FORM N-Q
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-08266
The India Fund, Inc.
(Exact name of registrant as specified in charter)
345 Park Avenue
New York, NY 10154
(Address of principal executive offices) (Zip code)
Simpson Thacher & Bartlett LLP
425 Lexington Avenue
New York, NY 10017
(Name and address of agent for service)
Registrant’s telephone number, including area code: 212-583-5000
Date of fiscal year end: December 31, 2009
Date of reporting period: March 31, 2009
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
 
 

 

 

Item 1. Schedule of Investments.
The Schedule(s) of Investments is attached herewith.

 

 

     
The India Fund, Inc.    
    March 31, 2009 (Unaudited)
Schedule of Investments    
     
INDIA (99.30% of holdings)
COMMON STOCKS (99.87% of holdings)
                             
NUMBER         PERCENT OF            
OF SHARES     SECURITY   HOLDINGS   COST     VALUE  
 
       
India
   99.30%                
       
 
                    
       
Apparel Manufacturers
   0.16%                
  1,570,212    
Provogue (India), Ltd.
       $ 3,198,277     $ 1,021,326  
       
 
                
       
 
         3,198,277       1,021,326  
       
 
                
       
Beverages — Alcoholic
   0.64%                
  308,961    
United Spirits, Ltd.
         5,900,730       3,956,783  
       
 
                
       
 
         5,900,730       3,956,783  
       
 
                
       
Building & Construction
   1.40%                
  364,050    
Gammon India, Ltd.
         569,918       415,463  
  2,130,047    
Jaiprakash Associates, Ltd.
         3,207,791       3,535,034  
  307,419    
KEC International, Ltd.
         3,466,859       921,318  
  435,339    
Madhucon Projects, Ltd.
         2,490,015       492,958  
  2,178,200    
Nagarjuna Construction Co., Ltd.
         2,597,133       2,657,546  
  234,595    
Titagarh Wagons, Ltd.
         3,985,505       649,939  
       
 
                
       
 
         16,317,221       8,672,258  
       
 
                
       
Cement
   1.17%                
  3,554,579    
Ambuja Cements, Ltd.
         3,770,941       4,995,398  
  808,040    
Sagar Cements, Ltd.
         3,467,591       2,261,588  
       
 
                
       
 
         7,238,532       7,256,986  
       
 
                
       
Chemicals
   0.56%                
  495,450    
Tata Chemicals, Ltd.
         1,746,965       1,379,369  
  1,074,600    
United Phosphorus, Ltd.
         3,850,838       2,070,408  
       
 
                
       
 
         5,597,803       3,449,777  
       
 
                
       
Computer Software & Programming
   11.21%                
  300,593    
Everonn Systems India, Ltd.+
         1,264,934       782,069  
  332,157    
Everonn Systems India, Ltd. (Preferential Shares)+
         5,579,199       842,430  
  2,307,788    
Infosys Technologies, Ltd.
         32,165,753       60,229,469  
  786,649    
KPIT Cummins Infosystems, Ltd.
         794,617       396,929  
  931,573    
Tanla Solutions, Ltd.
         3,289,062       588,487  
  340,650    
Tata Consultancy Services, Ltd.
         3,628,095       3,625,722  
  647,135    
Wipro, Ltd.
         2,767,233       3,130,126  
       
 
                
       
 
         49,488,893       69,595,232  
       
 
                
       
Consumer Non-Durables
   4.23%                
  7,214,939    
ITC, Ltd.
         23,412,534       26,280,097  
       
 
                
       
 
         23,412,534       26,280,097  
       
 
                
       
Consumer Products
   0.58%                
  3,054,950    
Marico, Ltd.
         4,452,409       3,615,842  
       
 
                
       
 
         4,452,409       3,615,842  
       
 
                

1

 

     
    The India Fund, Inc.
     
