Document:

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                                                                    Exhibit 10.8

HSBC [LOGO]

Ref:     COMMERCIAL BANKING - DIVISION E

CONFIDENTIAL

Concord Camera HK Ltd
14/F Concord Technology Centre
98 Texaco Road
Tsuen Wan
NEW TERRITORIES
                                                                     1 June 2002
Attn:    Mr Harlan Press / Mr Paul Wong

Dear Sirs

BANKING FACILITIES
A/C NO. 500-166012-001

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
subject to review at any time and, in any event by 15 May 2003, 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.

Import Facilities                                                HKD85,000,000.-
-----------------

Documentary Credits to your suppliers and Import Loan Facilities in either HK
Dollars or Foreign Currency for up to 90 days, less any usance/credit periods
granted by your suppliers

within which                                                 (HKD85,000,000.-) _
------------

Goods under your control and/or Trust Receipts

Packing Credit                                                   HKD20,000,000.-
--------------

Up to 70% of valid export Documentary Credits in your favour deposited with us
for up to 75 days before shipment date

We may, at our sole and absolute discretion, refuse to allow drawings under the
facilities if the transaction in question does not meet our operational
requirements in respect of these facilities.

The Hongkong and Shanghai Banking Corporation Limited
Hong Kong Main Office: 1 Queen's Road Central, Hong Hong
Tel : 2822 1111 Fax:
Telex: 73205 HSBC HX Telegrams: Hongbank Hongkong

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HSBC [LOGO]

                                       -2-

Concord Camera HK Ltd                                                1 June 2002
--------------------------------------------------------------------------------

Interest on the import loans and packing credit loans will continue to be
charged on daily basis as follows and payable monthly in arrears to the debit of
your current account:

HK Dollar        :  1.75% over HIBOR on import loans and packing credit loans
                    respectively

Foreign currency : 1.75% over SIBOR or 1% below our standard Trade Finance
                   Rates as published by us

Interest at the above-mentioned rates over HIBOR (Hong Kong Interbank Money
Market Offer Rate) and SIBOR (Singapore Interbank Money Market Offer Rate) are
subject to fluctuation at our discretion and payable monthly in arrears to the
debit of your current account.

Foreign Exchange Limit                                           HKD15,000,000.-
----------------------

For booking foreign exchange contracts up to this limit in aggregate, with
individual contracts for periods of up to a maximum of three months forward.

Contracts may only be entered into to cover trade related exchange exposure
incurred in the normal course of business.

Foreign Exchange facility remains subject to our overriding right to call for
cash cover on demand if in the Bank's view a negative foreign exchange position
requires such cover. Further, the Bank may, after having discussed the position
with yourselves, close out any or all of your outstanding forward foreign
exchange contracts and demand settlement of the balance due.

Foreign exchange contracts will be governed by the conditions appearing on the
reverse of the standard contract form. These contract forms should be checked
upon receipt and the copy signed and returned to the Bank.

Security
--------

As security, we shall continue to hold :-

1)   A Letter of Awareness dated 24 August 1998 from Concord Camera Corp
     together with a Certificate of Assistant Secretary dated 3 September
     1998.

2)   A Letter of Undertaking from your company together with the minutes of
     meeting both dated 24 August 1998 undertaking:

     (a)   to direct to us bills business of not less than
           HKD100,000,000.- on an annual basis;

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HSBC [LOGO]

                                       -3-

Concord Camera HK Ltd                                                1 June 2002
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         (b)  to maintain the tangible net worth of your company above
              HKD110,000,000.- at all times;

         (c)  to maintain the net gearing ratio (after netting cash balance)
              of your company below 45% at all times;

         (d)  not to declare dividends of more than 50% of recurrent net
              profit in any financial year.

3)  A Letter of Undertaking dated 20 July 1999 from your company together
    with the minutes of meeting dated 19 July 1999 undertaking to direct to
    us all I/E bills business of your company.

4)  A Corporate Guarantee for USD4,200,000.- from Concord Camera Corp with
    Board Resolution both dated 19 August 1999.

5)  A Corporate Guarantee for USD4,000,000.- from Concord Camera Corp with
    Board Resolution and Certificate of Incumbency all dated 11 November
    1999.

6)  A Corporate Guarantee for USD5,500,000.- from Concord Camera Corp with
    Board Resolution both dated 28 August 2000 and Certificate of
    Incumbency.

7)  A Letter of Undertaking from your company together with the minutes of
    meeting both dated 28 August 2000 undertaking to maintain a tangible
    net worth of your company not less than HKD250,000,000.-

8)  Registered Assignment of DC Proceeds form dated 4 May 2001 together
    with the minutes of meeting dated 28 August 2000 executed by your
    company.

A review fee of HKD50,000.- will be charged to the debit of your current account
upon your acceptance of this facility letter.

