PXE boot throws kernel panic

Hello Everybody,

I am trying to setup Disc Cloning across multiple systems, using Linux
2.4.28, doing PXE boot for the client systems.
And I am able to get to the point where my client starts decompressing
the kernel image and loads the initrd into the memmory. However, at
this point it throws the kernel panic "Kernel Panic : VFS : Unable to
mount root fs on 01:00"
Everything works fine if I use NFS for doing the same job. but my idea
was to do it using the RAM disk, as it saves the overhead on the
network. However at this point, I just want to see it working first.
Please find below the settings for my DHCP server and the PXE.cfg at
the TFTP server.

/etc/dhcpd.conf

allow booting;
allow bootp;

default-lease-time 7200;
max-lease-time 7200;

group {
#TFTP Server address
next-server x.x.x.x;
filename "linux-install/pxelinux.0";
}

host pxeclient{
# Fixed address for the client.
hardware-ethernet yy:yy:yy:yy:yy:yy;
fixed-address y.y.y.y;
}

subnet ........netmask ......
{
range ............;
}

/tftpboot/linux-install/PXElinux.cfg/default

LABEL linux
KERNEL vmlinuz-custom
APPEND root=/dev/ram0 init=/bin/bash
IP=client-address:TFTP
Server-address:gateway:netmask:client-hostname:client-interfaceff;

I have tried providing initrd=vmlinuz-custom.img, but that ends up with
the "kernel panic:no init found. Try providing init= argument to the
kernel"

I have manually set the rootdevice offset for this kernel by

rdev vmlinuz-custom /dev/ram0
My kernel contains all the required modules. And the system contains
256 mb of ram.

And I have finished reading the official documentation available on the
net for PXE booting from SYSlinux website, remote-bootup, disk-less and
bootdisk manuals from 'tldp.org'. but nothing seems to bring it to the
bash prompt.
Any kind of help/ suggestions are highly appreciated.

Regards
Hema Tripathi