Document:

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                                                                    EXHIBIT 4.3

                      [STANDARD CHARTERED BANK LETTERHEAD]

DATE: 31st May 2001

OUR REF: C&I/LC/TEAM3/BKE

CONFIDENTIAL

Kwanasia Electronics Co. Ltd.
Units 10-14, 19/F
Kwong Sang Hong Centre
151-153 Hoi Bun Road
Kwun Tong
Kowloon

Attn.: Mr. Lee Shu Kwan/Mr. Tam Man Chi

Dear Sirs,

               BANKING FACILITIES: KWANASIA ELECTRONICS CO. LTD.

We are pleased to confirm that the Bank is willing to make available to your
company (the "Company") the following working capital facilities up to the
amounts indicated.

1.      CURRENT ACCOUNT OVERDRAFT - HKD1,000,000.-
        (TO BE INCREASED TO HKD3,000,000.- UPON EXPIRY/CANCELLATION OF THE
        STANDBY LETTER OF CREDIT IN FAVOUR OF CHINA CONSTRUCTION BANK OF
        HKD2,000,000.- MENTIONED BELOW)

Note
Unutilised Overdraft facility may be available for all bills transactions.

2.      TRADE FINANCE GROUP 1 - HKD11,000,000.-

3.      TRADE FINANCE GROUP 2 - HKD4,000,000.-

4.      TRADE FINANCE GROUP 3 - HKD4,000,000.-

The above Trade Finance Groups 1, 2 and 3 are complementary and the combined
outstandings are not to exceed HKD11,000,000.-. Similarly the combined
outstandings of Trade Finance Groups 2 and 3 are not to exceed HKD4,000,000.-.
For product availability, please see the attachment to this letter.
<PAGE>   2
                                                             STANDARD CHARTERED

KWANASIA ELECTRONICS CO. LTD.                                       PAGE 2

Prior evidence of insurance is required for all "free on board" and "cost and
freight" shipments under import letters of credit.

Combined usance and loan period of any one transaction under import facilities
is not to exceed 90 days.

Usance period of export facilities is not to exceed 30 days.

Packing credits allowed with maximum 70% advance for up to 90 days or the expiry
date of the related letters of credit, whichever is earlier.

The Company undertakes not to accept any amendments to the master letters of
credit without the prior written consent of the Bank.

5.      STANDBY LETTERS OF CREDIT - HKD4,000,000.- (TO BE REDUCED TO
        HKD2,000,000.- UPON EXPIRY/CANCELLED OF THE STANDBY LETTER OF CREDIT IN
        FAVOUR OF CHINA CONSTRUCTION BANK OF HKD2,000,000.-)

For the issuance of standby letters of credit up to 1 year in favour of
Industrial & Commercial Bank of China and China Construction Bank each for
HKD2,000,000.-

6.      FACTORING FACILITY - HKD10,000,000.-

For purchase of receivables in accordance with the terms of the Receivables
Purchase Agreement entered into and the rider (if any) from time to time agreed
between the Bank and the Company ("Agreement").

Expressions used in this section have the same meanings as defined in the
Agreement unless otherwise defined or the context otherwise requires.

The above limit represents the FIU Limit.

Customer list to be advised to and approved by the Bank from time to time.

Prepayment will be made by the Bank up to the Prepayment Percentage (if not
zero) less the Bank's Service Charge, but subject to the FIU Limit and the
Concentration Percentage not being exceeded, and conditional upon compliance in
all other respects with the terms of the Agreement.

Credit insurance cover (if applicable) will be taken out in the Bank's name with
either a credit insurer or factoring company appointed by the Bank.
<PAGE>   3
                                                             STANDARD CHARTERED

KWANASIA ELECTRONICS CO. LTD.                                       PAGE 3

The following will also be required for all receivables purchased by the Bank:-

(1)     copy of invoice endorsed with notice of assignment of the relevant debt
        to the Bank and otherwise complying with the terms of the Agreement;

(2)     if required by the Bank, formal assignment of debt in the Bank's
        approved form, duly executed by you;

(3)     evidence of delivery of goods or completion of services satisfactory to
        the Bank.

