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: 212-583-5344     
Date of fiscal year end: December 31, 2007
Date of reporting period: September 30, 2007
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.
September 30, 2007 (Unaudited)
Schedule of Investments
INDIA (100% of holdings)
                             
NUMBER       PERCENT OF              
OF SHARES   SECURITY   HOLDINGS     COST     VALUE  
 
                            
COMMON STOCKS (98.99% of holdings)                        
 
                            
 
   Apparel Manufacturers     0.34 %                
211,705
   Crew B.O.S. Products, Ltd.           $ 825,433     $ 749,382  
350,000
   Provogue (India), Ltd. (Preferential shares)**             3,564,477       7,880,017  
 
                        
 
                 4,389,910       8,629,399  
 
                        
 
   Beverages - Alcoholic     0.88 %                
509,140
   United Spirits, Ltd.             13,101,015       22,305,181  
 
                        
 
                 13,101,015       22,305,181  
 
                        
 
   Building & Construction     1.29 %                
676,365
   C&C Constructions, Ltd. (Preferential shares)**+             4,000,008       3,759,535  
900,542
   IVRCL Infrastructures and Projects, Ltd.             5,422,405       9,546,118  
702,763
   KEC International, Ltd.             8,168,394       10,617,061  
763,800
   Madhucon Projects, Ltd.             5,199,722       4,686,595  
601,900
   Nagarjuna Construction Co., Ltd.             2,781,681       3,823,853  
 
                        
 
                 25,572,210       32,433,162  
 
                        
 
   Cement     1.72 %                
411,344
   Grasim Industries, Ltd.             17,892,661       36,269,191  
1,000,000
   Sagar Cements, Ltd. (Preferential shares)**             4,291,361       3,856,704  
120,650
   UltraTech Cement, Ltd.             2,657,051       3,156,626  
 
                        
 
                 24,841,073       43,282,521  
 
                        
 
   Chemicals     0.42 %                
1,073,300
   United Phosphorus, Ltd.             8,148,011       10,671,723  
 
                        
 
                 8,148,011       10,671,723  
 
                        
 
   Computer Services     0.13 %                
357,600
   NIIT Technologies, Ltd.             1,211,864       3,180,910  
 
                        
 
                 1,211,864       3,180,910  
 
                        
 
   Computer Software & Programming     10.05 %                
3,185,627
   Infosys Technologies, Ltd.             62,573,188       151,636,565  
730,000
   KPIT Cummins Infosystems, Ltd.             1,422,759       2,198,381  
3,629,617
   Satyam Computer Services, Ltd.             31,382,068       40,397,394  
915,858
   Tanla Solutions, Ltd.             7,353,237       13,904,217  
642,062
   Tata Consultancy Services, Ltd.             18,109,861       17,027,392  
2,457,500
   Wipro, Ltd.             24,751,245       28,360,158  
 
                        
 
                 145,592,358       253,524,107  
 
                        
 
   Consumer Non-Durables     2.57 %                
5,184,149
   Hindustan Unilever, Ltd.             25,212,300       28,537,376  
7,621,095
   ITC, Ltd.             22,620,079       36,281,366  
 
                        
 
                 47,832,379       64,818,742  
 
                        

1

 

The India Fund, Inc.
September 30, 2007 (Unaudited)
Schedule of Investments (continued)
                             
NUMBER       PERCENT OF              
OF SHARES   SECURITY   HOLDINGS     COST     VALUE  
 
                            
COMMON STOCKS (continued)                        
 
                            
 
   Diversified Financial Services     2.85 %                
573,900
   Indiabulls Financial Service, Ltd.           $ 1,767,553     $ 8,599,679  
5,596,715
   Infrastructure Development Finance Co., Ltd.             9,881,062       19,810,945  
5,145,647
   Power Finance Corp.             16,644,010       26,001,030  
376,817
   Reliance Capital, Ltd.             7,222,008       14,983,789  
831,700
   SREI Infrastructure Finance, Ltd.             2,011,245       2,416,986  
 
                        
 
                 37,525,878       71,812,429  
 
                        
 
   Diversified Industries     0.87 %                
110,750
   Aban Offshore, Ltd.             6,259,851       9,735,494  
702,290
   Elecon Engineering Co., Ltd.             4,306,094       12,148,529  
69,339
   NEPC India, Ltd. GDR+             3,467       13,868  
 
