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                                                                    EXHIBIT 10.9

                              [NEDBANK LETTERHEAD]

Private & Confidential

                                                                     25 May 2001

The Directors
Novel Group of Companies
PO Box 1429
Dassenberg
7350

Attention: John McCormick
-------------------------

Dear Sirs

BANKING FACILITIES

We have pleasure in advising that the following arrangements have been agreed
upon, subject to the general terms and conditions as per attached addendum.

FACILITIES
----------

Novel Spinners (SA) (Pty) Ltd; Novel Weavers (SA) (Pty) Ltd and Seawind
Investments 4 (Pty) Ltd trading as Novel Dyers (SA)

R10,000,000 (Ten Million Rand) Multi-Optional Overdraft
R1,200,000  (One Million Two Hundred Thousand Rand) Letter of Guarantee
R1,000,000  (One Million Rand) Forward Exchange Contracts (being 10% margin)
R1,000,000  (One Million Rand) Sight Import Letters of Credit

The above facilities may be shared between the captioned companies.

ASSET BASED FINANCE
-------------------

Novel Spinners (SA) (Pty) Ltd

R10,260,000 (Ten Million Two Hundred and Sixty Thousand Rand)*

Novel Weavers (SA) (Pty) Ltd

R10,260,000 (Ten Million Two Hundred and Sixty Thousand Rand)*

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                                      -2-

The above are available for the acquisition of new machinery as indicated in
your request dated March 2001. The repayment and period will be seven years with
a capital repayment moratorium of 12 months. The above amounts make provision
for VAT and this must be repaid by the 3rd month. This would give you adequate
time to claim the VAT from the SA Revenue Services.

* Please note that we will need to establish the ownership of the plant and
equipment as the importation process has started on certain of the plant and
equipment. If ownership has been transferred to Spinners or Weavers, then we
will not be able to finance it by way of an Instalment Sale Agreement but by
way of a Term Loan and we will need to register a special notarial bond as
security.

MEDIUM TERM LOAN

Seawind Investments 4 (Pty) Ltd trading as Novel Dyers (SA)

R12,000,000 (Twelve Million Rand)

As this loan is required to refinance the Dye House it will be repayable over a
7 year period, with a capital repayment moratorium of 12 months.

NEDBOND

Seawind Investments 4 (Pty) Ltd trading as Novel Dyers (SA)

R2,000,000 (Two Million Rand)

The repayment programme is the same as the Medium Term Loan.

RATES

Overdraft
Nedbank's Prime Interest rate (as set from time to time) for usage within the
arrangement. A penalty interest rate of Nedbank's Prime Interest rate (as set
from time to time) plus 3.0% will be levied on excesses over the arrangement.

Our current Prime Interest rate is 14.5% p.a. calculated on the daily
outstanding balance and debited to your accounts once a month.

Asset Based Finance, Medium Term Loan and Nedbond

Nedbank's Prime Interest rate (as set from time to time) minus 2.0%. The
current Prime Interest rate is 14.5%.

Letters of Guarantee
Opening Commission       1.50% (plus VAT) with a minimum of R150-00 (plus VAT)
Renewal Commission       0.75% (plus VAT) with a minimum of R75-00 (plus VAT).
                         This fee is payable every 6 months or part thereof.

SECURITY

Novel Spinners (SA)(Pty) Ltd

Presently held

Subordination of shareholders loans by Novel Denim Holdings Ltd, limited to R3,
180,000.
General application for Letters of Credit.
Unlimited guarantee by Novel Weavers (SA)(Pty) Ltd.
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                                      -3-

Proposed
--------

Unlimited guarantee by Seawind Investments 4 (Pty) Ltd
First cession of debtors
Cession of loan accounts of Novel Denim Holdings Ltd (unrestricted) and this
will replace the subordination agreement.

NOVEL WEAVERS (SA)(PTY) LTD

Security held
-------------

Unlimited guarantee by Novel Spinners (SA)(Pty) Ltd
Pledged CFC account no. 7095-011842 to cover import L/C's in excess of agreed
limit and to secure the property guarantee that Nedbank issued for the balance
of the purchase price in respect of remainder of portion 65 of the farm
Melkpost No. 4 in the city of Cape Town.

Should Nedbank be called upon to pay in terms of the property guarantee and you
do not wish to convert the US$ that we hold on the pledged account, then these
funds will be held as security for the overdraft which arises out of the
transaction.

Proposed
--------

Unlimited guarantee by Seawind Investments 4 (Pty) Ltd
First cession of debtors
Cession of loan accounts of Novel Denim Holdings Ltd (unrestricted)
1st special notarial bond of R10,000,000 over existing plant and equipment
(This special notarial bond will serve as collateral security for asset based
finance facilities of all 3 companies - this is in lieu of a 30% deposit by
yourselves). This is subject to a satisfactory valuation by an independent
sworn appraiser that the current market value of the unencumbered plant and
equipment is + or - R20,000,000.

SEAWIND INVESTMENTS 4 (PTY) LTD TRADING AS NOVEL DYERS (SA)

Proposed
--------

1st cession of debtors
1st covering security mortgage bond of R2,000,000 over remainder of portion 65
of the farm Melkpost No. 4 in the city of Cape Town.
1st Special notarial bond of R12,000,000 over plant and equipment of the Dye
  house.
Cession of the short term insurance policy covering the above
Unlimited guarantee by Novel Spinners (SA) (Pty) Ltd
Unlimited guarantee by Novel Weavers (SA) (Pty) Ltd
Cession of loan accounts of Novel Denim Holdings Ltd (unrestricted)

GENERAL
-------

Letter of comfort from Novel Denim Holdings that they will not allow any fellow
subsidiary with whom the local group trades with, to go into liquidation and
also to reduce the inter-company trade debtors days of the local group of
companies to 180 days by 31 March 2002, with further reductions to be negotiated
thereafter and that they will ensure a minimum inter-group, hardcore trade
credit of R30,000,000 to the South African companies.

