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, 2008
Date of reporting period: March 31, 2008
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, 2008 (Unaudited)
Schedule of Investments
INDIA (100% of holdings)
COMMON STOCKS (99.81% of holdings)
                                 
NUMBER         PERCENT OF              
OF SHARES     SECURITY   HOLDINGS     COST     VALUE  
 
       
 
                        
       
Apparel Manufacturers
     0.50 %                
  350,000    
Provogue (India), Ltd. (Preferential Shares)
           $ 3,564,477     $ 9,544,741  
       
 
                    
       
 
             3,564,477       9,544,741  
       
 
                    
       
Beverages – Alcoholic
     1.21 %                
  607,990    
United Spirits, Ltd.
             17,350,142       22,842,057  
       
 
                    
       
 
             17,350,142       22,842,057  
       
 
                    
       
Building & Construction
     1.74 %                
  1,126,292    
IVRCL Infrastructures and Projects, Ltd.
             7,338,441       11,077,638  
  360,972    
Kalindee Rail Nirman (Engineers), Ltd.
             4,309,833       2,528,693  
  587,463    
KEC International, Ltd.
             6,848,369       9,661,218  
  529,450    
Madhucon Projects, Ltd.
             3,085,915       6,546,863  
  601,900    
Nagarjuna Construction Co., Ltd.
             2,781,681       3,195,531  
       
 
                    
       
 
             24,364,239       33,009,943  
       
 
                    
       
Cement
     1.49 %                
  281,594    
Grasim Industries, Ltd. +
             15,239,284       18,071,288  
  808,040    
Sagar Cements Limited (Preferential Shares)
             3,467,591       7,735,996  
  120,650    
UltraTech Cement, Ltd. +
             2,657,051       2,345,187  
       
 
                    
       
 
             21,363,926       28,152,471  
       
 
                    
       
Chemicals
     0.37 %                
  1,073,300    
United Phosphorus, Ltd.
             8,148,011       7,017,113  
       
 
                    
       
 
             8,148,011       7,017,113  
       
 
                    
       
Coal
     0.47 %                
  2,587,850    
Gujarat NRE Coke, Ltd.
             6,973,630       8,985,232  
       
 
                    
       
 
             6,973,630       8,985,232  
       
 
                    
       
Communications Services
     0.19 %                
  203,000    
Tech Mahindra, Ltd. +
             3,569,772       3,576,534  
       
 
                    
       
 
             3,569,772       3,576,534  
       
 
                    
       
Computer Software & Programming
     9.93 %                
  3,192,127    
Infosys Technologies, Ltd.
             65,578,740       113,789,143  
  223,999    
KPIT Cummins Infosystems, Ltd.
             435,353       433,817  
  3,360,867    
Satyam Computer Services, Ltd.
             32,045,308       33,051,597  
  1,196,122    
Tanla Solutions, Ltd.
             12,182,556       15,832,517  
  605,162    
Tata Consultancy Services, Ltd.
             17,203,573       12,231,452  

1

 

The India Fund, Inc.
March 31, 2008 (Unaudited)
Schedule of Investments (continued)
COMMON STOCKS (continued)
                                 
NUMBER         PERCENT OF              
OF SHARES     SECURITY   HOLDINGS     COST     VALUE  
 
       
 
                        
       
Computer Software & Programming (continued)
                        
  1,201,600    
Wipro, Ltd.
           $ 14,304,499     $ 12,737,799  
       
 
                    
       
 
             141,750,029       188,076,325  
       
 
                    
       
Consumer Non-Durables
     3.33 %                
  4,635,899    
Hindustan Unilever, Ltd.
             23,013,741       26,426,473  
  7,134,045    
ITC, Ltd.
             23,416,477       36,692,677  
       
 
                    
       
 
             46,430,218       63,119,150  
       
 
                    
       
Diversified Financial Services
     3.52 %                
  100,055    
Edelweiss Capital, Ltd. +
             2,904,785       2,018,682  
  385,100    
Indiabulls Financial Service, Ltd.
             3,164,738       3,975,783  
  705,150    
Indiabull Securities, Ltd.
             0       3,726,117  
  5,252,315    
Infrastructure Development Finance Co., Ltd.
             10,176,974       19,827,096  
  5,843,147    
Power Finance Corp.
             20,799,212       23,615,810  
  186,467    
Reliance Capital, Ltd.
             4,954,621       5,714,386  
  1,117,292    
SREI Infrastructure Finance, Ltd.
             3,129,576       3,760,974  
  234,595    
Titagarth Wagons, Ltd. +
             3,985,506       3,975,075  
       