                        
 
                 10,569,412       21,897,891  
 
                        
 
   Electronics & Electrical Equipment     11.35 %                
419,745
   ABB, Ltd.             1,438,932       13,625,451  
289,468
   Bharat Electronics, Ltd.             8,993,058       13,366,124  
2,426,374
   Bharat Heavy Electricals, Ltd.             15,496,816       123,777,194  
538,425
   Easun Reyrolle Relays & Devices, Ltd.             1,494,460       3,586,797  
2,235,000
   Exide Industries, Ltd.             2,926,034       3,533,597  
660,000
   HBL Nife Power Systems, Ltd.             2,857,900       5,661,284  
943,165
   Indo Tech Transformers, Ltd.             5,219,951       12,225,227  
3,320,124
   Jyoti Structures, Ltd.             3,011,359       18,493,043  
3,566,335
   Kei Industries, Ltd.             5,246,922       7,571,665  
2,423,750
   NTPC, Ltd.             9,065,809       11,766,721  
1,130,300
   Punj Lloyd, Ltd.             7,994,120       8,774,912  
1,187,381
   Reliance Energy, Ltd.             15,401,325       35,921,646  
518,984
   Siemens India, Ltd.             6,519,089       17,608,793  
115,487
   Tata Power Company, Ltd.             2,402,930       2,478,562  
483,195
   UTV Software Communications, Ltd.             5,968,790       7,806,181  
 
                        
 
                 94,037,495       286,197,197  
 
                        
 
   Engineering     2.81 %                
536,804
   Jaiprakash Associates, Ltd.             6,381,177       14,710,161  
258,000
   Larsen & Toubro, Ltd.             16,157,578       18,210,698  
2,017,857
   Thermax, Ltd.             3,326,458       37,961,892  
 
                        
 
                 25,865,213       70,882,751  
 
                        
 
   Finance     14.85 %                
435,000
   Axis Bank, Ltd.             2,570,850       8,373,750  
507,600
   Bank of Baroda             2,969,207       4,160,416  
2,939,600
   Bank of India             10,858,323       20,427,260  
6,909,200
   Dena Bank, Ltd.             8,528,081       11,686,557  
1,330,063
   HDFC Bank, Ltd.             21,847,469       48,033,808  
1,565,398
   Housing Development Finance Corp., Ltd.             19,373,133       99,282,316  
3,501,241
   ICICI Bank, Ltd.             34,361,429       93,414,753  
1,466,881
   Indian Bank             3,048,706       5,895,501  
313,150
   Kotak Mahindra Bank, Ltd.             4,573,650       7,242,981  
921,500
   Oriental Bank of Commerce             4,122,303       5,601,036  
884,631
   Punjab National Bank, Ltd.             9,661,534       12,048,165  
4,078,140
   South Indian Bank, Ltd.             6,558,369       16,707,607  
742,750
   State Bank of India             3,596,997       36,360,686  

2

 

The India Fund, Inc.
September 30, 2007 (Unaudited)
Schedule of Investments (continued)
                             
NUMBER       PERCENT OF              
OF SHARES   SECURITY   HOLDINGS     COST     VALUE  
 
                            
COMMON STOCKS (continued)                        
 
                            
 
   Finance (continued)                        
45,550
   State Bank of India GDR           $ 525,435     $ 5,119,364  
 
                        
 
                 132,595,486       374,354,200  
 
                        
 
   Financial Services     0.13 %                
331,766
   Network 18 Fincap, Pvt, Ltd.+             772,928       3,247,514  
 
                        
 
                 772,928       3,247,514  
 
                        
 
   Food     0.12 %                
560,250
   Lakshmi Energy & Foods, Ltd.             905,948       3,036,928  
 
                        
 
                 905,948       3,036,928  
 
                        
 
   Hotels & Leisure     0.46 %                
3,365,130
   Indian Hotels Co., Ltd.             9,783,242       11,666,797  
 
                        
 
                 9,783,242       11,666,797  
 
                        
 
   Media     1.65 %                
669,000
   Balaji Telefilms, Ltd.             3,607,811       4,406,275  
2,353,275
   Deccan Chronicle Holdings, Ltd.             10,590,322       11,888,180  
2,945,548
   Zee Telefilms, Ltd.             13,699,536       25,314,083  
 
