Document:

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EXHIBIT 10.3

                                                                        STANDARD
                                                                       CHARTERED

  STANDARD TERMS AND CONDITIONS FOR BANKING FACILITIES AND SERVICES - TC2 (04)
                 (FOR CORPORATE, SOLE PROPRIETOR & PARTNERSHIP)

Any request or application made by the Customer for the utilisation of the
Facilities and/or Services is subject to and on the basis that the Customer has
agreed to be bound by the Agreement (as defined below).

1. DEFINITIONS AND INTERPRETATION

1.1  In the Agreement:-
     "AGREEMENT" means the Standard Terms and Conditions for Banking Facilities
     and Services (including any supplement) ("STANDARD TERMS AND CONDITIONS"),
     any Facility Letter and any other agreement incorporating the Standard
     Terms and Conditions;
     "ASSETS" includes present and future properties, revenues and rights of
     every description;
     "BANK" means Standard Chartered Bank (Hong Kong) Limited which includes all
     its branches and offices wherever situated and its successors and assigns;
     "CUSTOMER" means the customer(s) specified in the Facility Letter and, as
     the case may be, any other person(s) who agree to the Standard Terms and
     Conditions, and where there is more than one Customer, all references to
     the "Customer" shall mean all such persons or any one or more of them;
     "EXCHANGE RATE" means the rate for converting one currency into another
     currency which the Bank determines to be prevailing in the relevant foreign
     exchange market at the relevant time, such determination to be conclusive
     and binding on the Customer;
     "FACILITIES" means the banking facilities (or any part of it) specified in
     the Facility Letter;
     "FACILITY LETTER" means the facility letter(s) (including all its schedules
     and appendices) issued by the Bank in relation to the Facilities extended
     by the Bank to the Customer, and includes references to any accession
     letter executed by any Customer for acceding to the Facility Letter;
     "HIBOR" means the Hong Kong Interbank Offered Rate quoted by the Bank for
     the relevant period;
     "LIBOR" means the London Interbank Offered Rate quoted by the Bank for the
     relevant period;
     "PRIME" means the respective rates which the Bank announces or applies from
     time to time as its prime rates for lending Hong Kong Dollars and United
     States Dollars;
     "SCB" means Standard Chartered Bank (including all its branches), and
     "SERVICES" means any banking services provided by the Bank or SCB to the
     Customer.

1.2  Unless a contrary indication appears, a reference in the Agreement to:-
     (a)  a person includes an individual, a company, sole proprietorship,
          partnership or body unincorporated and its successors and assigns;
     (b)  any document includes a reference to that document as amended, varied,
          supplemented, replaced or restated from time to time; and
     (c)  a provision of law is a reference to that provisions as amended or
          re-enacted.

1.3  The obligations and liabilities of the Customer to the Bank include all its
     past, present and future, actual and contingent obligations and liabilities
     to the Bank, whether incurred alone or jointly with another.

1.4  Unless the context otherwise requires, words importing the singular include
     the plural and vice versa and the neuter gender includes the other genders.

1.5  The headings in the Agreement are for convenience only and are to be
     ignored in construing the Agreement.

2. APPLICATION

2.1  The Standard Terms and Conditions shall apply to any Facilities and
     Services which the Bank or SCB, in its sole discretion, may agree to make
     available and provide to such extent and in such manner as the Bank thinks
     fit.

2.2  The Standard Terms and Conditions shall be subject to such other terms and
     conditions which may be specified by the Bank and/or SCB from time to time
     in other documents, agreements or applications.

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2.3  In the event of any conflict or inconsistency between the Standard Terms
     and Conditions and the provisions of any agreement between the Customer and
     the Bank, the latter shall prevail.

3. PAYMENTS

3.1  All payments by the Customer to the Bank shall be made without any set-off,
     counterclaim, deduction, withholding or condition of any kind. If the
     Customer is compelled by law to make any withholding, or deduction, the sum
     payable by the Customer shall be increased so that the amount actually
     received by the Bank is the amount it would have received if there had been
     no such withholding or deduction.

3.2  Payment by the Customer to the Bank shall be in the currency of the
     relevant liability or, if the Bank so agrees in writing, in a different
     currency, in which case the conversion to that different currency shall be
     made at the Exchange Rate. The Customer shall be liable for any shortfall
     if the converted currency is less than the outstanding liability.

3.3  Any monies paid to the Bank in respect of the Customer's obligations may be
     applied in or towards satisfaction of the same or placed to the credit of a
     suspense account with a view to preserving the Bank's rights to prove for
     the whole of the Customer's outstanding obligations.

3.4  It any payments paid to the Bank in respect of the Customer's obligations
     are required to be repaid by virtue of any law relating to insolvency,
     bankruptcy or liquidation or for any other reason, the Bank shall be
     entitled to recover such sums from the Customer as if such monies had not
     been paid.

4. DRAWINGS AGAINST UNCLEARED EFFECTS

     If the Bank permits the Customer to draw against funds to be collected or
     transferred from any account(s) the Customer shall on demand reimburse the
     Bank in full the amount so drawn if the Bank does not receive the funds in
     full at the time the Bank ought to have received the same or if, after the
     Bank has accepted the transfer, the Bank is prevented from collecting or
     freely dealing with the funds in accordance with usual banking practice.

