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n3il
I'm not familiar with that specific model, but are you sure it does wind the film on nicely?
Red light could mean it's not happy with the way it wound on / maybe didn't catch the film leader properly. Does it sound "normal"?
Try a few more times, giving it a bit more of the film leader or a bit less and see if it catches on.
Could be that the motor is busted in some way (which might explain the burnt smell), if that's the case it would most definitely not be worth it to repair the camera.