Collection will be done either through the Bank, the Bank's service provider or
a factoring company appointed by the Bank. All proceeds are directly payable to
the Bank.

Discounting Charge will be payable monthly, calculated as the percentage
stipulated in the Agreement of the Funds In Use from time to time.

Service Charge will be calculated as stipulated in the Agreement.

7.      TREASURY FACILITY

The Bank will be pleased to quote rates for foreign exchange spot transactions
and forward transactions (including forward transactions on a non-deliverable
basis) up to 180 days. Quotes for same day or next day settlement can normally
be provided subject to the currency involved and the time of day. Such quotes
will always be at the sole discretion of the Bank.

INTEREST, COMMISSIONS AND FEES

Unless otherwise specified, interest on all sums advanced will be payable
monthly in arrears at Prime. A default rate of Prime plus 8% per annum will
apply to amounts not paid when due or in excess of agreed facility amounts.
"Prime" means the rate which we announce or apply from time to time as our prime
rate for lending Hong Kong Dollars. Commissions will be charged at our standard
rates unless otherwise stipulated. Export bills will be discounted at our
standard bills finance rate minus 0.25% per annum for Hong Kong Dollar Bills and
at our standard bills finance rates plus 1.5% per annum for foreign currency
bills. Import bills will be financed at our standard bills finance rate minus
0.25% per annum for Hong Kong Dollar bills and at our standard bills finance
rates plus 0.75% per annum for foreign currency bills. All past due bills shall
bear interest at 4% per annum above the rates charged on your regular bills
outstandings.

<PAGE>   4

                                                             STANDARD CHARTERED

KWANASIA ELECTRONICS CO. LTD.                                       PAGE 4

Commission on Letters of Credit/Standby Letters of Credit Opening

First USD50,000.-                                     1/4%
USD50,001.- to USD150,000.-                           1/12%
Balance                                               1/24%

Commission in Lieu of Exchange

All amounts                                           1/8%

Commission on Import Acceptance

1/8% per month

You shall pay to the Bank an arrangement fee of HKD1,000.-, payable on the date
on which the Bank's offer of the above facilities are accepted by you as
signified by your counter-signing of this letter. The arrangement fee is
non-refundable in any event. A handling fee in an amount to be mutually agreed
will be payable on each anniversary of the date of this letter if the facilities
are continuing. The fees will be debited to your current account.

Whether or not the documentation for the above facilities is executed or the
facilities are made available to you as contemplated following your acceptance
of this letter, you shall forthwith on demand reimburse the Bank all out of
pocket expenses (including but not limited to legal fees and disbursements)
incurred by the Bank in connection with the facilities including, without
limitation, the negotiation, preparation, execution and/or enforcement of this
letter and the documentation.

AVAILABILITY AND REPAYMENT

The above facilities are subject to periodic review by the Bank at its
discretion, and it is expressly agreed that they will at all times be available
at the sole discretion of the Bank. Notwithstanding any other provisions
contained in this letter or in any other document, the Bank will at all times
have the right to require immediate payment and/or cash collateralisation of all
or part of any sums actually or contingently owing to it in respect of the above
facilities. 1-5 and 7, and the right to immediately terminate or suspend, in
whole or in part, all of the above facilities 1-7 and all further utilisation of
these facilities.

ASSIGNMENT

The Company may not assign or transfer all or any of its rights, benefits or
obligations under this letter (and any documentation or transactions to which
this letter relates) without the Bank's prior written consent.

<PAGE>   5

                                                             STANDARD CHARTERED

KWANASIA ELECTRONICS CO. LTD.                                       PAGE 5

The Bank may at any time assign or transfer to any one or more banks or other
financial institutions all or any of its rights, benefits or obligations under
this letter (and any documentation or transactions to which this letter relates)
or change its lending office.

DOCUMENTATION

Before the above facilities may be used, the enclosed copy of this letter must
be signed by the Company and returned to us together with a certified copy of
appropriate authorising board resolutions.

The following documentation are held/will also be required:

-       General Customer Agreement executed by the Company.

-       Receivables Purchase Agreement and other related documents, including
        without limitation formal assignment of debt where required, in the
        Bank's approved forms for the above Facility 6.

