Document:

EXHIBIT 4.14

                                                    COMMERZBANK

                                                    FILIALE GVTTINGEN

                                                    Postanachirft:
                                                    1531
                                                    37005 Gdttlngen
Vertraulich / Confidential
                                                    GeschSftsr3uma:
Korona- Haushaltswaren GmbH & Co. KG                PrinzenstraGe 2
                                                    37073 G6ttingen
                                                    S.W.I.F.T.-Code: COBADEFF
                                                    260
- Geschaftsleitung -
                                                    Telefon: 0551/408-0
                                                      Landeszentralbank-Giro:
Auf d. Huttenberge 1 - 3                            Telefax: 0551/408-223
                                                      (Bankleitzahl) 26040030
                                                    Internet:www.aommembank.de
35428 Langgoens.

Ihre/Your/Votre Ref.   Unsere/Our/Notre Ref.   Phone extension       Date
                           H. Grubl/LCO            - 25.1            8 May 2003

Credit Agreement
Account nos. 4300422 and 4343133 with our Northeim branch

Dear Sirs,

Referring to our previous credit agreements and to the talks conducted with you,
we are pleased to confirm our willingness to grant you an operating credit
amounting to

                                Eur 1,900,000.00
              (in words: (euro) one million nine hundred thousand).

This credit will be valid until 31 December 2003. Notwithstanding the rights of
termination resulting from the "General Terms and Conditions", either-the Bank
or the Customer shall be entitled to terminate the credit at any time without
prior notice and without stating any reasons. When exercising the right of
termination, the Bank will duly consider the legitimate interests of the
Customer and grant him a reasonable settlement period.

The credit may be used via the accounts nos. 4343133 and 4300422; except for
sub-account no. 4300422.00 EUR due to the rights of Heller Bank AG and the
assignment declaration, which we are going to sign in this context and in which
we undertake to strictly keep said sub-account on a non-borrowing basis. In this
context you shall authorise us to balance your account no. 4300422.00 EUR by
transfer to the debit of your account no. 4343133.00 EUR.

At present and pending further notice, we charge you an interest rate of 5.5 %
p.a. for drawn credit amounts. Interest is due for payment at the end of each
quarter for the corresponding current quarter.
Additionally, we charge you a credit commission of 0.2% p.a. for the granted
credit line.

Pending further notice, this credit can be used at choice via special credit
schemes, such as money market operations, eligible commercial bills with bill
debto'es of our consent and of excellent credit standing, USD credits (max. 30%
of the line), forward exchange dealings and

  Commerzbank Aktiengesellschaft - Sitz der Bank: Frankfurt am Main (HRB 320001)
  Vorsitzender des Aufsichtsrates: Martin Kohlhaussen
  Vorstand: Klaus-Peter MOUer, Sprecher
  Martin Blessing, Mehmet Delman, Wolfgang Hartmann, Andreas de Maizi&re,
  Klaus M_ Patlg, Axel Frhr. v. Ruedorffer, Nicholas R. Teller

<PAGE>

                                                               COMMERZBANK

                                                               FILIALE GOTTINGEN

page 2 - `Letter to: I Korona- Haushaltswaren GmbH & Co KG - Geschaftsleitung -
--------------------------------------------------------------------------------
dated 8 May 2003'
-----------------

the provision of guarantees and documentary credits. Within the scope of the
credit line, we will also buy promissory notes issued by you for Commerzbank AG
as payee, or notes showing another company or self-employed person with
registered office in Germany as__party to the bill and which you have endorsed
to us. The individual features of the special credit schemes, such as amount /
utilisation, term, conditions, must be agreed with us individually before
concluding a deal.

As stated above, the credit line will also be available for the conclusion of
OTC foreign exchange transactions (spot, futures, options on foreign exchange
transactions) with a maximum term of 7 months. Foreign exchange transactions
with a term exceeding the above stated credit time limit of 31 December 2003 are
to be agreed individually; they must also be covered by collateral. In this
respect, we would like to refer to our provisions on page 3 of this letter.

We will set off the individual financial futures against the credit limit
at,their current market value plus a surcharge - which will be subject to change
during the term of the contract - for potentially higher future risks ("set-off
amount"). Offsetting transactions are also considered. As far as the individual
financial futures (including offsetting transactions) are covered by a netting
agreement, we will consider the risk-reducing effect of the netting by
decreasing the set-off amounts.

As unexpected market fluctuations can cause additional risks,. we will only
conclude new financial futures (including offsetting transactions) within the
scope of the above mentioned cash credit line, if the set-off amount of the new
transaction in consideration of the current utilisation of the cash credit line
will not exceed 70% of the line then available. Upon request, we will be pleased
to tell you the current utilisation of. this limit. Should it become necessary
to change the set-off method due to changes of laws, decrees, ordinances,
publications or disclosures of the supervising authorities or other regulations
currently in force, we will inform you accordingly in time. Moreover, we can
switch from one set-off method to another legally admitted set-off method upon
prior notice, if the latter corresponds better with the default risk. The change
of the set-off method will come into force at the date mentioned in our notice.