5. TREASURY FACILITIES

5.1  Any foreign exchange, options, futures, swap or other structured or
     derivative products ("Treasury Products") applications will only be
     considered by the Bank or SCB subject to its receipt of the documentation
     that the Bank may require from time to time. Any Treasury Products contract
     will be entered into by the Customer at the rate(s) quoted by the Bank at
     its absolute discretion.

5.2  The terms included or referred to In the relevant confirmation issued by
     the Bank shall apply to all Treasury Products transactions between the
     Customer and the Bank.

5.3  The Customer warrants that it will enter into any transaction with the Bank
     or SCB solely in reliance upon its own judgement and at its own risk, and
     the Bank shall not be responsible for any loss incurred by the Customer,
     whether or not acting on advice received from the Bank. The Customer
     further warrant that he/she understands and is aware of the risks involved.

5.4  The Treasury Products contracts amounts shall be subject to the relevant
     facility limit(s) (if any) stipulated in the Facility Letter and the risk
     exposure limit(s) set (either advised or otherwise) by the Bank or SCB from
     time to time.

5.5  The Bank or SCB may from time to time mark the Customer's outstanding
     Treasury Products contracts to market by reference to the prevailing market
     rate or quotation in order to calculate the Customer's gain or loss under
     the contracts. If the Bank or SCB determines that the Customer has incurred
     a loss under any such contracts by the then prevailing mark-to-market
     calculation, the Customer shall forthwith pay such sum or deliver such
     collaterals as required by the Bank to cover such loss.

5.6  The Bank or SCB has the right to dose out and/or terminate any or all
     outstanding Treasury Products contracts of the Customer if:
     (a)  the Customer fails to perform any terms of the Agreement including its
          default in payment;
     (b)  the outstanding contracts amounts exceed the facility limit(s) (if
          any) or the Bank's risk exposure limit(s);
     (c)  the Customer shall become insolvent or generally suspended payment of
          any debt when due or subject to any bankruptcy or winding-up petition;
          or
     (d)  any circumstances have arisen or continued which, in the Bank's
          opinion, might adversely affect the Bank's position under the relevant
          contracts.

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     Upon closing-out or termination of the Treasury Products contracts, the
     Customer shall pay to the Bank or SCB any loss incurred under those
     contracts. Such loss shall be determined by the Bank or SCB (acting in good
     faith) based on the replacement market value of the contracts so closed-out
     or terminated, which determination shall be binding and conclusive on the
     Customer.

6. SECURITY

6.1  The Bank holds all Assets of the Customer including those Assets held to
     the Bank's order or for account of the Customer (whether for safe custody,
     collection, security or for any specific purpose or generally) as
     continuing security for the payment and discharge of all the Customer's
     obligations and liabilities to the Bank.

6.2  The Bank may (at any time, without prior notice to the Customer or any
     other person and in such manner as the Bank thinks fit), sell, dispose of
     or otherwise deal with any of the Assets of the Customer the subject of the
     security hereby created.

6.3  The Bank may apply the net proceeds of any sale, disposition or dealing in
     or towards discharge of the Customer's obligations to the Bank in whatever
     priority that the Bank may determine.

6.4  The Customer shall, upon demand by the Bank:
     (a)  provide such further security in form and value as may be required in
          the opinion of the Bank sufficient to secure any of the Customer's
          obligations to the Bank; and
     (b)  execute and deliver to the Bank any documents in form and substance
          satisfactory to the Bank over any of the Customer's Assets as the Bank
          specifies in any such demand.

6.5  Save for gross negligence or wilful default, the Bank shall not be liable
     for any loss or damages or depreciation in value of any security granted in
     favour of the Bank due to the Bank's exercise of any of its rights over any
     security.

7. INTEREST

7.1  The Bank shall charge interest on any sum(s) outstanding or owing by the
     Customer from time to time. Unless otherwise specified, interest will
     accrue on a daily basis and shall be calculated, compounded and payable on
     such basis and in such manner as the Bank may determine at its absolute
     discretion.

7.2  Unless otherwise stipulated, a default rate of 8% per annum over Prime or
     the Bank's cost of funding, whichever is higher, will apply to amounts not
     paid when due or in excess of any facility limit.

8. COST AND EXPENSES

8.1  The Customer shall pay to the Bank on demand the commissions, fees and
     charges in connection with the Facilities and/or Services (including
     insurance cover) at the rates and in the amount and manner stipulated by
     the Bank. The Customer shall indemnify against the Bank for all costs and
     expenses (including legal costs on a full indemnity basis) in connection
     with the performance, perfection or enforcement of or preservation of
     rights under the Agreement or any security provided by the Customer or any
     third party in respect of the Customer's obligations to the Bank.

8.2  In the event of any prepayment of the Facilities, the Customer shall on
     demand fully reimburse and indemnify the Bank for the costs incurred by the
     Bank as a result of the prepayment. Such costs include all costs, losses,
     liabilities and expenses incurred or suffered by the Bank in cancelling,
     terminating and unwinding any arrangements previously effected by the Bank
     to secure funding of the Facilities concerned.

8.3  The costs and expenses are payable by the Customer notwithstanding that the
     Customer's applications for the Facilities are not accepted or the
     Facilities are cancelled, modified or withdrawn at any time before
     completion of the relevant transaction.

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9. INSURANCE AND VALUATION

9.1  The Customer shall maintain insurance coverage against loss and damages
     (insurable value and types of risks are determined by the Bank from time to
     time) with insurance companies acceptable to the Bank with respect to
     Assets in which the Bank has an interest failing which the Bank may cover
     the insurance at the expense of the Customer.

