
         Agreement before  expiration of the term for whatsoever  reasons,  give
         three months' prior notice in writing to other party.

6.       During the three months  immediately  preceding  the  expiration of the
         term  hereby  created,  the  Landlord  shall be at liberty to affix and
         maintain  without  interference  upon  any  external  part of the  said
         premises a notice stating that the said premises are to be let and such
         other  information  in  connection  therewith  as  the  Landlord  shall
         reasonably require.

7.       Any notice required to be served by the Landlord or the Tenant shall be
         sufficiently  served if delivered to or  dispatched by post to the last
         known  address of the  Landlord  or the  Tenant.  A notice sent by post
         shall be deemed to be given at the time and date of posting.


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8.       Unless  inconsistent with the context otherwise,  words herein denoting
         persons include corporations and firms; works denoting masculine gender
         include  feminine or neuter gender.  Words denoting the singular number
         shall  include  the  plural  number  and vice  versa.  The  terms  "the
         Landlord" and "the Tenant" shall include their  successors in title (if
         applicable).

9.       This Agreement comprises the whole agreement between the parties hereto
         and the  Tenant  agrees  that  it has not  entered  into  this  Tenancy
         agreement in reliance upon any warranties or representations  which may
         have been made or given by the  Landlord or by any other  person on the
         Landlord's  behalf  relating to the said premises  prior to the signing
         hereof and if any such warranties or representations, whether expressed
         or implied,  written or oral have been made the same are deemed to have
         withdrawn immediately prior to the execution of this Agreement.

10.      Stamp duty and  registration fee (if any) payable on this Agreement and
         its counterpart  shall be borne by the Landlord and the Tenant in equal
         shares.

11.      This  Agreement  is  construed  and  governed  by the laws of Hong Kong
         Special Administration Region of PRC.


AS WITNESS  whereof the hands of the said parties  hereto the day and year first
above written.


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                         THE SCHEDULE ABOVE REFERRED TO

                                     PART 1

               (NAME ADDRESSES AND DESCRIPTION OF PARTIES HERERTO)

LANDLORD:         Lynx International Limited whose registered office is situated
                  at 13th Floor, Lladro Centre,  72-80 Hoi Yuen Road, Kwun Tong,
                  Kowloon, Hong Kong

TENANT:           Tarrant Company Limited whose registered office is situated at
                  13th Floor,  Lladro  Centre,  72-80 Hoi Yuen Road,  Kwun Tong,
                  Kowloon, Hong Kong

                                     PART 2

                       (DESCRIPTION OF THE SAID PREMISES)

All Those  202/2,000th  Parts or shares of and in Kun Tong Inland Lot No.87 (The
whole of 13th Floor and 14th Floor and Car  Parking  Spaces  Nos. 2 and 3 on the
Ground Floor of Lladro Building, No. 72 (formerly Nos. 72-80)
Hoi Yuen Road, Kowloon, Hong Kong)

                                     PART 3

                        (TERMS OF LETTING, RENT, DEPOSIT)

TERM:             One (1) Year commencing from the first day of February 2007 to
                  the thirty first day of January 2008.

RENT:             HK$310,000.00 per calendar month payable monthly in advance on
                  the first day of each and every calendar month during the said
                  term without deduction and without any right of set-off by the
                  Tenant for the period from 1st  February  2007 to 31st January
                  2008.

DEPOSIT:          HK$620,000.00  and  two  months'  management  fee  as  of  1st
                  February 2007.


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                                     PART 4

                       (DESCRIPTION OF THE SAID FIXTURES)

Include the air-conditioning system and air conditioning ducting, etc., owned by
the Landlord


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AGREED & SIGNED by                          )
for and on behalf of the Landlord           )
LYNX INTERNATIONAL LIMITED                  ) /S/ GERARD GUEZ
                                            ) ----------------------------------
                                            ) Gerard Guez, Authorized Signatory
                                            )
                                            )
in the presence of:-                        )
                                            )
                                            )


AGREED & SIGNED by                          )
for and on behalf of the Tenant             )
TARRANT COMPANY LIMITED                     )
                                            ) /S/  HENRY  CHU
                                            ) ----------------------------------
                                            ) Henry Chu, Authorized Signatory
                                            )
                                            )
in the presence of:-                        )
                                            )
                                            )


RECEIVED on the  1st day of  February       )
2007 from the Tenant the sum of             )
DOLLARS SIX HUNDRED TWENTY                  )           HK$620,000.00
THOUSAND Hong Kong Currency                 )
being the rental deposit above-expressed    )
to be paid by the Tenant to the Landlord    )


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