 
                    
       
 
             49,115,412       66,613,923  
       
 
                    
       
Diversified Industries
     1.46 %                
  102,375    
Aban Offshore, Ltd.
             8,211,454       7,717,932  
  1,556,070    
Elecon Engineering Co., Ltd.
             3,303,295       7,338,196  
  69,339    
NEPC India, Ltd. GDR+
             3,467       13,868  
  161,217    
Sesa Goa, Ltd.
             13,497,119       12,578,904  
       
 
                    
       
 
             25,015,335       27,648,900  
       
 
                    
       
Diversified Operations
     0.57 %                
  299,600    
Rei Agro, Ltd. +
             7,027,767       10,760,808  
       
 
                    
       
 
             7,027,767       10,760,808  
       
 
                    
       
Electronics & Electrical Equipment
     7.98 %                
  1,309,889    
Bharat Heavy Electricals, Ltd.
             13,295,460       67,144,871  
  3,018,100    
Exide Industries, Ltd.
             4,410,409       5,047,720  
  660,000    
HBL Nife Power Systems, Ltd.
             2,857,900       4,655,533  
  604,503    
Indo Tech Transformers, Ltd.
             3,455,031       7,503,552  
  2,841,674    
Jyoti Structures, Ltd.
             5,995,297       11,307,908  
  2,347,035    
Kei Industries, Ltd.
             3,041,105       3,433,972  
  3,053,350    
NTPC, Ltd.
             12,576,756       14,992,770  
  46,997    
Octav Investments
             0       127,684  
  554,836    
PTC India, Ltd.
             1,303,184       1,329,006  
  1,038,711    
Punj Lloyd, Ltd.
             7,739,489       8,066,062  
  491,631    
Reliance Energy, Ltd.
             6,853,108       15,331,608  
  115,487    
Tata Power Company, Ltd.
             2,402,930       3,373,360  
  460,926    
UTV Software Communications, Ltd.
             5,943,095       8,846,287  
       
 
                    
       
 
             69,873,764       151,160,333  
       
 
                    

2

 

The India Fund, Inc.
March 31, 2008 (Unaudited)
Schedule of Investments (continued)
COMMON STOCKS (continued)
                                 
NUMBER         PERCENT OF              
OF SHARES     SECURITY   HOLDINGS     COST     VALUE  
 
       
 
                        
       
Engineering
     2.18 %                
  250,650    
Larsen & Toubro, Ltd.
           $ 17,377,380     $ 18,897,461  
  1,463,257    
Thermax, Ltd.
             3,012,294       22,320,869  
       
 
                    
       
 
             20,389,674       41,218,330  
       
 
                    
       
Finance
     14.79 %                
  435,000    
Axis Bank, Ltd.
             2,570,850       8,265,000  
  507,600    
Bank of Baroda
             2,969,207       3,591,915  
  670,000    
Banking Index Benchmark Exchange Traded Scheme – Bank BeES
             8,342,759       11,111,947  
  4,268,150    
Dena Bank, Ltd.
             5,548,053       5,409,657  
  1,030,263    
HDFC Bank, Ltd.
             18,745,046       33,895,704  
  1,278,148    
Housing Development Finance Corp., Ltd.
             22,873,058       75,941,807  
  3,430,091    
ICICI Bank, Ltd.
             38,758,523       65,840,306  
  465,450    
Kotak Mahindra Bank, Ltd.
             10,205,929       7,292,089  
  921,500    
Oriental Bank of Commerce
             4,122,303       4,057,402  
  884,631    
Punjab National Bank, Ltd.
             9,661,534       11,204,517  
  4,078,140    
South Indian Bank, Ltd.
             6,558,369       14,139,314  
  891,300    
State Bank of India
             9,425,362       35,519,816  
  45,550    
State Bank of India GDR
             525,435       3,871,750  
       
 
                    
       
 
             140,306,428       280,141,224  
       
 
                    
       
Finance – Other Services
     0.21 %                
  304,546    
Bajaj Finserv, Ltd.
             0       4,099,074  
       
 
                    
       
 
             0       4,099,074  
       
 
                    
       
Financial Services
     0.09 %                
  331,766    
Network 18 Media and Investment, Ltd.
             772,928       1,756,408  
       
 
                    
       
 
             772,928       1,756,408  
       
 
                    