9.2  The Bank's interest shall be duly noted on the policies or relevant
     insurance documents and the amount due under any insurance shall be paid to
     the Bank. The Customer shall, upon request, lodge with the Bank all
     evidence of such insurance.

9.3  For any properties charged to the Bank, a full valuation report is required
     before the Facilities are utilized and an updated valuation report is
     required at any time that the Bank may think fit. All the valuation fees
     are for the account of the Customer.

10. INDEMNITY

10.1 The Customer shall indemnify the Bank and keep the Bank indemnified against
     all claims, demands, actions, liabilities, damages, costs, losses and
     expenses or other consequences which may arise or result from providing the
     Facilities or Services to the Customer.

10.2 The Customer shall, upon request by the Bank, forthwith appear and defend
     at its own cost and expense any action which may be brought against the
     Bank in connection with the Facilities or Services provided by the Bank to
     the Customer.

10.3 The Customer shall indemnify and forthwith reimburse the Bank for all
     payments, claims, demands, actions, losses incurred or suffered by the Bank
     as a result of the Bank giving any guarantee, indemnity and/or other
     payment undertaking issued at the request or for the account of the
     Customer.

11. SET-OFF

11.1 The Bank may, at any time and without notice, combine or consolidate all
     the Customer's accounts (whether sole or joint) with the Bank, SCB, the
     holding company or subsidiaries or associated companies of SCB and apply
     any credit balance (whether matured or not) to which the Customer is
     entitled in or towards satisfaction of any obligation (whether or not
     matured, actual, future, contingent, unliquidated or unascertained) owed by
     the Customer to the Bank or SCB, regardless of the currency, the place of
     payment or the office through which the Bank is acting.

11.2 For this purpose, the Bank is authorised to purchase, at the Exchange Rate,
     such other currencies as may be necessary to effect such application with
     the monies standing to the credit of such accounts. The Customer shall be
     liable for shortfall if the converted currency is less than the outstanding
     liability.

11.3 If any of the Customers obligations and liabilities owed to the Bank is
     unliquidated or unascertained, the Bank may set off an amount estimated by
     it in good faith to be the amount of that obligation.

12. LIEN AND POWER OF SALE

     The Bank shall have a lien on all property of the Customer coming into the
     possession or control of the Bank, for custody or any other reason and
     whether or not in the ordinary course of banking business, with power for
     the Bank to sell such property to satisfy any obligations owed by the
     Customer to the Bank.

13. DISCLOSURE

13.1 Any personal data relating to the Customer may be used and disclosed for
     such purposes and to such persons (whether the recipient is located in Hong
     Kong SAR or another country, or in a country that does not offer the same
     level of data protection as Hong Kong SAR) in accordance with the Bank's
     policies on the use and disclosure of personal data. Such policies are set
     out in statements, circulars, terms and conditions or notices made
     available by the Bank to its customers from time to time. The collected
     data may be used in connection with matching procedures (as defined in the
     Personal Data (Privacy) Ordinance). (This sub-clause does not apply if the
     Customer is a limited company).

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13.2 The Bank is authorized to disclose and transfer from time to time all
     information in connection with the Customer's accounts and business with
     the Bank (including credit balances and any security given) to all or any
     of the following persons (whether in or outside Hong Kong SAR):
     (a)  SCB, the holding company of SCB and any of the offices, branches,
          divisions, related companies or associates of SCB or the Bank;
     (b)  any actual or proposed participant or sub-participant in, or assignee
          or novatee of the Bank's right in relation to the Facilities and/or
          Customer's accounts;
     (c)  agent, contractor or third party service provider which provides
          services of any kind to the Bank or SCB in connection with the
          operation of its business; and
     (d)  any financial institution with which the Customer has or proposes to
          have dealings to enable credit checks to be conducted on the Customer.

     The Customer also consents to the disclosure of any of its information by
     the Bank or SCB if required or permitted to do so by any law, regulation,
     court order or any regulatory authority in any jurisdiction.

14. CUSTOMER'S CONSENT

     The Customer consents and acknowledges that the Bank may provide the
     Customer's information to any proposed or actual individual guarantor or
     other security provider (or their solicitors) in respect of any credit
     facilities extended to the Customer, including (without limitation):
     (a)  any financial information concerning the Customer;
     (b)  a copy of the contract evidencing the obligations to be guaranteed or
          secured or a summary of such contract;
     (c)  a copy of any formal demand for overdue payment which may be sent to
          the Customer after it has failed to settle an overdue amount; and
     (d)  from time to time on request by the proposed or actual guarantor or
          security provider, a copy of the Customer's latest statement of
          account or other information showing the financial status of the
          Customer and/or credit facilities extended to the Customer.

15. AUTHORISATION

15.1 The Customer hereby authorises the Bank to appoint any other person
     (including correspondent, agent or third party contractor) in relation to
     the Facilities and Services and the Bank may delegate any of its powers in
     the Agreement to such person.

15.2 To secure due performance of obligations by the Customer under the
     Agreement, the Customer irrevocably and unconditionally authorises the Bank
     to be the Customer's true and lawful representative (with full power of
     delegation and substitution) to execute, sign and do all documents, acts
     and things (in the name of the Customer or otherwise) for carrying out any
     of Customers obligations or for exercising the Bank's rights under the
     Agreement.