    March 31, 2009 (Unaudited)
Schedule of Investments    
     
COMMON STOCKS (continued)
                             
NUMBER         PERCENT OF            
OF SHARES     SECURITY   HOLDINGS   COST     VALUE  
 
       
India (continued)
                    
       
 
                    
       
Consumer Staples
   5.57%                
  344,873    
Colgate-Palmolive (India), Ltd.
       $ 2,618,856     $ 3,199,940  
  813,944    
Dabur India, Ltd.
         1,473,217       1,583,449  
  6,339,265    
Hindustan Unilever, Ltd.
         31,840,823       29,762,746  
       
 
                
       
 
         35,932,896       34,546,135  
       
 
                
       
Diversified Financial Services
   2.74%                
  688,590    
Indiabulls Financial Service, Ltd.
         1,659,035       1,220,827  
  1,921,942    
Infrastructure Development Finance Co., Ltd.
         2,154,065       2,053,203  
  4,125,368    
Power Finance Corp.
         14,317,474       11,773,988  
  55,891    
Reliance Capital, Ltd.
         516,016       389,480  
  3,289,723    
SREI Infrastructure Finance, Ltd.
         7,657,513       1,578,886  
       
 
                
       
 
         26,304,103       17,016,384  
       
 
                
       
Electric — Integrated
   0.04%                
  42,000    
CESC, Ltd.
         206,967       173,969  
  47,143    
PTC India, Ltd.
         52,420       64,440  
       
 
                
       
 
         259,387       238,409  
       
 
                
       
Electric — Transmission
   0.23%                
  757,859    
Power Grid Corp. of India, Ltd.
         1,293,643       1,428,781  
       
 
                
       
 
         1,293,643       1,428,781  
       
 
                
       
Electronics & Electrical Equipment
   9.24%                
  77,282    
Bharat Electronics, Ltd.
         1,161,846       1,355,691  
  755,448    
Bharat Heavy Electricals, Ltd.
         7,344,934       22,399,886  
  6,882,400    
Exide Industries, Ltd.
         10,990,237       5,575,375  
  121,705    
Indo Tech Transformers, Ltd.
         416,415       719,171  
  2,901,824    
Jyoti Structures, Ltd.
         3,991,456       3,105,727  
  433,690    
Lanco Infratech, Ltd.+
         1,110,059       1,245,037  
  2,769,257    
NTPC, Ltd.
         12,134,522       9,835,816  
  779,453    
Punj Lloyd, Ltd.
         2,412,758       1,400,357  
  649,835    
Reliance Infastructure, Ltd.
         7,281,964       6,600,817  
  337,287    
Tata Power Co., Ltd.
         5,143,308       5,087,725  
       
 
                
       
 
         51,987,499       57,325,602  
       
 
                
       
Energy — Alternate Sources
   0.08%                
  390,973    
Webel-Sl Energy Systems, Ltd.
         3,247,755       477,783  
       
 
                
       
 
         3,247,755       477,783  
       
 
                
       
Engineering
   1.63%                
  616,490    
Larsen & Toubro, Ltd.
         15,733,095       8,173,490  
  537,697    
Thermax, Ltd.
         351,061       1,916,675  
       
 
                
       
 
         16,084,156       10,090,165  
       
 
                
       
Finance
   16.17%                
  553,309    
Axis Bank, Ltd.
         5,089,729       4,520,481  
  672,950    
Bank of Baroda
         3,375,749       3,111,076  
  1,014,650    
HDFC Bank, Ltd.
         19,421,841       19,356,046  
  854,923    
Housing Development Finance Corp., Ltd.
         10,309,325       23,779,784  

2

 

     
    The India Fund, Inc.
     
