1. The plaintiff, a German Company, filed the suit praying for a judgment and decree to direct the defendant-Company, a Chennai based Company, to pay a sum of Rs.38,87,148.61/- together with interest at 18% per annum on the said amount from 30.6.1999 to the date of payment in full to the plaintiff and for costs of the suit.

2. The averments in the plaint are as follows:

(a) The plaintiff-Company is doing business of procuring orders for the sellers of shoe uppers and finished leather in India, from Overseas buyers. The plaintiff also collected commission for the services rendered ranging from 4% to 6% of invoice amount as mutually decided.

(b) During the course of business, the plaintiff-Company procured various purchase orders from the defendant-Company by overseas buyers and the defendant-Company failed to pay the commission amount and so, a meeting was arranged on 25.2.1998, in which, the defendant-Company agreed to clear the outstanding amount due to the plaintiff-Company within a time frame.

(c) On 2.2.1999, the defendant-Company issued a Demand Draft for DM 14,089/- and after giving credit to the above payment, the balance amount due from the defendant is Rs.38,87,