-       All monies first legal charge over the property known as Units 10-14,
        19/F., Kwong Sang Hong Centre, 151-153 Hoi Bun Road, Kwun Tong, Kowloon
        in the name of the Company. Insurance for the insurable value is to be
        arranged through mutually acceptable insurers and is to be assigned to
        and held by the Bank. If not otherwise paid, we will have the right to
        pay the premiums and debit your current account. We will require a
        formal valuation before the facilities are used, and annually thereafter
        a desk-top valuation with a full valuation every third year.

-       Letter of undertaking by Messrs. Lee Shu Kwan and Tam Man Chi
        covenanting that no personal guarantee will be given to any other banks
        for the account of the Company.

-       Signed original copies of the audited financial statements of the
        Company and Deswell Industries, Inc. within 9 months after their
        financial year end. A signed original copy of the Company's interim
        management accounts within 3 months from statement date. Such other
        information as the Bank may request from time to time.

<PAGE>   6

                                                             STANDARD CHARTERED

KWANASIA ELECTRONICS CO. LTD.                                       PAGE 6

UNDERTAKINGS

The Company undertakes to the Bank that it will:

-       Immediately inform the Bank of any change of the Company's directors or
        beneficial shareholders or amendment of its memorandum or articles of
        association.

Deswell Industries, Inc. undertakes to the Bank that it will:

-       Give the Bank prior notice if it offers corporate guarantee and/or
        personal guarantee of its directors to any other banks or financial
        institutions for and on behalf of the Company.

CONDITION

-       No in-house bills from related companies including Jetcrown Industrial
        Ltd., Deswell Industries, Inc. and Kwanta Precision Metal Products Co.
        Ltd. would be accepted.

By acceptance of this letter the Company gives consent to the Bank to disclose
details of the Company's account relationship with the Bank (including credit
balances and any security given for the facilities) to (i) its Head Office and
any of its offices, branches, related companies or associates, (ii) any actual
or proposed participant or sub-participant in, or assignee or novatee of the
Bank's rights in relation to the Company's accounts, (iii) any agent, contractor
or third party service provider which provides services of any kind to the Bank
in connection with the operation of its business, and (iv) any financial
institution with which the Company has or proposes to have dealings to enable
credit checks to be conducted on the Company.

Please sign the enclosed copy of this letter and return it to the Bank's Credit
Operations at 11th Floor, Standard Chartered Tower, 388 Kwun Tong Road, Kwun
Tong, Kowloon for the attention of Ms. Peggy Yiu, within one month after the
date of this letter, after which this offer will lapse. When accepted, this
letter will supersede any previous facility letter which the Bank has issued to
the Company. This letter will be governed by Hong Kong SAR law.

<PAGE>   7

                                                             STANDARD CHARTERED

KWANASIA ELECTRONICS CO. LTD.                                       PAGE 7

We enclose a set of documents which should also be completed and returned to the
Bank at the above mentioned address. If you have any queries regarding the
completion of the required documents, please contact Ms. Peggy Yiu, whose
telephone number is 2282-6611. With regard to queries on banking arrangements,
you can contact your Senior Relationship Manager Ms. Angela Leung, whose
telephone number is 2282-6415.

We are pleased to be of service to you and take this opportunity to thank you
for your custom.

Yours faithfully,
For and on behalf of STANDARD CHARTERED BANK

/S/  ANITA POON
-----------------------------------
Anita Poon
Senior Credit Documentation Manager

AP/LC/kc
Encl.

Agreed.
For and on behalf of KWANASIA ELECTRONICS CO. LTD.

/S/ [SIGNATURE ILLEGIBLE]
-----------------------------------

Agreed.
For and on behalf of DESWELL INDUSTRIES, INC.

/S/ [SIGNATURE ILLEGIBLE]
-----------------------------------

<PAGE>   8

                         KWANASIA ELECTRONICS CO. LTD.

ATTACHMENT REGARDING TRADE FINANCE PRODUCTS

This attachment forms an integral part of our banking facility letter dated 31st
May 2001.

You may use any product or aggregate of products in any one group up to the
limit shown in the attached banking facility letter.