       
Food
     0.67 %                
  3,060,000    
Balrampur Chini Mills, Ltd.
             7,196,540       6,162,712  
  560,250    
Lakshmi Energy & Foods, Ltd.
             905,948       3,211,802  
  133,800    
Shree Renuka Sugars, Ltd.
             2,961,865       3,224,273  
       
 
                    
       
 
             11,064,353       12,598,787  
       
 
                    
       
Hotels & Leisure
     0.32 %                
  2,172,230    
Indian Hotels Co., Ltd.
             6,550,944       6,055,930  
       
 
                    
       
 
             6,550,944       6,055,930  
       
 
                    
       
Investment Companies
     0.28 %                
  304,546    
Bajaj Holdings and Investment, Ltd.
             17,149,133       5,248,712  
       
 
                    
       
 
             17,149,133       5,248,712  
       
 
                    

3

 

The India Fund, Inc.
March 31, 2008 (Unaudited)
Schedule of Investments (continued)
COMMON STOCKS (continued)
                                 
NUMBER         PERCENT OF              
OF SHARES     SECURITY   HOLDINGS     COST     VALUE  
 
       
 
                        
       
Media
     1.17 %                
  669,000    
Balaji Telefilms, Ltd.
           $ 3,607,811     $ 3,274,131  
  2,353,275    
Deccan Chronicle Holdings, Ltd.
             10,590,322       9,607,838  
  1,532,448    
Zee Telefilms, Ltd.
             8,635,386       9,344,801  
       
 
                    
       
 
             22,833,519       22,226,770  
       
 
                    
       
Metal – Diversified
     1.39 %                
  1,485,003    
Sterlite Industries India, Ltd. +
             17,687,212       26,416,915  
       
 
                    
       
 
             17,687,212       26,416,915  
       
 
                    
       
Motorcycle / Motor Scooter
     0.41 %                
  304,546    
Bajaj Auto, Ltd.
             0       7,750,286  
       
 
                    
       
 
             0       7,750,286  
       
 
                    
       
Petroleum Related
     17.05 %                
  956,800    
Bharat Petroleum Corp., Ltd.
             10,378,236       9,807,677  
  1,028,400    
Cairn India, Ltd. +
             5,054,610       5,746,941  
  531,739    
Indian Oil Corp., Ltd.
             4,127,282       5,905,855  
  2,474,637    
Oil and Natural Gas Corp., Ltd.
             35,353,029       60,530,522  
  4,267,573    
Reliance Industries, Ltd.
             65,093,464       240,875,350  
       
 
                    
       
 
             120,006,621       322,866,345  
       
 
                    
       
Pharmaceuticals
     2.36 %                
  851,481    
Dishman Pharmaceuticals & Chemicals, Ltd.
             4,039,845       6,070,941  
  1,086,350    
Glenmark Pharmaceuticals, Ltd.
             11,667,746       13,286,938  
  997,150    
Panacea Biotec, Ltd.
             8,159,251       8,375,861  
  561,512    
Sun Pharmaceutical Industries, Ltd.
             11,314,057       17,011,910  
       
 
                    
       
 
             35,180,899       44,745,650  
       
 
                    
       
Publishing
     0.02 %                
  600,000    
Business India Publications (Preferential Shares)
             1,003,792       430,708  
       
 
                    
       
 
             1,003,792       430,708  
       
 
                    
       
Real Estate Operation / Development
     0.50 %                
  314,012    
DLF, Ltd.
             4,037,956       5,060,039  
  262,250    
Housing Development and Infrastructure, Ltd.
             5,321,895       4,305,685  
       
 
                    
       
 
             9,359,851       9,365,724  
       
 
                    
       
Rubber
     0.39 %                
  503,900    
Jain Irrigation Systems, Ltd.
             8,135,696       7,436,042  
       
 
                    
       
 
             8,135,696       7,436,042  
       
 
                    
       
Shipbuilding
     0.50 %                
  4,700,000    
Pipavav Shipyard, Ltd.
             9,488,959       9,371,884  
       
 
                    
       
 
             9,488,959       9,371,884  
       
 
                    

4

 

The India Fund, Inc.
March 31, 2008 (Unaudited)
Schedule of Investments (continued)
COMMON STOCKS (continued)
                                 
NUMBER         PERCENT OF              
OF SHARES     SECURITY   HOLDINGS     COST     VALUE  
 
       
 
                        
       