The following collateral shall serve to cover the granted credit line:

EUR  1,900,000.00   Standby Letter of Credit of -Hang Seng Bank Ltd., Hong Kong,
                    applicant Bonso Electronics Ltd., dated 1 1 May 2001, time
                    limit now 20 January 2004.

For details and conditions, please refer to the Letter of Credit. Other assets
serve as collateral as stipulated under item 14 of our "General Terms and
Conditions". We would like to be informed no later than- 12 December 2003 about
any extension of the letter of credit (and its future amount) by a timely and
binding extension letter of the creditopening bank, so that we can initiate the
necessary steps within our bank for extending the credit in due time before it
expires.

<PAGE>

                                                              COMMERZBANK

                                                              FILIALE GOTTINGEN

page - 3 - 'Letter to: I Korona- Haushaltswaren GmbH & Co. KG - Geschaftsleitung
--------------------------------------------------------------------------------
- , dated 8 May 2003'
---------------------

Moreover it is understood that guarantees still furnished upon termination of
the credit agreement must then be. covered in cash. The same shall apply for
special credit schemes, if their terms exceed that of the credit, especially for
risk positions resulting from OTC.foreign exchange transactions (they are to be
increased by a flat risk supplement of 30% for unexpected market fluctuations).

Moreover, it shall be agreed that any future cash shortage will be covered by
your parent company Bonso Electronics International Inc.

For the term of the credit it is agreed that any current and future obligation
stipulated with other banks as regards maintaining or complying with certain
economic and financial relations or ratios shall also apply to our credit. You
will provide us with timely copies of reports, notices or confirmations sent to
these banks as regards maintaining or complying with such obligations.
Additionally, you undertake to inform us immediately about any current and
future obligations entered into.

Compliance with the above stipulations is a precondition for granting and
maintaining the credit. In case of non-compliance with the granting and / or of
insufficient statements we are --entitled to terminate the, credit for good
cause with immediate effect. This- applies notwithstanding the bank's rights of
termination .resulting from the "General Terms and Conditions" (Allgemeine
Geschaftsbedingungen, AGB). or other agreements.

Due to banking authorities' provisions, especially pursuant to ss. 18 KWG
(German Banking Act), the Bank must be informed about the economic situation of
the borrower before granting the credit and during the credit term. Thus, the
borrower herewith undertakes to keep the Bank timely informed concerning the
economic situation of its company and any affiliated companies and to make its
Annual Financial Statements available to the Bank immediately and unsolicitedly
upon completion, duly signed and. audited, however, at the latest nir5e months
after the end of the corresponding business year. Additionally, it is understood
that the borrower will provide the Bank with further information and documents
upon request and that he / she will keep the Bank posted concerning the further
development of the company by providing quarterly data, sales / earnings and
cash schemes in addition to performance reports.

In compliance with the requirements of the Bundesanstalt fur
Finanzdienstleistungsaufsicht (Federal Financial Supervisory Authority), the
Bank reserves the right to terminate the credit agreement with immediate effect,
if the borrower does not comply with its obligation to disclose, inform and
present. This applies notwithstanding the bank's other rights of termination
resulting from the "General Terms and Conditions" (Allgemeine
Geschaftsbedingungen, AGB) or other agreements and legal requirements.

Should credit claims be transferred or assigned to a central bank or another
credit institute (subsequently referred to as refinancing institute) to
refinance the Bank or be used for refinancing purposes via another legal
instrument, the borrower agrees in such cases that the Bank will disclose his
name and address - apart from other necessary data (credit amount, maturity,
(partial) repayments, extensions) - to the refinancing institute.

<PAGE>

                                                               COMMERZBANK

                                                               FILIALE GOTTINGEN

Page - 4 - 'Letter to: 1 Korona- Haushaltswaren GmbH & Co. KG - GeschAftsleitung
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 - , dated 8 May 2003 -
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We would like to point out that we expect an increase in business and turnover
corresponding with our share and the ratio of your short-term credit lines.

You must inform us timely and in advance about changes regarding your
shareholders.

Our "General Terms and Conditions" shall apply additionally; they are an
integral part of our Credit Confirmation.

To cover our expenses occurred by the credit examination and by entering into
contact with Hong Kong in connection with granting this credit, we will charge
you with an amount of (euro) 1,900.00 which we will debit to your account no.
4343133.00.

Please confirm by duly signing and returning the enclosed copy that you consent
to the stipulations of this Agreement and that you .have received our enclosed
"General Terms and Conditions". Thus, our previous credit confirmation letters
become void.