Trade Finance Group 1

-       Discrepant Credit Bills Negotiated - with recourse

-       Purchase of Documents Against Payment Bills of Exchange secured by goods

-       Purchase of Documents Against Acceptance Bills of Exchange with
        ECA/approved insurance cover

-       Back to Back Letters of Credit

-       Import Letters of Credit        - sight and usance
                                        - secured by goods

Trade Finance Group 2

-       Purchase of Documents Against Acceptance Bills of Exchange without
        ECA/approved insurance cover

-       Purchase of Documents Against Payment Bills of Exchange not secured by
        goods

-       Import Letters of Credit        - sight and usance
                                        - not secured by goods

-       Shipping Guarantees

Trade Finance Group 3

-       Pre-shipment Loan - i.e. Packing Credit

-       Acceptance of draft under Import Letter of Credit

-       Release of Documents Against Acceptance or Trust Receipt

-       Loans Against Trust Receipt

-       Post Import Loans<PAGE>   1
                                                                     EXHIBIT 4.4

                                  TRANSLATION

                               TENANCY AGREEMENT

        Lessor (Party A)  :          Shenzhen Shekou Yu Yi Shareholding Co. Ltd.
        Address           :          1/F., Yu Yi Building, Wan Ha Road, Shekou
        "Leased Property Permit"     :        (ShenNan) Permit No. D13323
        Representative    :
        Address           :

        Lessee (Party B)  :          Jetcrown Industrial (Shenzhen) Limited
        Address           :          Wing Village Industrial Estate, Shekou,
                                     Shenzhen.

        Business Registration No. or Identity Card No.:

            According to "Shenzhen Special Economic Zone Leased Property
Ordinance" and its executing regulations, and through the sufficient
negotiation of Party A and Party B, they signed this contract.

The contents of the contract are as follows:

        1.     Party A owns and leases the property situate at 1/F & 2/F., of
               Block A, Wing Village Industrial Estate, Shekou, Shenzhen to
               Party B. The construction area of 1/F and 2/F is 1,838.00 square
               meters in total.

        2.     The rental period for the said property is three years, starting
               from 20 February 1998 to 19 February 2001.

        3.     Party B can use the property for industrial purpose. Party A
               should make sure the leased property can be used for the
               aforesaid purpose and comply with the relevant fire prevention
               and security regulations of the country. In case Party B use the
               property for the other purpose, the approval of Party A should be
               sought. And Party B should complete all the reporting and
               approval procedures in respect of the change of property use
               according to the relevant legal regulations.

        4.     Party A should make sure the usage of the property as mentioned
               in Term 3 above complies with the relevant rules and regulations.
               On the other hand, Party B should make sure the property usage
               complies with the rules as well during the rental period.

<PAGE>   2

        5.     The rental for the property is calculated at DOLLARS SIXTEEN AND
               EIGHTEEN RENMINBI (RMB16.00 AND RMB18.00) per square meter of
               construction area per month for l/F and 2/F respectively. Total
               rental is DOLLARS THIRTY NINE THOUSAND FIVE HUNDRED AND FIFTY SIX
               RENMINBI (RMB39,556.00). Rentals shall be paid on or before the
               15th day of each month.

        6.     Party A should hand over the property for Party B use on or
               before 5 January 1998. If the hand over date is later than that
               of the aforementioned, Party B is entitled to request to defer
               the effective date of the agreement, both parties should provide
               this term in writing.

        7.     During the rental period, Party A shall be responsible to pay for
               the property tax, landuse fees and the rental housing management
               fees of the property. Party B shall be responsible for the water,
               electricity, cleaning and management charges.

        8.     For the first month, Party A pay on behalf of Party B for those
               expenses should be borne by Party B. Party B should repay the
               said sum within ten days after the first month of usage. After
               that, Party B should prepay the said expenses. The amount to be
               prepaid equals to the actual sum for the previous month. The
               prepayment will be settled in next month. Party A should provide
               relevant documents to support the amount he collected. If Party B
               prepays the sum less than that for the whole month, Party A has
               the right to request Party B to do so. If Party B doesn't pay for
               a month, Party A is entitled to stop the provision of the
               relevant facilities for Party B's use. In case both parties
               provided otherwise, it will follow their agreement.