    March 31, 2009 (Unaudited)
Schedule of Investments    
     
COMMON STOCKS (continued)
                             
NUMBER         PERCENT OF            
OF SHARES     SECURITY   HOLDINGS   COST     VALUE  
 
       
India (continued)
                    
       
 
                    
       
Finance (concluded)
                    
  1,665,959    
ICICI Bank, Ltd.
       $ 11,529,588     $ 10,921,414  
  896,125    
India Infoline, Ltd.
         946,827       1,038,576  
  1,135,479    
Punjab National Bank, Ltd.
         12,176,244       9,196,183  
  450,000    
Rural Electrification Corp., Ltd.
         701,759       853,257  
  5,097,675    
South Indian Bank, Ltd.
         6,558,369       5,154,444  
  822,660    
State Bank of India
         5,657,941       17,293,940  
  45,550    
State Bank of India GDR
         525,435       1,878,026  
  1,131,800    
Union Bank of India, Ltd.
         2,749,790       3,284,863  
       
 
                
       
 
         79,042,597       100,388,090  
       
 
                
       
Financial Services
   0.02%                
  66,353    
Network 18 Media & Investments, Ltd. PCCPS+
         86,356       105,150  
       
 
                
       
 
         86,356       105,150  
       
 
                
       
Food
   0.69%                
  1,255,621    
Balrampur Chini Mills, Ltd.
         1,147,196       1,309,202  
  1,577,539    
Lakshmi Energy & Foods, Ltd.
         5,930,786       2,977,222  
       
 
                
       
 
         7,077,982       4,286,424  
       
 
                
       
Hotels & Leisure
   0.55%                
  9,256,950    
Hotel Leelaventure, Ltd.
         6,821,191       3,393,698  
       
 
                
       
 
         6,821,191       3,393,698  
       
 
                
       
Independent Power Producers
   0.18%                
  558,143    
Reliance Power, Ltd.
         1,309,240       1,127,617  
       
 
                
       
 
         1,309,240       1,127,617  
       
 
                
       
Metal — Diversified
   1.09%                
  348,384    
Hindustan Zinc, Ltd.
         2,243,022       3,083,166  
  528,332    
Sterlite Industries (India), Ltd.
         2,970,950       3,703,583  
       
 
                
       
 
         5,213,972       6,786,749  
       
 
                
       
Motorcycle/Motor Scooter
   0.95%                
  484,519    
Bajaj Auto, Ltd.
         4,799,732       5,906,194  
       
 
                
       
 
         4,799,732       5,906,194  
       
 
                
       
Oil & Gas
   0.08%                
  546,262    
Reliance Natural Resources, Ltd.+
         709,990       482,898  
       
 
                
       
 
         709,990       482,898  
       
 
                
       
Oil — Integrated
   0.31%                
  1,034,250    
Reliance Petroleum, Ltd.+
         1,859,873       1,939,665  
       
 
                
       
 
         1,859,873       1,939,665  
       
 
                
       
Petroleum Related
   19.72%                
  61,100    
Bharat Petroleum Corp., Ltd.
         499,812       453,598  
  1,768,607    
Cairn India, Ltd.+
         5,805,071       6,415,928  

3

 

     
    The India Fund, Inc.
     
    March 31, 2009 (Unaudited)
Schedule of Investments    
     
COMMON STOCKS (continued)
                             
NUMBER         PERCENT OF            
OF SHARES     SECURITY   HOLDINGS   COST     VALUE  
 
       
India (continued)
                    
       
 
                    
       
Petroleum Related (concluded)
                    
  638,799    
Gail India, Ltd.
       $ 3,651,266     $ 3,075,326  
  514,700    
Hindustan Petroleum Corp., Ltd.
         2,056,283       2,729,985  
  137,039    
Indian Oil Corp., Ltd.
         952,593       1,046,261  
  1,547,327    
Oil and Natural Gas Corp., Ltd.
         20,713,410       23,779,452  
  2,827,327    
Reliance Industries, Ltd.
         27,614,863       84,883,896  
       
 
                
       
 
         61,293,298       122,384,446  
       
 
                