15.3 The Customer irrevocably authorises the Bank to debit any of its accounts
     maintained with the Bank for any sums due or owing to the Bank.

16. STATEMENT BY THE BANK

     A statement issued by the Bank as to the amount at any time owing by the
     Customer to the Bank, save for manifest error, shall be conclusive evidence
     for all purposes.

17. LIMITATION ON LIABILITY

     The Bank, its agent and correspondent shall not be liable to the Customer
     for any action taken or not taken by them unless directly caused by their
     gross negligence or wilful misconduct.

18. CONTINUING AGREEMENT, WAIVERS AND REMEDIES

     This is a continuing agreement and the rights of the Bank hereunder.-
     (a)  may be exercised as often as necessary;
     (b)  are cumulative and not exclusive of its rights under any other
          agreement and the general law; and
     (c)  may be waived only in writing and specifically.

     Delay in exercising or non-exercise of any such rights is not a waiver of
     that right.

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19. SEVERABILITY

     If any provision of the Agreement is or becomes illegal, invalid or
     unenforceable in any jurisdiction, that shall not affect the legality,
     validity or enforceability of any other provision of the Agreement or the
     legality, validity or enforceability of such provision in any other
     jurisdiction.

20. VARIATION

     The Bank may, at its absolute discretion, by notice to the Customer vary,
     amend or supplement any of the terms of the Agreement (including without
     limitation, the basis of calculation of any interest, charges, commissions
     or fees). Such variation, amendment or supplement shall take effect on the
     date of the notice setting out details of such variation, amendment or
     supplement or, if later, the date specified in the notice.

21. CHANGE IN CONSTITUTION OR PARTNERSHIP

21.1 All securities, agreements, obligations given or undertaken by the Customer
     shall continue to be valid and binding notwithstanding any change in the
     constitution of the Customer or the Bank, by amalgamation, consolidation,
     reconstruction or otherwise.

21.2 If the Customer is a partnership, the dissolution of the partnership for
     any reason shall not affect the liabilities of the Customer as partner(s)
     until the Bank receives written notice from the Customer to such effect but
     no notice shall affect the Customer's liability for any transaction made
     prior to the Bank's receipt of such notice.

21.3 In the case of the death of a partner, the liability of the estate of the
     deceased partner to the Bank shall cease only with regard to transactions
     made with the Bank subsequent to the receipt by the Bank of written notice
     of the death of the deceased partner.

22. ASSIGNMENT

22.1 The Customer may not assign or transfer all or any of its rights, benefits
     or obligations under or referred to in the Agreement without the Bank's
     prior written consent.

22.2 The Bank may at any time assign or transfer to any person all or any of its
     rights, benefits or obligations under or referred to in the Agreement or
     change its lending office.

23. NOTICES

23.1 Any notice given by the Bank to the Customer shall be deemed to have been
     received:-
     (a)  if delivered personally, at the time of delivery;
     (b)  if sent by post, two or seven working days after posting to an address
          in Hong Kong SAR or overseas respectively, and
     (c)  if by facsimile, at the time of transmission.

23.2 The address and/or facsimile number of the Customer are those set out in
     the Facility Letter or any other agreement(s) submitted by the Customer or
     those last known to the Bank.

23.3 Any notice by the Customer to the Bank shall be in writing and shall be
     deemed to have been given only on actual receipt.

24. GOVERNING LAW AND JURISDICTION

24.1 The Agreement is governed by and shall be construed in accordance with the
     laws of Hong Kong SAR. The Customer hereby irrevocably submits to the non-
     exclusive jurisdiction of the Hong Kong SAR courts.

24.2 It the Customer is not ordinarily resident in Hong Kong SAR or a company
     incorporated under the laws of Hong Kong SAR or a foreign company
     registered under the Companies Ordinance (Cap.32, Laws of Hong Kong), the
     Customer hereby appoints a process agent (as notified to the Bank) to
     accept service of any legal process in Hong Kong SAR on behalf of the
     Customer in connection with the Agreement. The Customer agrees that any
     writ, summons, order, judgment or other document shall be deemed duly and
     sufficiently served on the Customer when left at or sent by post to the
     address of the process agent last known to the Bank. The foregoing shall
     not limit the Bank's right to serve process on the Customer by any other
     mode of service.

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                       TRADE FINANCE SUPPLEMENT - TCT (04)

This Supplement forms an integral part of the Standard Terms and Conditions for
Banking Facilities and Services ("Standard Terms and Conditions") of Standard
Chartered Bank (Hong Kong) Limited. Except otherwise defined, the words defined
in the Standard Terms and Conditions shall have the same meanings when used in
this Supplement.

1. APPLICATION

1.1  Each documentary credit shall be subject to the Uniform Customs and
     Practice for Documentary Credits ("UCP") of the International Chamber of
     Commerce ("ICC") (including eUCP, if applicable) as are in effect from time
     to time.

1.2  Each standby letter of credit shall be subject to the UCP or International
     Standby Practices ("ISP") of the ICC (as stipulated in the relevant
     application form(s) or the text of the instrument) as are in effect from
     time to time.

1.3  Each guarantee, bond or payment undertaking issued by the Bank shall be
     subject to ISP, Uniform Rules for Demand Guarantees ("URDG") of the ICC as
     are in effect from time to time or the governing law as stipulated in the
     relevant application form(s) or the text of the instrument.

1.4  Collection (either documentary or clean) shall be subject to the Uniform
     Rules for Collections ("URC") of the ICC as are in effect from time to
     time.

