 "Winsome Diamonds reports net loss of Rs 84 crore")
Income from operations for the company stood at Rs 1,920.9 crore compared to Rs 1,766.3 crore in the year ago period.
For FY13, the company reported net loss of Rs 33.50 crore as against net profit of Rs 95.75 crore during the previous year ended March 2012.
Sales rose 28.65% to Rs 7,135.86 crore in the year ended March 2013 as against Rs 5,546.67 crore during the previous year ended March 2012.
Winsome Diamonds and Jewellery in a filing on Bombay Stock Exchange that the board of directors of approved extension of financial year of the company starting from April 01, 2012 to March 31, 2013 by additional six months ending on September 30, subject to requisite approval of Registrar of Companies / Ministry of Corporate Affairs and in case requisite approval is not in place, then by 3 months ending on June 30.
On May 15, the company also in a filing on BSE said that Sharad B. Bhagwat and Urvashi Saxena have resigned from the board of directors of the company.
Currently, the company is in talks with banks to restructure its debt and recovery of dues on export bills.
Also, Crisil had downgraded it and two of its entities to 'D' grade, following default in repayments.
A senior public sector bank official had earlier said the company had defaulted on payment to some foreign banks. These foreign banks had extended money against the guarantees provided by a few Indian banks including the Punjab National Bank (PNB).
Following the default, international banks had invoked guarantees, making it a funded exposure for the Indian banks. Since payments are not coming through, there is risk of the exposure turning bad loans.
The extent of exposure (following invocation of guarantees) is in excess of Rs 4,000 crore.