We are looking forward to continuing our pleasant business relationship.

Yours sincerely,

COMMERZBANK
Aktiengesellscaft
Filiale Gottingen

We consent to all stipulations of the above document and confirm receipt of-your
"General a Terms and Conditions" (AGB).

                                            Korona-Haushaltswaren GmbH & Co. KG
                                            Auf d.Huttenberge 1-3
                                            35428 Langgons
                                            Tel 06447 / 8861 -D
                                            Fax
Langgoens, (Date)                           /s/
                 ------------               ---------------------------------
                                            (Seal and Signatures
                                            Korona-Haushaltswaren GmbH & Co. KG)

We consent to the content of the above letter and confirm acceptance of the
stipulations referring to us.

                                            BONSO ELECTRONICS INTERNATIONAL INC.

Hong Kong, Date                             /s/ Anthony So
               --------------               ---------------------------------
                                            (Seal and Signatures
                                            Bonso Electronics Inc.)EXHIBIT 4.15

                                                                  EXCEED.EXCEL
--------------------------------------------------------------------------------
Hang Seng Bank

Our Ref.: Commercial Banking - Relationship Management

Private & Confidential

Bonso Electronics Limited                                         21 May 2003
Unit 1106-1110 11/F
Star House
3 Salisbury Road
Tsimshatsui
Kowloon

Attention: Mr. Anthony So
-------------------------

Dear Sirs

BANKING FACILITIES

With reference to our recent discussions, we wish to advise that we have
reviewed your banking facilities and offer you the undermentioned revised
limits (the "Facilities") which will be made available subject to the terms and
conditions outlined herein:-

Facilities and Limits
---------------------

For establishment of documentary letters of credit (LC) for
your account in favour of third parties and covering import
of goods in the ways acceptable to us and/or acceptance of
bills drawn thereunder, and/or

for trust receipt facility (TR) relating to goods imported    HK$28,000,000.00
and financed under our documentary letters of credit
established for your account, and/or

for purchase of documentary export D/P bills (DP) drawn on
parties acceptable to us, and/or

for purchase of documentary export D/A bills (DA) drawn on
parties acceptable to us, of which

for extension of export trade loans (ETL) to finance your     (HK$10,000,000.00)
export of goods as evidenced by your sale
invoices and any other relevant documents as required,

for overdraft facility (OD) on your current account No.       (HK$5,000,000.00)
259-229698-001.

The aggregate amount owing under LC, TR, DP, DA, ETL and OD
facilities shall not exceed HK$28,000,000.00 at any one
time.

                                                                               1

<PAGE>

Bonso Electronics Limited

Negotiation of discrepant documents, secured or unsecured by   HK$15,000,000.00
goods, presented under export letters of credit issued by
banks acceptable to us.

For establishment of Stand-by Letters of Credit (SBLC) for     EUR$1,900,000.00
your account in favour of third parties and
covering services and/or other performances in the ways
acceptable to us and/or acceptance of bills drawn
thereunder.

Term Loan outstanding balance under A/C No. 272-826769.        US$440,000.10

Security
--------

(i)   As security, we continue to hold the "All Moneys" legal charge already
      executed in our favour on the property situated at Units 1106-1110 on 11th
      Floor of Star House, No.3 Salisbury Road, Kowloon.

(iii) Unlimited Deed of Guarantee already executed by Bonso Electronics
      International Inc. (the " Guarantor") in our favour.

Interest
--------

(i)   Interest on financed bills/loans in Hong Kong Dollar shall be charged at
      0.5% per annum below the Hong Kong Dollar Prime Lending Rate as quoted by
      Hang Seng Bank Limited from time to time, the present effective Hong Kong
      Dollar Prime Lending Rate being 5% per annum and subject to fluctuation at
      our discretion. Interest on loans will be payable on monthly basis..

(ii)  Interest on financed bills/loans in United States Dollar and other foreign
      currencies shall be charged at 0.75% and 0.5% per annum below board rate
      respectively as quoted by us from time to time and subject to fluctuation.
      Interest on loans will be payable on monthly basis.

(iii) Interest on the overdraft facility shall be charged at 0.5% per annum over
      the Hong Kong Dollars Prime Lending Rate as quoted by us from time to time
      with monthly rests and subject to fluctuation at our discretion.

Tenor
-----

Maximum loan tenor for import loans will be 120 days.

Fee
---

A non-refundable facility review fee of HK$20,000.00 shall be payable by you
to us upon acceptance of the Facilities and thereafter a review fee in such
amount as we may prescribe from time to time shall be payable upon each review
of the Facilities. We are authorised to debit the current account maintained
by you with us for the facility review fee upon receipt of your acceptance of
the Facilities as mentioned in this letter and in all subsequent reviews.