        9.     This agreement sets out to provide the deposit guarantee. When
               Party A hand over the property, he is entitled to collect a
               guarantee sum which equals to three months' rental, i.e. DOLLARS
               ONE HUNDRED EIGHTEEN THOUSAND AND SIX HUNDRED SIXTY EIGHT
               RENMINBI (RMB118,668.00). After receiving the guarantee sum from
               Party B, Party A should provide receipt to Party B. Both parties
               should take the initiative to comply with all the terms set out
               in this agreement. If either party break the contract, then he
               should bear the legal responsibilities arising from this break.

        10.    Party A should ensure the security of the property and its
               internal facilities complies to the relevant provisions of rules
               and regulations. Party B should use the property in normal way
               and protect the internal facilities of the property and prevent
               any abnormal damage. Upon the expiry of the agreement, Party B
               should hand over the property on time and ensure the property and
               its facilities are in good conditions (except normal
               depreciation), and should settle all those expenses borne by
               Party B.
<PAGE>   3
        11.    During the rental period, if there is an occurrence of damage or
               out of order of the property and its facilities which will
               prevent its safe and normal use, Party B should inform Party A in
               time and carry out effective measures; Party A after receiving
               Party B's notice should carry out repairs and maintenance works
               within fifteen days; if Party B cannot reach Party A or Party A
               refuses to repair, Party B can repair it instead after getting
               the certification of the agreement registration authority. Party
               A should bear the expenses arising from any maintenance
               (including those paid by Party B on behalf) under this term.

        12.    If there is an occurrence of damage or out of order of the
               property and its facilities which arising from Party B's improper
               or unreasonable use, Party B should bear this responsibilities
               and repair or provide compensation in time. If Party B refuses to
               repair or compensate, Party A can repair it on behalf of Party B
               after getting the certification of the agreement registration
               authority. The repairs and maintenance charges should be borne by
               Party B.

        13.    During the tenancy period, if Party A wants to alter, expand or
               renovate the property because of needs, with the agreement of
               Party B and approval of the relevant government department,
               improvement works can be carried out then. Both parties should
               sign a separate written agreement on this area. Similarly, Party
               B can renovate the property with the agreement of Party A and the
               approval of the relevant government department. Regarding this
               area, a separate written agreement is required as well.

        14.    Without the written agreement of Party A, Party B is not allowed
               to sublet the property to third party either partly or wholly.
               With Party A's agreement to sublet the property, Party B should
               complete the registration procedures with the Leasing Property
               Department. But the period of sublet should not be longer than
               that of the original tenancy agreement made between Party A and
               B. Party B should also make sure the third party will not
               re-sublet the property to the fourth party.

        15.    During the tenancy period, Party A wants to sell the property
               either wholly or partly, he should give one month notice to Party
               B. Party B has the first priority to purchase the property under
               the same conditions offered by the third party. If the property
               right has been transferred to a third party, Party A should make
               sure the new owner completed the contract as if the property
               right hasn't change.
<PAGE>   4

        16.    During the tenancy period, the contract will be terminated
               automatically under either one of the following conditions:

               (1)    an occurrence of natural disasters or accident, and as a
                      result the contract cannot be completed;

               (2)    the government decides to make a requisition of the land
                      on which the aforesaid property builds and the property
                      has to torn down as a result;

               (3)    the " Leased Property Permit " of Party A becomes void.

               If termination of contract is due to (3) above, Party A should
               indemnify Party B for any loss incurred.

        17.    Party A reserves the right to terminate the contract because of
               either one of the following conditions. Party B should indemnify
               Party A for any loss incurred by the latter because of the
               termination of the contract.

               (1)    Party B doesn't pay the rental for more than one month;

               (2)    The miscellaneous expenses should be paid by B becomes
                      overdue;

               (3)    Without the permission of Party A and the relevant
                      government department, Party B change the use of the
                      property;

               (4)    Party B in breach of the provision set out in Item (12),
                      in other words, he refused to bear the responsibility of
                      repair and maintenance or paid the related expenses and as
                      a result, the property becomes serious damaged;

               (5)    Without the written permission of Party A and the relevant
                      government department, Party B renovate the property;

               (6)    Without the permission of Party A, Party B sublet the
                      property to third party.