1.5  In the event of any conflict or inconsistency between the Agreement and the
     UCP, ISP, URC, URDG or any other ICC rules, the Agreement shall prevail.

2. COMMERCIAL DOCUMENTARY CREDITS/STANDBY LETTERS OF
CREDIT/GUARANTEES/BONDS/INDEMNITIES OR THE LIKE (THE "PAYMENT UNDERTAKINGS")

2.1  The Bank is authorized to accept and pay all documents drawn or purporting
     to be drawn and presented or negotiated under each of the Payment
     Undertakings issued by the Bank.

2.2  The Bank may restrict negotiations of any documentary credit or standby
     letter of credit to its own offices or to any correspondent or agent of its
     choice.

2.3  The Customer will reimburse the Bank on demand any amount paid by the Bank
     and will pay the Bank no later than the applicable date an amount equal to
     the amount due under each of the Payment Undertakings issued by the Bank or
     any bills of exchange accepted by the Bank under any inward collection
     transactions.

2.4  The Customer agrees that the Bank is fully entitled to reject any
     discrepant documents presented under any of the Payment Undertakings
     notwithstanding that the Customer may have waived such discrepancies.

2.5  The Customer agrees that the Bank may, at its sole discretion and without
     notice or consent from the Customer, amend the terms and conditions
     submitted by the Customer and/or insert additional terms and conditions
     into the Payment Undertakings as the Bank thinks appropriate including
     cancellation of the whole or any unused balance of any Payment Undertakings
     issued by the Bank.

2.6  The Customer agrees and undertakes to examine the customer copy of each of
     the Payment Undertakings issued by the Bank and irrevocably agrees that
     failure to give a notice of objection about the contents of the Payment
     Undertakings within 90 calendar days after the sending of the customer copy
     of the Payment Undertakings to the Customer by the Bank shall be deemed to
     have agreed to waive any rights to raise objections or pursue any remedies
     against the Bank in respect thereof.

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3. PLEDGE OF GOODS

3.1  In consideration of the Facilities and/or Services, the Bank shall have a
     pledge on (i) the goods and (ii) the documents, bills of exchange,
     negotiable instruments, documents of title, transport documents, insurance
     policies, delivery orders, godown warrants and any other documents
     processed or handled through the Bank ("Documents"), until all the
     obligations owed by the Customer to the Bank have been fully discharged.

3.2  The pledge shall be a continuing security in addition to any other security
     held by the Bank and the Bank is authorised to sell, dispose of or
     otherwise deal with any of the goods or Documents subject to the pledge.

3.3  The risks in the goods shall be with the Customer and the Bank shall not be
     responsible for any loss or damage or depreciation in value of any goods or
     Documents held by the Bank as security.

4. BACK-TO-BACK CREDIT

4.1  If the Bank issues any documentary credit for the account of the Customer
     ("Back-to-Back Credit") against the support of a documentary credit issued
     in favour of the Customer ("Master Credit"), the Bank is authorised (but
     not obliged) to:-
     (a)  retrieve the documents presented under the Back-to-Back Credit and to
          take any actions that the Bank thinks appropriate for the drawing of
          the Master Credit;
     (b)  negotiate or discount the Master Credit; and
     (c)  apply the proceeds of the Master Credit to pay the corresponding
          drawing(s) under the Back-to-Back Credit irrespective of discrepancies
          in any of the presented documents (all of which, if any, are hereby
          waived).

4.2  The Customer shall not, without the Bank's prior written consent, assign
     the proceeds of any Master Credit to any other party.

5. ASSIGNMENT OF EXPORT CREDIT PROCEEDS

     If the Bank makes a loan to the Customer against an export documentary
     credit deposited by the Customer with the Bank or issues a Back-to-Back
     Credit against such export documentary credit, the Customer shall
     absolutely assign all its rights, title, interest and benefits in and to
     all the proceeds of such documentary credit as continuing security for the
     payment and discharge of the Customer's obligations and liabilities to the
     Bank. All monies received by the Bank in respect of such documentary credit
     shall be applied to discharge the obligations and liabilities of the
     Customer in such order and manner as the Bank determines.

6. EXPORT DOCUMENTS

6.1  Notwithstanding the provisions of the UCP or other ICC rules, the Customer
     hereby expressly agrees that the Bank will have full recourse against it
     and it will reimburse the Bank on demand for any advances (including
     purchase, negotiation or financing of any draft(s) and/or documents)
     against any Documents which have not been duly taken on presentation or in
     respect of which payment has not been duly made to the Bank on the due date
     due to whatever reason.

6.2  The Customer will refund to the Bank on demand for any monies received by
     the Customer under any guarantee or indemnity countersigned or issued by
     the Bank covering discrepancies of the Documents if such Documents are
     subsequently not accepted or not paid due to whatever reason.

7. BILLS OF EXCHANGE NEGOTIATION

7.1  If the Bank agrees to purchase or negotiate any bills of exchange or
     negotiable instruments of which the Customer is a party, the Customer
     agrees to guarantee the full payment at maturity of such instruments and to
     indemnify the Bank against any losses or expenses on a full indemnity
     basis.

7.2  The Customer agrees to waive the requirement for the Bank to give notice of
     dishonour and/or to note and protest any dishonoured instruments without
     affecting the Bank's right of recourse against the Customer.

