1. The suit is filed for recovery of money of Rs.37,46,425/- with interest.

2. The first plaintiff is a Private Limited Company dealing with manufacturing of Steel Forgings for the automobile industry having their factory in Bangalore. The second plaintiff is the General Insurer, a Public Limited Company, having its office in Chennai. The defendant is a Private Limited Company incorporated in Singapore, carrying on business in Chennai, through the Local Steamer M/s. A.S. Shipping Agencies Pvt. Ltd., Chennai.

3. The first plaintiff purchased from M/s. Chin Fong Machine Industrial Company Ltd., Taiwan, China, Chin-Fong Brand 1600 Ton Gear Drive Hot Forging Mechanical Press complete with standard SPEC and parts valued F.O.B, Taiwan, US Dollars 4,90,000.00, as per their commercial invoice dated 02.10.2000. The said mechanical forging press was packed in 10 different cases as per the packaging list dated 02.10.2000. The said cargo of 10 wooden boxes were shipped on board in the Vessel M.V. KAMNIK owned and chartered by the defendant herein, at Keelung Port, Taiwan, for safe carriage and discharge at Chennai, in the same apparent good order and condition. The defendant, who is th