               Party A terminates the contract based on the aforesaid
               situations, he should order Party B to move out and take
               possession of the property by giving a written notice. Any
               remaining balance of the prepaid amount made by Party B should be
               returned to Party B. But Party B has no right to request the
               refund of rental deposit.

        18.    Party B reserves the right to terminate the contract because of
               the following conditions. Party A should compensate Party B for
               any loss incurred arising from the termination.

               (1)    Party A delayed the handover of the property for more than
                      one month;

               (2)    Party A in breach of the contract term (4), as a result,
                      the property cannot be used for the purpose as stated
                      before;

               (3)    Party A in breach of the contract term (11), in other
                      words, he refused to bear the responsibility of repair and
                      maintenance or paid the related expenses, and as a result,
                      the property cannot be used for the purpose as stated
                      before;

<PAGE>   5

               (4)    Without the agreement of Party B and the approval of the
                      relevant government department, Party A carries out the
                      alteration, expansion, or renovation works.

               Party B terminates the contract because of the aforesaid
               conditions, he should give a written notice to Party A and he
               should move out at once. In this situation, Party B has the right
               to request Party A to compensate two times of the rental deposit,
               and refund the excess amount of the prepayment.

        19.    Upon the expiry of the tenancy agreement, if Party B wants to
               renew the contract, he should inform Party A one month before the
               expiry. If Party A continues to rent out the property, Party B
               should be given a first priority to be the lessee under the same
               conditions as offered by third party. If both parties can reach
               an agreement on renewal, they should sign a new contract which
               should be re-registered with the Contract Registration Registry.

        20.    Upon the expiry of the contract, Party B should move out within
               thirty days of the expiry and then hand over the same to Party A.
               Party B doesn't move out and hand over the property, Party A can
               sue Party B through Court of People.

        21.    If Party B doesn't pay the rental, he should pay a delay charge
               to Party A. The delay charge should be number of days times 3% of
               the monthly rental.

        22.    If Party B sublet wholly or partly of the property to third party
               without getting the permission of Party A, he is then required to
               pay an indemnity.

        23.    If either party do not comply with the terms of the contract, and
               any loss of the other party arises from this, the party who break
               the contract should indemnify the actual loss and expected income
               of the victim party.

        24.    If both parties want to insert or delete terms, it can be made in
               the Supplementary Clause. The provisions of Supplementary Clause
               and the main contract are of equal validity. If there shall be
               anything that is not provided for by this agreement, the parties
               can make any supplement after negotiation, and the supplement
               will of equal validity with the main contract only after the
               certification of the Contract Registration Registry.

        25.    If there shall be any dispute arising through fulfillment, it
               should be solved by the discussions and negotiations of the
               parties. If there shall be no agreement made in negotiation,
               mediation can be made through the Contract Registration Registry
               or (1) request arbitration from the Shenzhen Arbitrating
               Committee (2) raise a prosecution in People's Court. (Both
               parties should choose either one of the above two ways and tick
               as appropriate on the contract).

        26.    This contract is written in Chinese.

        27.    This contract is made in three copies, each party will keep one
               and the remaining one will be kept in the Contract Registration
               Registry.
<PAGE>   6

        28.    This contract takes effect after signed by two parties.

        Party A (Signature & Chop):               (Signed)
        Authorized Representative:
        Contact Telephone No.:
        Bank Account No.:
        Authorized Agent (Signature & Chop):

        Party B (Signature & Chop):               (Signed)
        Authorized Representative:
        Contact Telephone No.:
        Bank Account No.:
        Authorized Agent (Signature & Chop):

        Register (Signature & Chop):              (Signed)

                                                  October 13, 1999

        Contract Registration Registry (Signature & Chop):  (Signed)

                                                            October 13, 1999

        The terms of the original contract remain unchanged and was agreed to
        extend two Years.

                                           Company chop of Shenzhen Shekou Yu Yi
                                           Shareholding Co Ltd.

                                           (Signed)

                                           February 14, 2001

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