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8. PRE-SHIPMENT LOAN

8.1  In respect of any pre-shipment loan application, the Customer undertakes to
     present to the Bank the Documents for negotiation/presentation properly
     drawn and conforming to the terms and conditions of the export documentary
     credit referred to in such application as soon as available and in any case
     not later than the latest presentation period stipulated in the credit.

8.2  If the Customer fails to deliver the Documents to the Bank on or before the
     agreed date mentioned above, the Customer shall immediately pay to the Bank
     in full all advances made by the Bank pursuant to the relevant pre-shipment
     loan together with all interest accrued.

9. RELEASE OF PLEDGED GOODS

     If any goods or Documents relating to goods pledged to the Bank are
     released to the Customer or to its order, the Customer shall execute and
     deliver to the Bank trust receipts in form and substance satisfactory to
     the Bank together with any other documentation that the Bank may require.

10. TRUST RECEIPTS

10.1 For shipping or other documents in respect of such pledged goods which have
     been handed over to the Customer, the Customer shall hold such goods, bills
     of lading or other transport documents, certificates or receipts on trust
     for the Bank and shall sign a trust receipt agreement in the form required
     by the Bank. The Bank and/or its agent may at any time inspect such goods
     and take possession thereof and the Customer shall arrange for the
     inspection and possession by the Bank.

10.2 For goods held by the Customer on trust for the Bank, the Customer shall
     dispose of such goods only to bona fide buyers for full value and on normal
     commercial terms. Proceeds of the goods shall be received and held by the
     Customer on trust for the Bank.

11. SHIPPING GUARANTEES

11.1 If the Bank, at the request of the Customer, countersigns or issues letters
     of guarantee or indemnity covering the release of goods without production
     to the shipping companies, carriers or forwarding agents of the relevant
     bills of lading or other transport or title documents, the Customer
     undertakes that:
     (a)  it will use its best endeavours to obtain the relevant bills of
          lading, transport or title document;
     (b)  upon receipt of the bills of lading, transport or title documents, the
          Customer shall deliver them to the Bank and procure the release of the
          Bank from any shipping guarantee or indemnity given and the return of
          the relevant shipping guarantee or indemnity to the Bank for
          cancellation;
     (c)  it will waive all discrepancies that may appear in the import
          documents and accept all such documents presented under the relevant
          documentary credit; and
     (d)  it will, on demand by the Bank, deposit with the Bank such sum of
          money or security equal to the Bank's obligations in respect of the
          shipping guarantees or indemnities given by the Bank until they are
          released and returned to the Bank.

11.2 The Customer authorizes the Bank to honour any relevant drawings without
     examining the presented Documents and to endorse and countersign in the
     Customer's name or otherwise all relevant bills of lading, title documents,
     transport documents, insurance documents or any negotiable instruments as
     the Bank thinks appropriate.

12. CUSTOMER'S UNDERTAKINGS

     The Customer represents and undertakes to the Bank that:-
     (a)  it will provide the Bank with evidence of insurance acceptable to the
          Bank for all the transactions that the Customer is responsible for
          covering the relevant insurance;
     (b)  it will not accept or reject any amendments to any Master Credit,
          Back-to-Back Credit or export documentary credit under which any
          pre-export credit facility is provided without the Bank's prior
          written consent;

<PAGE>

     (c)  it is the sole beneficial owner of the goods and Documents and no
          goods or Documents pledged or hypothecated to the Bank are or shall be
          subject to any lien or charge in favour of any other person;
     (d)  it will pay all costs of and incidental to the transportation,
          insurance and storage of the goods and the cost of compliance with any
          reserve or similar requirement which may be imposed on or in
          connection with any Payment Undertakings;
     (e)  it shall pay default interest on any sum due but unpaid by the
          Customer in connection with the trade finance facilities at the rate
          of 4% per annum above the interest rate charged on the trade finance
          facilities provided to the Customer or at such other rate stipulated
          by the Bank in the Facility Letter (if any);
     (f)  it will not encumber, transfer, sell, dispose of or otherwise deal
          with the Documents and/or the goods except as directed by or with the
          prior consent of the Bank;
     (g)  it will not take any action which might prejudice the value of the
          goods and/or the effectiveness of the pledge;
     (h)  it will keep the goods and/or the sales proceeds of the goods separate
          from any other property or accounts respectively of the Customer or
          other persons;
     (i)  it will, at the request of the Bank, provide the Bank with such
          information concerning the Documents, and any sales proceeds of the
          goods shall be held on trust for the Bank;
     (j)  it will keep the Bank informed of the whereabouts of the goods and of
          any change in the condition, market price, quality or quantity of the
          goods; and
     (k)  it will execute such documents and performs such acts as the Bank may
          consider expedient in connection with the exercise of its powers and
          rights hereunder.

13. AUTHORISATIONS

     The Customer hereby expressly authorises the Bank:-
     (a)  to make payment forthwith when due or on demand under any Payment
          Undertakings issued by the Bank and to debit the Customer's accounts
          for such payment without reference to the Customer or any other
          person;
     (b)  to apply any export proceeds or monies received by the Bank for the
          Customer to discharge any sum owing or payable to the Bank by the
          Customer in such order and manner that the Bank determines;
     (c)  to land, ship, store, insure and to inspect the goods at any time; and
     (d)  to notify any other person of its interest in the Documents and the
          goods.

