REPLY TO ABOVE

M/S Vali & Co.

Dear Sirs,

Goods supplied by you to us in January/February 1993 were found defective. As they were below specifications and hence not fit for being supplied to our customers, so these were returned to you in March to April. As a result of this no payment is due from us to you.

Yours faithfully,

Alam Pervez

for Bilal & Co.