Booting with nfs just prints some weird character

Question

Problem

I have an embedded system which I am unable to boot via NFS using an Embedded Linux Kernel Image and rootfs both placed on my laptop (which serves as the NFS server as well as a TFTP server).

Useful Information

My laptop's /etc/exports:

/tftpboot/rootfs_arm-gnueabi *(rw,sync,insecure_locks,no_root_squash,no_all_squash)

Linux image (myImage) path: /tftpboot/ Root file system (rootfs) path: /tftpboot/

TFTP server and NFS server IP : 10.3.70.116
My Embedded system IP: 10.3.70.181

Commands I use to restart my NFS and TFTP servers

sudo /etc/init.d/nfs-kernel-server restart
sudo /etc/init.d/xinetd restart

Details
When I start by embedded machine, U-Boot boots up and then system starts loading 'myImage' and finally it tries to access the rootfs via NFS while printing some weird characters as shown in the end of following quote.

Filename 'myImage'.

Load address: 0x2000000

Loading: *#################################################################################################################
done

Bytes transferred = 1181188 (120604 hex)

Booting image at 02000000 ...

Image Name: Linux-2.6.22.18

Created: 2010-12-07 6:01:19 UTC

Image Type: ARM Linux Kernel Image (uncompressed)

Data Size: 1181124 Bytes = 1.1 MB

Load Address: 00008000

Entry Point: 00008000

Verifying Checksum ... OK

OK

Checking for Linux kernel endianess at 0x02000040 = 0xe1a00000

Linux Kernel is LE

Starting kernel in LE mode ...

Uncompressing Linux............................................................................... done, booting the kernel.

üààààüàààààüüààüüàü

I ran Wireshark and captured the packets to see what packets are going to and fro from the server and embedded machine. By doing so I found that at some point some NFSERR_NOENT error is appearing. and it seems as if the error arises while accessing/loading ld.so.preload

Following are some packets arranged as "Time Source Destination Protocol Info". Sorry for the jumbled view. I couldn't help it. :)

4776 20.482764 10.3.70.181
10.3.70.116 NFS V2 LOOKUP Call (Reply In 4777), DH:0xf4f053a1/etc

4777 20.482838 10.3.70.116
10.3.70.181 NFS V2 LOOKUP Reply (Call In 4776), FH:0x468d1c14

4778 20.483000 10.3.70.181
10.3.70.116 NFS V2 LOOKUP Call (Reply In 4779), DH:0x468d1c14/ld.so.preload

4779 20.483443 10.3.70.116
10.3.70.181 NFS V2 LOOKUP Reply (Call In 4778) Error:NFSERR_NOENT

4780 20.483712 10.3.70.181
10.3.70.116 NFS V2 LOOKUP Call (Reply In 4781), DH:0x468d1c14/ld.so.cache

4781 20.483839 10.3.70.116
10.3.70.181 NFS V2 LOOKUP Reply (Call In 4780) Error:NFSERR_NOENT

If you have read so far :) and got some clue, I will be delighted to know what you think is going wrong.

Thanks a lot.