mumbai the current liquidity problem in the rs 4000crore amtek auto has started affecting entities which lent money to the delhibased auto ancillary company two jp morgan mutual funds debt schemes short term income funds and india treasury fund had to take a hit on their portfolios which had amtek autos debt papers these schemes had to partially writedown the value of their investments in these schemes on august 21 amtek auto informed stock exchanges that it was facing some temporary cash flow mismatch data collated from the websites of the fund house amfi the industry trade body and value research a fund industry analytics company showed that jp morgan mf had a combined exposure of rs 200 crore in amtek autos debt papers as of june 2015 jp morgan mf had an average assets under management of rs 14684 crore when this paper was issued earlier this year it was rated aa double a negative by the ratings agency care however earlier this month care suspended its coverage of the company saying the company was not sharing information crucial for its continuing ratings opinion as a result of this partial writeoff on thursday short term income funds net asset value nav showed a drop of 34 while its india treasury funds nav showed a drop of 17 such sharp and sudden drop in nav in these types of debt funds is very unusual such drops can happen only in case of severe stress with the portfolios of such schemes which are usually mandated to invest only in very liquid and safe instruments industry players said read also crisis call amtek auto admits temporary cash flow mismatch according to portfolio holdings disclosed by the fund house for july 2015 about 154 of jpmorgan india short term income funds total corpus of rs 430 crore was invested in amtek auto debt papers jp morgan mf did not respond a detailed query including remedial measures it plans to take to avoid such incidents at the time of going to the press according to dhirendra kumar founder value research the partial writedown is due to the change in ratings for amtek autos debts and the company has not defaulted yet in case the company pays back the money the schemes will write back the amount and its nav will be boosted again however the hit to the schemes navs will be much larger if the company defaults kumar said according to portfolio holdings disclosed by the fund house for july 2015 about 154 of jpmorgan india short term income funds total corpus of rs 430 crore was invested in amtek auto debt papers other than government securities and repocblo amteks papers had the highest weight in the schemes portfolio data on the fund houses website also showed that about 53 of its india treasury fund with a total portfolio size of rs 2534 crore was in amtek autos papers in this scheme however its exposure to amtek auto was at a