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RAPAPORT... Winsome Diamonds & Jewellery Ltd. reported that its preliminary sales for the quarter that ended on December 31 dropped to $189,000 (INR 11.7 million) compared with $230 million (INR 14.3 billion) one year earlier. Total revenue fell to $449,000 from (INR 27.8 million) from $230.5 million (INR 14.3 billion). The company filed its preliminary quarterly details on the Bombay Stock Exchange (BSE), stating that manufacturing operations and normal profit-generating activities have come to a standstill due to its lack of access to capital. Total expenses were $642,000 (INR 39.8 million) during the quarter compared with $226.4 million (INR 14 billion) one year earlier. Finance costs jumped to $20.2 million (INR 1.3 billion) from only $2.9 million (INR 183 million) one year ago, leading the company to report a loss of $20.2 million (INR 1.25 billion) compared with a profit of $2 million (INR 124 million) one year ago. Winsome Diamonds received approval from the Registrar of Companies in the Ministry of Corporate Affairs to extend its financial year six months. Its auditors are awaiting further financial information before officially reviewing the company's results, but Winsome published preliminary data for its shareholder community and to remain compliant with financial trading rules, according to the filing. The company received notices that recalled credit advances from Axis Bank, the Bank of Maharashtra, Canara Bank, the Central Bank of India, Export-Import Bank of India, IDBI Bank Ltd., Union Bank of India and Vijaya Bank. In addition, the company received notices of ''willful default'' from Canara Bank, the Central Bank of India, Export-Import Bank of India, Punjab National Bank and the State Bank of Hyderabad, according to the filing.
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