PERIOD
------

The facilities have been afforded on a fluctuating basis without a specific
expiry date. The arrangements are subject to review from time to time and
continuation will depend on the prevailing circumstances at the time.

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                                      -4-

SERVICE AND CASH HANDLING FEE
-----------------------------

The service fee which applies to your accounts is 340/068/773. This means that
should a cheque be drawn for an amount less than R500 then you pay R3.40 and
..68c per R100, thereafter with a maximum  of R73.73. Should you deposit cash, a
cash handling fee at .67c per R100 will apply. These costs are inclusive of VAT.

GENERAL CONDITIONS
------------------

The facilities are approved on the basis that:

1. Audited financial details are provided annually.

2. Management accounts are submitted to the Bank on a quarterly basis.

3. MP79(a) (Exchange Control) are completed and submitted to the Bank annually
   for onward transmission to the South Africa Reserve Bank.

4. Bank charges are subject to review from time to time.

5. The General Terms and Conditions as per attached, also apply.

6. All attorney and valuation costs will be for your account.

7. An administration fee of 0.1% excluding VAT will be payable on the
   finalisation of the contracts in respect of the term contracts (ABF, MTL and
   Nedbonds).

8. The refinancing of the dye house is subject to the provision of invoices from
   the local and foreign suppliers and in the latter case, the transfer of the
   funds are to be routed through our office.

9. Cover basis for multi-optional overdraft facilities:

   Debtors margined at 1/3 should at all times cover the facility and we reserve
   the right to reduce the limit in line with any reduction in the cover basis.

This offer expires on 1 July 2001.

Should you require any further information, please do not hesitate to contact
the undersigned.

Please confirm this arrangement by signing and returning the enclosed copy of
this letter.

Yours faithfully,

/s/ A C Cornish
---------------
A C CORNISH
RELATIONSHIP MANAGER<PAGE>
                                                                   EXHIBIT 10.10

                              [NEDBANK LETTERHEAD]

Private and Confidential                                          23 August 2001

The Directors
Novel Group of Companies
PO Box 1429
Dassenberg
7350.

ATTENTION: John McCormick

Dear Sirs

BANKING FACILITIES - ADDENDUM TO FACILITIES LETTER DATED 25 MAY 2001

We have pleasure in advising that the following arrangements have been agreed
to in addition to facilities mentioned within our above mentioned Facilities
Letter dated 25 May 2001 which was accepted by yourselves on 30 June 2001.

ASSET BASED FINANCE

NOVEL SPINNERS (SA) (PTY) LTD

R10,000,000 (Ten million rand)

PROPOSED ADDITIONAL SECURITY (IN THE NAME OF NOVEL SPINNERS (SA) (PTY) LTD)

An additional 1st Special Notarial Bond of R5 million over existing plant and
equipment. (This Special Notarial Bond will serve as collateral security for
asset based finance facilities for all three companies - this in lieu of a 30%
deposit by yourselves). This is subject to a satisfactory valuation, by an
independent sworn appraiser that the current market value of the unencumbered
plant and equipment is R10 million.

All other terms and conditions contained within our above mentioned Facilities
Letter remain unchanged.

Please confirm this arrangement by signing and returning the enclosed copy of
this letter.

Your faithfully,

/s/ AC Cornish
--------------------------
AC Cornish
RELATIONSHIP MANAGER<PAGE>
                                                                   EXHIBIT 10.11

[HSBC LOGO]

Ref:           Corporate & Institutional Banking - International Division L9

CONFIDENTIAL

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

Attention: Mr Peter Leung / Mr Vincent Chan                        27 March 2002

Dear Sirs

BANKING FACILITIES
A/C NO 580-179059

With reference to our recent discussion, we are pleased to advise that we have
reviewed your banking facilities and offer a renewal within the following
limits which will be made available on the specific terms and conditions
outlined below and subject to the satisfactory completion of the security below.
These facilities are also subject to review at any time and, in any event by 15
March 2003, and 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.

FACILITY       :          Term loan of USD9,000,000.-.

TERM           :          54 months

INTEREST       :          Interest on the loan will continue to be charged at
                          0.75% per annum 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
                          no. 580-179059-001. 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.

REPAYMENT      :          Principal of the loan is to be repaid by 16 equal
                          quarterly repayments of USD562,500.- each. The first
                          repayment will be made at the end of December 2002.

                                                                      ..../2

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED
Hong Kong Main Office: 1 Queen's Road Central, Hong Kong
Te1:2822 1111 Fax:
Telex: 73205 HSBC HX Telegrams: Hongbank Hongkong              Page______ /_____
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Novel Denim Holdings Ltd                                           27 March 2002
                                       -2-

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)       Drawdown / rollover to be for periods of 1,2 or 3 months.

c)       No partial drawing is allowed.

d)       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).

e)       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 Loans Section in our Mongkok District Commercial Banking Centre
is responsible for the administration of LIBOR facilities. For rate quotations
and other day to day administrative matters, please contact our Mrs Johanna Lam
on telephone number 2390-1575.

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.

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.

                                                                          ..../3

<PAGE>
Novel Denim Holdings Ltd                                           27 March 2002

                                       -3-

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 17 April 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

/s/ Roddy K W Lau
---------------------------
Roddy K W Lau
Global Relationship Manager

Encl

                                   For and on behalf of
                                   NOVEL DENIM HOLDINGS LIMITED

                                   /s/ Lester Ma
                                   ----------------------------
                                        Authorized Signature(s)

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