Document:

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                                                                   EXHIBIT 10.18

[HSBC LOGO]

         Corporate & Institutional Banking - International Division L9

Ref:

     CONFIDENTIAL

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

                                                                     6 June 2002

     Attention: Mr Peter Leung /Mr Vincent Chan

     Dear Sirs

     BANKING FACILITIES
     A/C No 580-179059

     With reference to our recent telephone discussions, we are pleased to
     confirm our agreement to granting the undermentioned banking facilities.
     These facilities will be made available on the specific terms and
     conditions outlined herein and upon satisfactory completion of the security
     detailed below.

                                                                           Limit
     REVOLVING LIBOR LOAN FACILITIES                             USD10,000,000.-

     Interest on the loan will be charged at 0.75% over 1, 2 or 3 months LIBOR
     (London Interbank Money Market Offer Rate), subject to availability in the
     market, payable at the end of each interest period to the debit of your
     current account. Interest shall be calculated on actual days elapsed in a
     year of 360 days for USD loan.

     The applicable LIBOR will be that quoted by us at or about 11:00 a.m. on
     the date of drawdown / rollover.

     General conditions for the utilisation of the LIBOR Loan facilities:-

     a)   2 working days advance notice of drawdown / rollover is to be given to
          us for LIBOR facilities respectively. Once a quotation has been given
          and accepted by you, we will thereupon be bound to make, and you will
          thereupon be bound to accept, any advance on the terms so agreed.

     b)   Each drawdown / rollover to be for periods of 1, 2 or 3 months.

     c)   Each initial drawdown must be for USD300,000.- and thereafter in
          multiples of USD100,000.-.

     d)   At the end of an interest period the amount of the drawing may be
          rolled over either in one or two or more amounts (providing such
          amounts are in multiples of USD100,000.- with a minimum drawdown of
          USD300,000.-) for further periods of 1, 2 or 3 months.

                                                                           .../2

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED
Hong Kong Main Office: 1 Queen's Road Central, Hong Kong
Tel: 2822 1111 Fax:
Telex: 73205 [ILLEGIBLE] Telegrams; Hongbank Hongkong             Page ____/____

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                                      - 2 -

Novel Denim Holdings Ltd                                             6 June 2002

e)   With our prior approval, which will not be withheld, provided we are
     satisfied that the funds utilised are generated from your internal
     resources, out of cash flow rather than from external re-financing during
     an interest period any amount of outstanding loan may, with 48 hours
     advance notice to us, be repaid subject to the usual charges (i.e. the
     differential between the return we would have received had such amount run
     to maturity and the return we are able to obtain by the placing of the
     funds repaid for the remainder of the period in the market).

f)   We reserve the right to renegotiate the LIBOR interest spreads should any
     event occur which changes the basis on which LIBOR interest margins are
     presently calculated.

Please note that our Loans Section is responsible for the administration of
LIBOR facilities. For rate quotations and other day to day administrative
matters, please contact our Ms Joanna Lam on telephone number 2390 1575.

Apart from the forgoing, all other facilities, security, terms and conditions as
stated in our letters of 27 March 2002 remain unchanged. Notwithstanding the
above, these facilities are subject to review at any time, in any event by 31
March 2002, 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.

ACCRUAL OF INTEREST AND OTHER SUMS

Please note that interest and other sums expressed to be chargeable or payable
on a periodic basis will nonetheless accrue from day to day and amounts so
accrued may be demanded at any time.

DISCLOSURE OF INFORMATION

Unless expressed in writing from you to the contrary, we may provide any
information relating to any of your accounts with us and any facilities we may
provide to you from time to time or their conduct or any other information
concerning your relationship with us to any other company or office which at
the relevant time belongs to or is part of the HSBC Group.

SECTION 83 OF THE BANKING ORDINANCE

Please note that Section 83 of the Banking Ordinance has imposed on us as a bank
certain limitations on advances to persons related to our directors or
employees. In acknowledging this Facility Letter you should advise us whether
you are in any way related to any of our directors or employees within the
meaning of Section 83 and in the absence of such advice we will assume that you
are not so related. We would also ask, should you become so related subsequent
to acknowledging this facility Letter, that you immediately advise us in
writing.

                                                                           .../3

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                                      - 3 -

Novel Denim Holdings Ltd                                             6 June 2002

ACCEPTANCE

Please arrange for the authorised signatories of YOUR COMPANY, in accordance
with the terms of the mandates given to the Bank, to sign and return to us
before 27 June 2002 the duplicate copy of this letter to signify your
understanding and acceptance of the terms and conditions under which these
facilities are granted.