14. LIMITATION ON LIABILITY

14.1 The Bank and/or its agent, acting in good faith and in accordance with its
     normal policy or practice is entitled to honour claims drawn under any
     documentary credit or standby letter of credit issued by the Bank at the
     request of the Customer notwithstanding that the Bank and/or its agent is
     not obliged or ought to reject such claims under the documentary credit or
     standby letter of credit and/or the applicable edition of UCP, ISP or other
     ICC rules on the ground that there are discrepancies.

14.2 The Bank is not responsible for any goods, Documents or items in its
     possession beyond the exercise of reasonable care and shall not be held
     liable for the default or negligence of any selected agent or correspondent
     or for any losses incurred in transit.<PAGE>

EXHIBIT 10.4

                   BANK OF CHINA (HONG KONG) LIMITED

REF: L/CO1/205/05/00554 & 00554-1/F/51619

Date: 22nd July, 2005

COMTECH INTERNATIONAL (HONG KONG) LIMITED

--------------------------------------------------------------------------------
IMPORTANT NOTICE:        This letter sets out the terms and
                         conditions upon which our bank would
                         provide/continue/renew banking facilities to
                         you. You are advised to read and understand
                         the terms and conditions before accepting
                         this letter.
--------------------------------------------------------------------------------

Dear Sirs,

RE: GENERAL BANKING FACILITIES

Further to our recent discussions, we are pleased to grant the following general
banking facilities (the "FACILITIES") to you subject to our General Terms and
Conditions for General Banking Facilities (the "GENERAL TERMS"), an Export
Factoring Agreement previously executed and delivered by you to us (if
applicable) and the terms and conditions as stated below . Words and expressions
defined in the General Terms shall have the same meaning in this letter:-

1. FACILITIES          AMOUNT

    O/D                #                              For United States Dollars:
                                                      Interest shall be charged
                                                      at LIBOR+ 2.25%p.a.
                                                      For Hong Kong Dollars:
                                                      Interest shall be charged
                                                      at HIBOR + 2.25%p.a.

  IIF (90 days)        USD 4,000,000.00 #              Please refer to "Tariffs"
                       (100% of the invoice amount)

  ETD (60 days)        USD 5,000,000.00 @              Please refer to "Tariffs"
                       (80% of the invoice amount)

         # IIF shall be interchanged with O/D up to the extent of USD
         1,000,000.00 and vice versa.
         # The Supplier(s) under IIF (90 days) should be approved by us.
         @ Utilization of EID (60 days) are subject to the following conditions:
               1.   The Buyer(s) under EID should be approved by us.
               2.   The fund collected from the invoice(s) to be discounted
                    under EID shall be deposited into your designated account
                    maintained with us.
               3.   The maximum limit for EID discounted for the Invoice(s)
                    drawn on each Buyer should be approved by us.

2.       CONDITIONS PRECEDENT / COLLATERAL SECURITY(IES):

         The advance of the Facility shall be subject to the conditions
         precedent that our Bank has received in form and substance satisfactory
         to us all of the following:-

         o        Continuing personal/corporate guarantee(s) executed/to be
                  executed by the following guarantor(s) in our favour to cover
                  general banking facilities from time to time and at any time
                  granted or to be granted by us to you to such extent as we may
                  from time to time deem fit, provided that the total liability
                  of the guarantor(s) under the guarantee shall not be less than
                  the guaranteed amount stated below, together with interest and
                  any other money set out in the guarantee:-

                  Name of the Guarantor(s)            Guaranteed Amount
                  ------------------------            -----------------
                  Comtech Group, Inc.                 All monies

                                      -1-

<PAGE>

                        BANK OF CHINA (HONG KONG) LIMITED

REF: L/CO1/205/05/00554 & 00554-1/F/51619

         o        Charge of Deposit(s) for the total principal amount of not
                  less than USD 3,000,000.00 (or its 100% equivalent in HK
                  dollars or its 125% equivalent in other foreign currency
                  acceptable to us) together with interest accrued or to be
                  accrued thereon, executed/to be executed in our favour to
                  secure general banking facilities from time to time and at any
                  time granted or to be granted by us to you to such extent as
                  we may FROM time to time deem fit.

         o        Assignment of your Account Receivables due from ZTE (H.K.)
                  Limited, Huawei Tech. Investment Co., Limited, Hongdin
                  International Trading Limited and TCL Mobile Communication
                  (HK) Company Limited duly executed by you in favour of us to
                  secure general banking facilities from time to time and at any
                  time granted by us to you.

         o        Legal Opinion issued by United States of America Law Firm for
                  the validity, legality and enforceability in respect of the
                  Guarantee to be executed by Comtech Group, Inc. together with
                  any resolutions and such other documents in a form and
                  substance satisfactory to us.

         o        Process Agent Appointment Letter issued by the Guarantor(s)
                  and duly accepted and confirmed by the Process Agent.

         o        Such other documents as we may request including those as may
                  be required to evidence any and all licences, authorizations,
                  consents or approvals necessary for the performance by you or
                  the security provider(s) of their respective obligations under
                  this facility letter and the security documents.