                        
 
                 27,897,669       41,608,538  
 
                        
 
   Metal - Diversified     2.04 %                
1,954,760
   Ahmednagar Forgings, Ltd.             7,455,533       10,637,799  
497,734
   Hindustan Zinc, Ltd.             8,722,261       10,149,539  
1,633,203
   Sterlite Industries India, Ltd.             14,418,399       30,674,174  
 
                        
 
                 30,596,193       51,461,512  
 
                        
 
   Petroleum Related     14.76 %                
677,900
   Cairn India, Ltd.+             3,097,281       3,079,237  
531,739
   Indian Oil Corp., Ltd.             4,127,282       6,277,850  
2,699,287
   Oil and Natural Gas Corp., Ltd.             38,123,003       64,888,551  
5,169,523
   Reliance Industries, Ltd.             69,234,414       297,892,182  
 
                        
 
                 114,581,980       372,137,820  
 
                        
 
   Pharmaceuticals     2.71 %                
568,385
   Aurobindo Pharma, Ltd.             7,783,868       8,579,800  
851,481
   Dishman Pharmaceuticals & Chemicals, Ltd.             4,039,846       6,239,600  
734,536
   Dr. Reddy’s Laboratories, Ltd.             12,234,123       11,963,457  
516,200
   Glenmark Pharmaceuticals, Ltd.             4,568,005       5,455,741  
523,315
   Lupin, Ltd.             6,066,043       7,697,875  
801,400
   Panacea Biotec, Ltd.             6,620,971       8,044,670  
496,262
   Sun Pharmaceutical Industries, Ltd.             9,297,359       12,024,367  
785,250
   Wockhardt, Ltd.             7,594,340       8,209,678  
 
                        
 
                 58,204,555       68,215,188  
 
                        

3

 

The India Fund, Inc.
September 30, 2007 (Unaudited)
Schedule of Investments (continued)
                             
NUMBER       PERCENT OF              
OF SHARES   SECURITY   HOLDINGS     COST     VALUE  
 
                            
COMMON STOCKS (continued)                        
 
                            
 
   Publishing     0.04 %                
600,000
   Business India Publications (Preferential shares)           $ 1,003,792     $ 1,129,306  
 
                        
 
                 1,003,792       1,129,306  
 
                        
 
   Real Estate Operation / Development     0.90 %                
591,112
   DLF, Ltd.             7,602,271       11,317,872  
443,950
   Indiabulls Real Estate, Ltd.+             1,520,647       7,620,041  
237,000
   Mahindra GESCO Developers, Ltd.             3,556,087       3,679,232  
 
                        
 
                 12,679,005       22,617,145  
 
                        
 
   Shipbuilding     0.57 %                
978,500
   Bharati Shipyard, Ltd.             3,611,068       14,485,655  
 
                        
 
                 3,611,068       14,485,655  
 
                        
 
   Steel     7.02 %                
973,114
   Jindal Saw, Ltd.             10,538,187       16,094,630  
419,587
   Jindal Steel & Power, Ltd.             11,074,584       54,575,004  
1,185,343
   JSW Steel, Ltd.             8,661,602       25,316,172  
340,000
   Monnet Ispat & Energy, Ltd.             2,578,179       3,491,938  
243,972
   Shree Precoated Steels, Ltd.+             1,495,323       2,596,613  
6,870,675
   Steel Authority of India, Ltd.             18,775,043       35,700,439  
3,492,667
   Sujana Metals Products, Ltd.+             1,115,584       3,405,235  
3,492,667
   Sujana Towers Ltd+             4,196,719       12,639,252  
1,085,291
   Tata Steel, Ltd.             12,639,775       23,160,229  
 
                        
 
                 71,074,996       176,979,512  
 
                        
 
   Telecommunications     10.93 %                
7,718,510
   Bharti Airtel, Ltd.+             78,192,579       182,311,603  
2,866,003
   Idea Cellular, Ltd.+             6,453,878       9,001,324  
5,739,971
   Reliance Communication, Ltd.             40,028,871       84,361,981  
— ++
   Shyam Telecom, Ltd.+             14       1  
8
   Shyam Telelink, Ltd.+             0       0  
 
                        
 
                 124,675,342       275,674,909  
 
                        
 