Please arrange for the authorised signatories of your company, in accordance
with the terms of the mandate given to the Bank, to sign and return to us the
duplicate copy of this letter to signify your confirmation as to the correctness
of the security held, and your continued understanding and acceptance of the
terms and conditions under which these facilities are granted.

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.

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HSBC [LOGO]

                                       -4-

Concord Camera HK Ltd                                                1 June 2002
--------------------------------------------------------------------------------

These facilities will remain open for acceptance until the close of business on
22 June 2002 and if not accepted by that date will be deemed to have lapsed.

We are pleased to be of continued assistance.

Yours faithfully

                                               For and On behalf of
/s/ NELSON HO                                  CONCORD CAMERA HK LIMITED
----------------------
NELSON HO                                      /s/ Keith Lampert Paul Wong
Relationship Manager                           ---------------------------

ac

Encl

<PAGE>

HSBC [LOGO]

Ref:

Concord Camera HK Ltd
14/F Concord Technology Centre
98 Texaco Road
Tsuen Wan New Territories                                            4 June 2002

Attn : Mr Paul Wong
-------------------

Dear Sir

FACTORING SERVICES

With reference to our recent discussions, we are pleased to advise that we
have reviewed and renewed your factoring facilities as follows. The facilities
are subject to review at any time and, in any event by 15 May 2003.

SERVICES
--------
Export / Domestic Recourse Undisclosed Factoring Facility

SALES LEDGER ADMINISTRATION
---------------------------
Our services will provide your company with monthly statements of the
receivables purchased, the payments received and the aged debt analysis of your
customers.

FUNDS-IN-USE LIMIT                                   USD8,000,000.-
------------------

CONCENTRATION PERCENTAGE
------------------------
Concentration percentage is continued to be governed by setting Debtor Funding
Sublimits which are to be adjusted as follows:-

Debtor Name                           Present                   New
-----------                           -------                   ----
Ferrania Imaging Technologies         USD1,500,000.-            USD1,500,000.-
Eastman Kodak Company                 USD1,500,000.-            USD3,500,000.-

Funding sub-limit for any re-activated factored debtors or new buyers will be
assigned at our discretion.

DISCOUNTING CHARGE
------------------
Discounting Charge will continue to be charged at 1% below our Trade Finance
Rate (subject to fluctuation at our discretion).

                                                                           .../2

The Hongkong and Shanghai Banking Corporation Limited
Factoring Services Division:
Level 19, 1 Queen's Road Central, Hong Kong
Tel: 2822 2911 Fax: (852) 2537 7196
Telex: 73205 HSBC HX Telegrams: Hongbank Hongkong

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HSBC [LOGO]

Ref:

                                       -2-

Concord Camera Hong Kong Ltd
--------------------------------------------------------------------------------

SERVICE CHARGE
--------------
Service Charge will continue to be leived at 0.065%.

PREPAYMENT PERCENTAGE
---------------------
Prepayment Percentage will continue to be set at 80%.

TERMS OF PAYMENT
----------------
Up to 90 days for payment under a Contract of Sale and as to any discount,
allowance or credit due or allowable to your Customer.

CONDITIONS OF OFFER
-------------------
1)   We continue to hold the Factoring Agreement under seal dated 8
     September 1999 supported by board resolution.

2)   We continue to hold the Corporate Guarantee for USD18,000,000.- dated
     29 September 1999 from Concord Camera Corporation, USA together with:

     (i)   a certified copy of a Board Resolution, signed sealed by the
           Secretary or Assistant Secretary of Concord Camera Corporation
           USA;

     (ii)  a Certificate of Incumbency signed sealed by the Secretary or
           Assistant Secretary

OPERATIONAL REQUIREMENTS
------------------------
a)       Invoices dated 60 days after due date are to be disapproved for
         funding.

b)       Blank-dated notification letters addressed to your customers are to be
         held by us.

c)       All remittances/payments of your customers in respect of debts that
         we will factor are to be credited to our designated account.

d)       We will continue to conduct an audit at your office on a quarterly
         basis to check and verify accounts, and records relating to the
         factored sales.

e)       Receivables drawn on Polaroid Corporation or any of its related
         companies will be handled on a non-finance basis.

f)       The receivables drawn on Polaroid Corporation, Ferrania Imaging
         Technologies and Eastman Kodak Company must continue to be notified to
         us irrespective of whether additional debtors are added for factoring.

                                                                           .../3

The Hongkong and Shanghai Banking Corporation Limited
Factoring Services Division:
Level 19, 1 Queen's Road Central, Hong Kong
Tel: 2822 2911 Fax: (852) 2537 7196
Telex: 73205 HSBC HX Telegrams: Hongbank Hongkong

<PAGE>

HSBC [LOGO]

Ref:
                                       -3-

Concord Camera Hong Kong Ltd
--------------------------------------------------------------------------------

All other terms and conditions as stated in our Factoring Agreement dated 8
September 1999 remain unchanged.