3.       OTHER CONDITIONS:

         o        The Facilities shall be made available to you against USD
                  deposit(s) (or its 100% equivalent in HK dollars or its 125%
                  equivalent in other foreign currency acceptable to us) from
                  time to time being deposited and charged to us on the
                  proportion base of 3:1 (Facilities : Deposit). The Amount of
                  deposit(s) charged for each time must be in a minimum of USD
                  1,000,000. 00 and in any higher integral multiples thereof.
         o        You shall undertake with us that your Account Receivables due
                  from the Buyer(s) to whom invoice(s) have been discounted for
                  EID shall not be charged or assigned to other banks and/or
                  financial institutions and/or creditors except in our favour.
         o        Kang Jingwei shall maintain to be a director and with a
                  controlling interest of at least 50% (direct or indirect) over
                  Comtech Group, Inc..
         o        Comtech Group, Inc. shall be your ultimate holding company and
                  with a controlling interest of at least 50%.
         o        You are required to render us the bills transaction volume in
                  monetary term of not less than USD12,000,000.00 within one
                  year from the date of your acceptance of this letter. If you
                  fail to do so, USD3,000.00 will be charged and payable by you.
         o        You are required to promptly supply to us annually the reports
                  of your sales transaction volume and account receivables
                  relating to your buyers.

4.       TARIFFS (SUBJECT TO CHANGES AT OUR BANK'S SOLE AND ABSOLUTE
         DISCRETION):

         o        INTEREST RATE FOR IMPORT INVOICE FINANCING (90 DAYS):
                  First 90 days (including tenor of draft)
                  United States Dollars : LIBOR + 2%p.a.
                  Hong Kong Dollars : HIBOR+ 2%p.a.

         o        INTEREST RATE FOR EXPORT INVOICE DISCOUNTING (60 DAYS):
                  First 50 days (including tenor of draft)
                  United States Dollars : LIBOR +2%p.a.
                  Hong Kong Dollars: H1BOR + 2%p.a.

         o        HANDLING COMMISSION FOR BILLS TRANSACTIONS
                  - On the first USD50,000.00                               1/4%
                  - On any balance in excess of USD50,000.00               1/24%

                                      -2-

<PAGE>

                        BANK OF CHINA (HONG KONG) LIMITED

REF: L/CO1/205/05/00554 & 00554-1/F/51619

UNLESS OTHERWISE STIPULATED HEREIN, ALL OTHER BANK CHARGES AND INTEREST WHICH
ARE NOT MENTIONED IN THIS LETTER WILL BE CHARGED AS PER OUR USUAL TARIFF SCALE
AND WE HEREBY RESERVE OUR ABSOLUTE RIGHT TO ALTER, AMEND OR REVIEW OUR TARIFF
SCALE AT ANY TIME WITHOUT PRIOR NOTICE.

5.       FEES

         o     Handling Charge:         : USD 10,000.00 payable upon acceptance
                                          of this facility letter.
         o     Commitment Fee of O/D:   : If the undrawn balance exceeds 50% of
                                          O/D facility, a commitment fee
                                          of 0.125% per annum will be
                                          charged daily on the undrawn
                                          balance of your O/D facility
                                          and will be payable monthly
                                          in arrears to the debit of
                                          your current account.

Currently, you represent that you do not have any relationship with our Bank's
directors or employees. If the facilities are secured by any guarantee(s) or
securities provided by any third party (the "Security Provider"), you also
represent that none of the Security Provider is so related. You further agree
and undertake that if the foregoing is not true and correct or you or any
Security Provider becomes related with our Bank's directors or employees, you
will promptly notify us in writing.

Please signify your receipt of the General Terms and your understanding and
acceptance of this offer by signing and returning to us the duplicate copy of
this letter on or before 20TH SEPTEMBER, 2005 , failing which this offer shall
lapse.

                                      -3-

<PAGE>

                        BANK OF CHINA (HONG KONG) LIMITED

REF: L/CO1/205/05/00554 & 00554-1/F/51619

Should you have any queries, please do feel free to contact our Mr. Chan at
34193492 at any time. We are here to serve you better.

Yours faithfully,
For BANK OF CHINA (HONG KONG) LIMITED

/s/ signature
-------------------------------------
Authorized Signature(s)

After due and careful consideration of the contents of this letter, I/we agree
to accept the Facilities and be bound by all the terms and conditions herein set
out.

FOR AND ON BEHALF OF
COMTECH INTERNATIONAL (HONG KONG) LIMITED

/s/ signature
-----------------------------------------
Authorized Signature(s)

/s/ signature
----------------------------------------------------
Borrower : Comtech International (Hong Kong) Limited
Date:

After due and careful consideration of the contents of the Facilities and the
General Terms (as defined above), I/we agree and accept to act as the
Guarantor(s) be bound by all the terms and conditions set out at the above

/s/ signature
-----------------------------------------
Name : Comtech Group, Inc.
Date :

Witness:

/s/ signature
-----------------------------------------
Name:

We, Bank of China (Hong Kong) Limited hereby confirm that the Facilities as
mentioned in this letter will be made available to Comtech International (Hong
Kong) Limited on 30th September 2005.

For BANK OF CHINA (HONG KONG) LIMITED

/s/ signature
-----------------------------------------
Authorized Signature(s)

Accepted by
For and on behalf of
COMTECH INTERNATIONAL (HONG KONG) LIMITED

/s/ signature
-----------------------------------------
Authorized Signature(s)
Date: October 7, 2005

Encl.    o        General Terms and Conditions for General Banking Facilities
         o        Certified Extract of the Minutes of Board Resolutions
         o        Deed of Indemnity, Charge Over Deposit(s) and Set-off
         o        Deed of Guarantee (with Board Resolutions)
         o        Process Agent Appointment Letter
         o        Authorization Letter

                                      -4-

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