We are pleased to be of continued assistance.

Yours faithfully

/s/ D Kitamura
----------------------------
D Kitamura
PP Roddy K W Lau
Global Relationship Manager
Encl

                                                  For and on behalf of
                                                  NOVEL DENIM HOLDINGS LIMITED

                                                  /S/ [ILLEGIBLE]
                                                  ----------------------------
                                                  Authorized Signature(s)<PAGE>

                                                                   EXHIBIT 10.19

                [THE MAURITIUS COMMERCIAL BANK LTD. LETTER HEAD]

Our reference: HMV/ma

16th July 2002.

The Directors,
Novel Textiles Ltd.,
c/o MCB Reception Desk,
Port Louis.

FOR THE ATTENTION OF MR. ALAIN REV

Gentlemen,

Further to the recent conversations over the phone between your Mr. Alain Rey
and the undersigned, we are pleased to confirm our willingness to make available
to your esteemed company the facilities as shown below, on the following terms
and conditions:

a) TERM LOAN             : convert part of the existing medium term loan of
                           Rs. 100M. into a medium term loan of USD 1,750,000.

b) EARLY REPAYMENT       : Authorize the early repayment, free of any penalty,
                           of the balance of about Rs. 47,500,000, on the
                           existing medium term loan of Rs. 100M.

   PURPOSE                  : a) & b) Financial reconstruction.

   REPAYMENT                : a) Sixty (60) equal and consecutive monthly
                              installments, the first payable one month - end of
                              month - after disbursement expected to be made on
                              or before the 31st July 2002.

                              b) On or before the 31st July 2002.

   INTEREST                 : At the exceptional rate of LIBOR USD 1 month +
                              0.75%, payable monthly.

   FACILITY FEE             : None

   SECURITY                 : Existing floating charges totaling Rs. 305M.,
                              ranking part passu with existing charges totaling
                              Rs. 123M. in favour of BNPI.

   CONDITIONS               : a) As per our letter dated 14th August 2001, duly
                              acknowledged.

                              b) Standard condition governing such facilities.

Should the above proposal meet with your approval, you are kindly invited to
return to us the duplicate of this letter, duly signed.

Assuring you of our best services at all times.

Yours sincerely,                                          [SEAL]
                                                          12/8/02

[ILLEGIBLE]             [ILLEGIBLE]<PAGE>

                                                                   EXHIBIT 10.20

                [THE MAURITIUS COMMERCIAL BANK LTD. LETTERHEAD]

Our reference: HMV/mo

16th July 2002.

The Directors,
Novel Garments Ltd.,
c/o MCB Reception Desk,
Port Louis.

For the attention of Mr. Alain Rey

Gentlemen,

Further to the recent conversations over the phone between your Mr. Alain Rey
and the undersigned, we are pleased to confirm our willingness to make available
to your esteemed company the facilities as shown below, on the following terms
and conditions:

1) a) TERM LOAN     : A medium term loan of USD 1,750,000.

2) b) OVERDRAFT     : Up to an amount not exceeding Rs. 50M, terminating
                      existing overdraft of Rs. 150M.

3) PURPOSE          : a) Financial reconstruction.
                      b) Working Capital.

4) REPAYMENT        : a) Sixty (60) equal and consecutive monthly instalments,
                         the first payable one month - end of month - after
                         disbursement expected to be made on or before the 31st
                         July 2002.
                      b) On demand and or subject to periodical review. Next
                         review 31st August 2003.

5) INTEREST         : a) At the exceptional rate of LIBOR USD 1 month + 0.75%,
                         payable monthly.
                      b) MCB's Prime Lending Rate currently 10% p.a., subject to
                         fluctuation.

6) FACILITY FEE     : None

7) SECURITY         : a) Existing floating charges totalling Rs. 150M., ranking
                         pari passu with similar charges in favour of HSBC.
                      b) The existing continuing guarantee of Novel Textiles
                         Ltd. for Rs. 100M.

8) CONDITIONS       : a) As per our letter dated 26th August 1998, duly
                         acknowledged.
                      b) Standard conditions governing such facilities.

Should the above proposal meet with your approval, you are kindly invited to
return to us the duplicate of this letter, duly signed.

Assuring you of our best services at all times.

Yours sincerely,

                                                                          [SEAL]

[ILLEGIBLE]                         [ILLEGIBLE]                          12/8/02

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