   Televisions     0.46 %                
1,626,651
   Dish TV India, Ltd.+             4,238,495       3,012,656  
314,110
   Television Eighteen India, Ltd.             1,636,309       7,141,820  
981,236
   Zee News, Ltd.+             549,452       1,559,980  
 
                        
 
                 6,424,256       11,714,456  
 
                        
 
   Textiles     0.55 %                
1,505,271
   Bombay Rayon Fashions, Ltd.             7,143,343       9,041,637  
222,000
   Eastern Silk Industries, Ltd.             1,436,579       1,392,810  
1,185,482
   S. Kumars Nationwide, Ltd.+             2,365,746       3,381,141  
 
                        
 
                 10,945,668       13,815,588  
 
                        
 
   Transportation     0.38 %                
182,521
   Container Corp. of India, Ltd.             7,365,395       9,622,918  
 
                        
 
                 7,365,395       9,622,918  
 
                        

4

 

The India Fund, Inc.
September 30, 2007 (Unaudited)
Schedule of Investments (continued)
                             
NUMBER       PERCENT OF              
OF SHARES   SECURITY   HOLDINGS     COST     VALUE  
 
                            
COMMON STOCKS (continued)                        
 
                            
 
   Vehicle Components     2.67 %                
2,611,425
   Amtek Auto, Ltd.           $ 9,304,868     $ 23,609,157  
662,864
   ANG Auto, Ltd.             4,156,122       2,985,986  
3,735,301
   Cummins India, Ltd.             20,432,383       40,814,356  
 
                        
 
                 33,893,373       67,409,499  
 
                        
 
   Vehicles     3.47 %                
280,246
   Bajaj Auto, Ltd.             15,326,358       17,861,616  
1,395,584
   Mahindra & Mahindra, Ltd.             15,607,025       26,325,132  
480,453
   Maruti Suzuki India, Ltd.             9,797,931       12,051,868  
1,595,893
   Tata Motors, Ltd.             23,946,571       31,164,920  
 
                        
 
                 64,677,885       87,403,536  
 
                        
 
   TOTAL COMMON STOCKS             1,150,375,599       2,496,217,034  
 
                        
WARRANTS (0.02% of holdings)                        
 
   Beverages-Non Alcoholic     0.02 %                
390,380
   McLeod Russel Zero Point Warrants, 12/10/09             1,048,482       565,661  
 
                        
 
   TOTAL WARRANTS             1,048,482       565,661  
 
                        
SHORT -TERM INVESTMENTS (0.54% of holdings)                        
 
   Short Term Investments     0.54 %                
670,000
   Banking Index Benchmark Exchange Traded Scheme - Bank BeES             8,342,759       13,561,222  
 
                        
 
   TOTAL SHORT-TERM INVESTMENTS             8,342,759       13,561,222  
 
                        
BONDS (0.45% of holdings)                        
Par Value (000) Finance     0.45 %                
INR 460,000
   ICICI Bank, Ltd., Bond Tier 1, 9.98%, 09/13/45             9,944,639       11,317,749  
 
                        
 
   TOTAL BONDS             9,944,639       11,317,749  
 
                        
 
   TOTAL INVESTMENTS *     100.00 %   $ 1,169,711,479     $ 2,521,661,666  
 
                        
Footnotes and Abbreviations
    GDR — Global Depository Receipts
 
    INR — Indian Rupee
 
+   Non income producing
 
++   Less than one share
 
*   As of June 30, 2007, the aggregate cost for federal income tax purposes was $1,179,341,238
         
Excess of value over tax cost
   $ 1,033,239,260  
Excess of tax cost over value
     (13,085,774 )
 
      
 
   $ 1,020,153,486  
 
      
**   Denotes restricted shares. Sale of these shares is restricted for one year from the date of purchase.

5

 

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, Director and President    
 
       (principal executive officer)    
         
Date
   November 7, 2007    
 
       
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, Director and President    
 
       (principal executive officer)    
         
Date
   November 7, 2007    
 
       
         
By (Signature and Title)*
       /s/ Joseph M. Malangoni    
 
       
 
       Joseph M. Malangoni, Treasurer and Vice President    
 
       (principal financial officer)    
         
Date
   November 7, 2007    
 
       
* Print the name and title of each signing officer under his or her signature.