                                                                              2

Hang Seng Bank Limited

<PAGE>

Bonso Electronics Limited

Insurance
---------

The above property shall be insured against the risks of fire, earthquake (fire,
shock & flood), landslip and subsidence endorsement, explosion, typhoon,
windstorm and flood for the facilities amount or the cost of reinstating the
property. The insurer must first be approved by us and the insurance policy
denoting our interest as chargee, together with the receipt for premium paid,
has to be lodged with us on or before execution of the Legal Charges; the
renewal policy, also with our interest being denoted thereon, must be lodged
with us no later than fourteen days prior to the renewal date of the policy.
Otherwise, we will insure the property on the Borrower's behalf, the premium of
which shall be debited to your account with us. If the insured amount is based
on the reinstatement cost, a valuation and administration fee will be charged
for the initial, and each subsequent renewal. The current valuation and
administration fee of each mortgaged property is HKD1,000.00.

Default Interest
----------------

Notwithstanding the provisions above for the charging of interest, all sums
(whether principal,' interest, fees, charges or otherwise) due but unpaid in
respect of the Facilities shall bear interest at such rate from time to time
determined by us at our absolute discretion.

Set-off
-------

We may, at any time and without notice, apply and set-off any credit balance to
which you are entitled on any account with us or any other moneys owed by us to
you in or towards satisfaction of any obligations owing to us by you. For this
purpose, we are authorised to purchase, at our prevailing exchange rate, such
other currencies as may be necessary to effect such application with the moneys
standing to the credit of such account or to effect conversion of one currency
into another in any other manner.

Expenses
--------

All expenses, legal or otherwise, if any, in connection with the Facilities are
to be borne by you.

Taxes
-----

All payments of principal and interest on amounts due under the Facilities shall
be made free and clear of all present and future taxes, withholdings of any
nature whatsoever.

Governing Law
-------------

These Facilities are subject to the laws of Hong Kong Special Administrative
Region with non-exclusive jurisdiction of Hong Kong Special Administrative
Region Courts.

                                                                             3

Hang Seng Bank Limited

<PAGE>

Bonso Electronics Limited

Others
------

(1)  You and the Guarantor shall provide us with certified copies of the annual
     audited accounts within 6 months following the end of each financial year
     and such other relevant financial information as we shall from time to time
     reasonably request.

(ii) The legal charge and discharge of the above property will contain the usual
     provisions that are currently in use in Hong Kong to be approved by
     solicitors designated by us.

(iii)We may from time to time at our absolute discretion and without prior
     notice to or consent from you, impose further charges and fees which may be
     chargeable on facilities of the same type and change the terms of the
     existing and future charges and fees, including the rate thereof.

Notwithstanding anything to the contrary hereinbefore contained, we shall not be
bound to grant any of the Facilities at all or beyond such sum as we may at our
sole discretion consider safe to the intent that we retain the absolute right to
withdraw, suspend and/or reduce from time to time the Facilities or any of them
and/or the extent of any of the Facilities for so long and to or in such amount
as we may at our sole discretion deem fit without prior notice to or consent
from you.

The Facilities are subject to our usual review annually and at any time as well
as our customary overriding right of repayment on demand and are subject to our
right to call for cash cover on demand for prospective and contingent
liabilities.

Kindly sign and return to us the duplicate of this letter together with the
attached "Extracts from the Minutes of a Meeting of the Board of Directors" to
indicate your acceptance of this credit facility arrangement by 21 June 2003 and
if not accepted by that date, unless extended by us at our sole and absolute
discretion, will be deemed to have lapsed. All other security documentation
required, if any, under the Facilities must be executed to our complete
satisfaction within thirty days from the date of this letter, failing which the
Facilities are subject to withdrawal or revision at our absolute discretion.

Our Insurance Agency Department offers a full range of insurance services and
will be pleased to quote you competitive rates on fire, marine and other
coverages upon your request. Should you require further information, please feel
free to contact Mr. Yeung Tung, Manager, Marketing at 2198 4960.

Should you have any queries, please do not hesitate to contact our Miss Sarah
Lau at 2198 4103.

                                                                               4

Hang Seng Bank Limited

<PAGE>

Bonso Electronics Limited

We trust that you will make active use of the Facilities and are pleased to be
of continued assistance to you.

Yours faithfully

/s/  Dennis Chan
-----------------------------
     Dennis Chan
     Assistant General Manager

 /s/  Donald Lam
-----------------------------
      Donald Lam
      Department Head, Relationship Management
      Commercial Banking

For and on the behalf of
BONSO ELECTRONICS LTD.

/s/ Anthony So                  Chop & Sign
-----------------------------

 /wwh

                                                                              5

Hang Seng Bank Limited

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