Having some time on hand, I thought of servicing the winch, that I bought used a few weeks back, before putting it to use just to eradicate / reduce doubts about it. Absence of color coded cables and two missing wires made it a bit of headache for a person who hates circuits & sensors. All the help available on net was based on color coded wires / cables & lugs.
Seems a good decision though!
The grease was almost absent and whatever was there, it was either almost liquefied or turned into curds!
All gears, bearings, bushes, thrust washer, teeth were in a pretty good condition, no play, cuts, signs or wear and damage on them.
Motor components seem to be in a good condition as well.
180mm copper wire for winch & self starter 
Re-spooled, connected & ready to go!
Next stop, have to get a synthetic winch rope.