These facilities will remain open for acceptance until the close of business on
25 June 2002 if not accepted by that date will be deemed to have lapsed.

A review fee of HKD5,000.- will be charged to the debit of your current account
no. 195-012836-001 upon receipt of your acceptance to this facility letter.

Please arrange for the authorised signatories of your company, in accordance
with the terms of the mandate given to the Bank, to sign and return to us the
duplicate copy of this letter to signify your confirmation as to the correctness
of the security held, and your understanding and acceptance of the foregoing.

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.

We are pleased to be of continued assistance.

Yours faithfully

                                            For and On behalf of
/s/ Roderick K L Ching                      CONCORD CAMERA HK LIMITED
--------------------------
Roderick K L Ching                          /s/ Keith Lampert Paul Wong
Relationship Manager                        ---------------------------
Enc

EL/ty

The Hongkong and Shanghai Banking Corporation Limited
Factoring Services Division:
Level 19, 1 Queen's Road Central, Hong Kong
Tel: 2822 2911 Fax: (852) 2537 7196
Telex: 73205 HSBC HX Telegrams: Hongbank Hongkong<PAGE>

                                                                    Exhibit 10.9

<TABLE>
<S>                                                                   <C>
                                                                                                                 Serial No.: 0359345

     BUSINESS LICENSE
                                                                      Name: Concord Camera (Shenzhen) Company Limited

OF AN ENTERPRISE LEGAL PERSON                                         Domicile: Industrial Zone 189, Henggang Town, Longgang
                                                                      District, Shenzhen Municipality

Registration No.: Qi Du Yue Shen Zong Zi No. 308985                   Legal representative: Keith Lampert
Date of Establishment: 25 April 2002
                                                                      Registered capital: US$1.5 million (paid-up capital: US$     )

Number of Duplicates: 1                                               Type of enterprise: wholly foreign-owned enterprise (Hong Kong
Registration Authority: Shenzhen Municipal Administration             Investment)
for Industry and Commerce
                                                                      Scope of business: production and operation of mechanical
                                                                      cameras, digital cameras, single-use cameras, camera parts
                 (sealed) Shenzhen Municipal Administration           (may only commence operations upon passing the fire safety
                 for Industry and Commerce                            inspection)

                                                                      Branch Organisations
                                             25 April 2002
                                                                      Term of operation: from 25 April 2002 to 25 April 2052

                                                                      [shall report for annual inspection to the registration
                                                                      authority each year from 1 January to 30 April, no further
                                                                      notice shall be given]
</TABLE>
<PAGE>

                                BUSINESS LICENSE

                          OF AN ENTERPRISE LEGAL PERSON

                            (Duplicate) Duplicate: 1

                             Registration No.: Qi Du Yue Shen Zong Zi No. 308985

Name                    :   Concord Camera (Shenzhen) Company Limited

Domicile                :   Industrial Zone 189, Henggang Town, Longgang
                            District, Shenzhen Municipality

Legal representative    :   Keith Lampert

Registered capital      :   US$1.5 million (paid-up capital: US$              )

Type of enterprise      :   wholly foreign-owned enterprise (Hong Kong
                            investment)

Scope of business       :   production and operation of mechanical cameras,
                            digital cameras, single-use cameras, camera parts
                            (may only commence operations upon passing the fire
                            safety inspection)

Branch Organisations    :

Term of operation       :   from 25 April 2002 to 25 April 2052

Date of establishment   :   25 April 2002

<PAGE>

                                                          Serial Number: 0425414

                                   Explanation

1.       The Business License of an Enterprise Legal Person is evidence that an
         enterprise has obtained the status of an enterprise legal person and is
         operating lawfully.

2.       The Business License of an Enterprise Legal Person is divided into an
         original and a duplicate. The original and duplicate have the same
         legal validity and effect. The original of the business license shall
         be placed at a visible location at the domicile of the enterprise legal
         person. An enterprise legal person may apply to the registration
         authority to obtain several duplicates in accordance with its business
         needs.

3.       The business license may not be forged, altered, leased, lent or
         assigned. Any unit or individual other than the registration authority
         may not detain, confiscate or revoke the business license.

4.       An enterprise legal person shall engage in business activities within
         the scope of business registered following verification.

5.       When there is a change in the items registered by an enterprise legal
         person, it shall apply to the original registration authority for
         amendment of the registration.

6.       The registration authority conducts an annual inspection of enterprise
         legal persons from 1 January to 30 April each year.

7.       When the registration of an enterprise is cancelled, it shall return
         the original and the duplicate(s) of the business license. The business
         license becomes void automatically as soon as it has been cancelled by
         the registration authority.

            Details of Annual Inspection of Enterprise Legal Person

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Registration Authority   Shenzhen Municipal Administration for Industry and
                         Commerce

(Sealed) Shenzhen Municipal Administration for Industry and Commerce

25 April 2002

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