Exhibit 10.3


                        [MCW. TODMAN & CO. LETTERHEAD]



IBC 3805

HC/TB/110198


February 17, 2003

Messrs. Grant Thornton
13th Floor Gloucester Tower
11 Pedder Street
Central Hong Kong

Attn: Mr. Michael Creasy

Dear Sirs:

We act as Counsel for Nam Tai Electronics, Inc, (the "Company") in the British
Virgin Islands and so acted during the course of 2002.

We have noted the contents of the letter dated January 16, 2003 from the Chief
Financial Officer of the Company to us that was copied to you stating the
Company's evaluation of claims in respect of which our advice has been sought.

We are of the opinion that the claims therein are properly described and the
evaluations of these claims are reasonable save for the claim in respect of the
priority of repayment of debts from Tele-Art Inc. (in Liquidation).  This was a
claim by the former Official Liquidator, David Hague, seeking inter alia orders
that the redemption of 138,500 shares by the Company should be set aside, all
certificates for Nam Tai shares (owned by Tele-Art Inc.) be handed over to the
Official Liquidator and that the Company should pay to the Official Liquidator
all dividends and distributions in respect of those shares.  This matter was
heard in July 2002 and judgment was delivered in January 2003 ordering the
Company to deliver to Tele-Art Inc. (in Liquidation) all of its property
retained by the Company and setting aside the redemption of shares and set off
of dividends.  The Company has sought leave to appeal this Order and to stay its
execution pending determination of the appeal.

As of the date of this letter, we are not aware of any other claims or
potential or threatened litigation against the Company.

We do not hold any deeds, leases, securities, agreements or completion
statements on behalf of the Company, nor do we hold any monies on account for
the Company.  The outstanding fees due to us by the Company as of December 31,
2002 were $34,193.75

Yours faithfully,


/s/ McW. Todman & Co.
MCW. TODMAN & CO.

cc Client