       
Pharmaceuticals
   4.02%                
  716,459    
Cipla, Ltd.
         2,729,368       3,103,220  
  85,180    
Glaxosmithkline Pharmaceuticals, Ltd.
         2,011,680       1,826,749  
  716,230    
Glenmark Pharmaceuticals, Ltd.+
         5,278,016       2,227,675  
  722,875    
Lupin, Ltd.
         11,694,737       9,819,758  
  364,962    
Sun Pharmaceutical Industries, Ltd.
         5,655,765       8,001,685  
       
 
                
       
 
         27,369,566       24,979,087  
       
 
                
       
Publishing
   0.02%                
  600,000    
Business India Publications (Preferential Shares)+
         1,003,792       100,522  
       
 
                
       
 
         1,003,792       100,522  
       
 
                
       
Real Estate Operation / Development
   0.13%                
  411,082    
Indiabulls Real Estate, Ltd.
         1,044,417       808,633  
       
 
                
       
 
         1,044,417       808,633  
       
 
                
       
Retail Stores
   0.00%                
  51,873    
Brandhouse Retails, Ltd.+
         74,431       15,797  
       
 
                
       
 
         74,431       15,797  
       
 
                
       
Shipbuilding
   0.48%                
  4,700,000    
Pipavav Shipyard, Ltd.+
         9,488,959       2,977,392  
       
 
                
       
 
         9,488,959       2,977,392  
       
 
                
       
Steel
   3.37%                
  454,564    
Jindal Saw, Ltd.
         5,422,906       1,594,356  
  488,475    
Jindal Steel & Power, Ltd.
         2,695,628       11,568,486  
  931,600    
Monnet Ispat & Energy, Ltd.
         7,457,015       2,809,398  
  1,178,872    
Steel Authority of India, Ltd.
         2,101,916       2,241,100  
  662,810    
Tata Steel, Ltd.
         3,057,991       2,691,216  
       
 
                
       
 
         20,735,456       20,904,556  
       
 
                
       
Telecommunications
   7.18%                
  3,156,535    
Bharti Airtel, Ltd.+
         35,143,928       38,934,850  
  1,628,551    
Reliance Communication, Ltd.
         8,501,710       5,604,513  
       
 
                
       
 
         43,645,638       44,539,363  
       
 
                
       
Televisions
   0.58%                
  163,000    
Zee Entertainment Enterprises, Ltd.
         500,897       341,357  

4

 

     
    The India Fund, Inc.
     
    March 31, 2009 (Unaudited)
Schedule of Investments    
     
COMMON STOCKS (concluded)
                             
NUMBER         PERCENT OF            
OF SHARES     SECURITY   HOLDINGS   COST     VALUE  
 
       
India (continued)
                    
       
 
                    
       
Televisions (concluded)
                    
  5,069,210    
Zee News, Ltd.
       $ 3,512,631     $ 3,277,227  
       
 
                
       
 
         4,013,528       3,618,584  
       
 
                
       
Transport — Marine
   0.13%                
  224,470    
Great Eastern Shipping Co.
         1,033,564       831,338  
       
 
                
       
 
         1,033,564       831,338  
       
 
                
       
Transportation
   0.17%                
  1,532,848    
Transport Corporation of India, Ltd.
         2,619,885       1,025,726  
       
 
                
       
 
         2,619,885       1,025,726  
       
 
                
       
Vehicle Components
   0.82%                
  1,385,616    
Cummins India, Ltd.
         8,118,840       5,070,259  
       
 
                
       
 
         8,118,840       5,070,259  
       
 
                
       
Vehicles
   3.16%                
  4,614,974    
Ashok Leyland, Ltd.
         1,476,314       1,646,418  
  464,435    
Hero Honda Motors, Ltd.
         8,427,658       9,796,297  
  657,276    
Mahindra & Mahindra, Ltd.
         5,303,352       4,964,387  
  211,927    
Maruti Suzuki India, Ltd.
         3,498,569       3,237,698  
       
 
                
       
 
         18,705,893       19,644,800  
       
 
                
       
TOTAL INDIA
         556,784,038       616,288,548  
       
 
                
