MUMBAI, NOV 19: The problems of Baroda Rayon Corporation (BRC) are mounting. A blue chip company once upon a time, the company has now fallen into hard times and has been hit hard by the economic crisis in the South-east Asian region, losing nearly Rs 17.25 crore in the process.The company, which made losses of Rs 29.98 crore in the first six months of the current year ended September 1999, has lost Rs 17.25 crore in Thailand following the capital restructuring in Thai Baroda Industries Ltd, a company promoted by BRC.BRC's other plants could not be operated at optimum levels due to lack of working capital funds. The insufficient funds had resulted into disconnection of power supply from Gujarat Electricity Board (GEB) from October 7, 1999 resulting into closure of all the plants.The company had made a loss of Rs 49.44 crore in the previous year. BRC, headed by S P Gaekwad, continues to make heavy losses and has already made a loss of Rs 29.98 crore loss in the first six months. While other companieshave been making hectic preparations to overcome the Y2K problem, BRC has not been able to address this issue due to paucity of funds. ``The company will be initiating manual processing of affected outputs,'' it said.