       
United States
   0.57%                
       
Computer Software & Programming
   0.57%                
  171,700    
Cognizant Technology Solutions, Inc.+
         2,953,851       3,569,643  
       
 
                
       
 
         2,953,851       3,569,643  
       
 
                
       
TOTAL UNITED STATES
         2,953,851       3,569,643  
       
 
                
       
TOTAL COMMON STOCKS
         559,737,889       619,858,191  
       
 
                
WARRANTS (0.00% of holdings)                    
       
Computer Software & Programming
   0.00%                
  94,902    
Everonn Systems India, Ltd.
         159,406       0  
       
 
                
       
 
         159,406       0  
       
 
                
       
TOTAL WARRANTS
         159,406       0  
       
 
                
EXCHANGE TRADED NOTE (0.13% of holdings)   0.13%                
  25,800    
iPath MSCI India Index ETN +
         801,123       782,772  
       
 
                
       
TOTAL EXCHANGE TRADED NOTE
         801,123       782,772  
       
 
                
       
TOTAL INVESTMENTS
   100.00%         $ 560,698,418     $ 620,640,963  
       
 
                

5

 

     
    The India Fund, Inc.
     
    March 31, 2009 (Unaudited)
Schedule of Investments    
     
         
Footnotes and Abbreviations
        
 
GDR — Global Depository Receipts
        
 
+ Non income producing.
        
 
        
As of December 31, 2008, the aggregate cost for federal income tax purposes was $636,364,605.
        
 
        
Excess value over tax cost
   $ 146,209,529  
Excess of tax cost over value
     (111,799,583 )
 
      
 
   $ 34,409,946  
 
      

6

 

Supplemental Information to the Schedule of Investments
Adoption of Statement of Financial Accounting Standards No. 157 “Fair Value Measurements”
In September 2006, Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“SFAS 157”), was issued and is effective for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. The Fund adopted SFAS 157 effective with the March 31, 2008 quarterly reporting on portfolio holdings. The three levels of the fair value hierarchy under SFAS 157 are described below:
  •   Level 1 – price quotations in active markets/exchanges for identical securities
 
  •   Level 2 –other significant observable inputs (including, but not limited to: quoted prices for similar securities, interest rates, credit risk, etc.)
 
  •   Level 3 – significant unobservable inputs (including the Fund’s own assumptions used in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. A summary of the inputs used to value the Fund’s net assets as of March 31, 2009, is as follows:
         
    Investments in  
Valuation Inputs   Securities  
Level 1 – Quoted Prices
   $ 616,070,680  
Level 2 – Other Significant Observable Inputs
     1,492,369  
Level 3 – Significant Unobservable Inputs
     3,077,914  
 
      
Total
   $ 620,640,963  
 
      
The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:
         
    Investments in Securities  
Balance, as of December 31, 2008
   $ 3,282,584  
Realized gain (loss)
     0  
Change in unrealized appreciation (depreciation)
     (109,388 )
Net purchases (sales)
     0  
Net transfers in/out of Level 3
     (95,282 )
 
      
Balance, as of March 31, 2009
   $ 3,077,914  
 
      

 

 

Item 2. Controls and Procedures.
  (a)   The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).
 
  (b)   There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 3. Exhibits.
Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

 

 

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
     
(Registrant)
   The India Fund, Inc.
         
By (Signature and Title)*
  /s/ Prakash A. Melwani
 
Prakash A. Melwani, President 		   
 
  (principal executive officer)    
     
Date
  May 7, 2009
 
   
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
         
By (Signature and Title)*
  /s/ Prakash A. Melwani
 
Prakash A. Melwani, President 		   
 
  (principal executive officer)    
     
Date
   May 7, 2009
 
   
         
By (Signature and Title)*
  /s/ Joseph M. Malangoni
 
Joseph M. Malangoni, Treasurer and Vice President 		   
 
  (principal financial officer)    
     
Date
   May 7, 2009
 
   
 
* Print the name and title of each signing officer under his or her signature.