Steel
     8.69 %                
  772,887    
Adhunik Metaliks, Ltd.
           $ 4,316,492     $ 2,643,073  
  858,864    
Jindal Saw, Ltd.
             13,035,475       13,896,599  
  1,182,635    
Jindal Steel & Power, Ltd.
             6,680,795       61,089,052  
  1,180,293    
JSW Steel, Ltd.
             10,986,346       24,097,159  
  433,750    
Monnet Ispat & Energy, Ltd.
             3,582,693       5,256,462  
  4,113,375    
Steel Authority of India, Ltd.
             13,518,261       18,941,825  
  2,570,767    
Sujana Towers, Ltd.+
             3,088,983       7,134,968  
  1,451,415    
Tata Steel, Ltd.
             18,936,684       25,075,980  
  682,900    
Welspun-Gujarat Stahl Rohren, Ltd.
             6,653,565       6,523,465  
       
 
                    
       
 
             80,799,294       164,658,583  
       
 
                    
       
Telecommunications
     8.81 %                
  4,634,610    
Bharti Airtel, Ltd.+
             66,349,906       95,429,993  
  5,641,721    
Reliance Communication, Ltd.
             44,373,338       71,477,736  
  — ++    
Shyam Telecom, Ltd.+
             14       1  
  8    
Shyam Telelink, Ltd.+
             0       0  
       
 
                    
       
 
             110,723,258       166,907,730  
       
 
                    
       
Televisions
     0.61 %                
  628,220    
Television Eighteen India, Ltd.
             1,636,309       6,202,342  
  4,231,545    
Zee News, Ltd.+
             5,859,777       5,305,252  
       
 
                    
       
 
             7,496,086       11,507,594  
       
 
                    
       
Textiles
     0.57 %                
  1,091,621    
Bombay Rayon Fashions, Ltd.
             5,325,859       7,950,440  
  1,258,200    
S. Kumars Nationwide, Ltd.+
             4,040,576       2,772,305  
       
 
                    
       
 
             9,366,435       10,722,745  
       
 
                    
       
Transportation
     0.06 %                
  574,000    
Transport Corporation of India, Ltd.
             1,192,816       1,230,409  
       
 
                    
       
 
             1,192,816       1,230,409  
       
 
                    
       
Vehicle Components
     1.79 %                
  1,471,125    
Amtek Auto, Ltd.
             6,685,101       9,381,539  
  10    
ANG Auto, Ltd.
             72       23  
  3,094,901    
Cummins India, Ltd.
             17,482,678       24,515,442  
       
 
                    
       
 
             24,167,851       33,897,004  
       
 
                    
       
Vehicles
     4.19 %                
  949,950    
Hero Honda Motors, Ltd.
             17,668,212       16,342,360  
  1,587,084    
Mahindra & Mahindra, Ltd.
             19,374,366       27,518,818  
  841,403    
Maruti Udyog, Ltd.
             18,632,617       17,397,454  
  1,165,443    
Tata Motors, Ltd.
             18,928,304       18,110,555  
       
 
                    
       
 
             74,603,499       79,369,187  
       
 
                    
 
       
TOTAL COMMON STOCKS
             1,152,825,970       1,890,529,571  
       
 
                    

5

 

The India Fund, Inc.
March 31, 2008 (Unaudited)
Schedule of Investments (continued)
PREFERRED STOCK (0.14% of holdings)
                                 
NUMBER         PERCENT OF              
OF SHARES     SECURITY   HOLDINGS     COST     VALUE  
 
       
 
                        
       
Steel
     0.14 %                
  976,761    
Tata Steel (Preferential Shares)
           $ 2,479,089     $ 2,586,761  
       
 
                    
       
TOTAL PREFERRED STOCK
             2,479,089       2,586,761  
       
 
                    
       
 
                        
RIGHTS (0.05% of holdings)                        
       
Financial Services
     0.02 %                
  66,353    
Network 18 Preferred Rights
             0       420,744  
       
 
                    
       
 
             0       420,744  
       
 
                    
       
Hotels & Leisure
     0.03 %                
  434,446    
Indian Hotels Rights For Common Shares Exp 04/15/08
             0       498,660  
  217,223    
Indian Hotels Rights For Non-Convertible Debentures & Warrants
             0       0  
       
 
                    
       
 
             0       498,660  
       
 
                    
       
TOTAL RIGHTS
             0       919,404  
       
 
                    
       
TOTAL INVESTMENTS
          $ 1,155,305,059     $ 1,894,035,736  
       
 
                    
Footnotes and Abbreviations
    GDR — Global Depository Receipt
 
+   Non-income producing.
 
++   Less than one share
 
*   As of December 31, 2007, the aggregate cost for federal income tax purposes was $1,232,438,410
         
Excess of value over tax cost
   $ 1,667,510,931  
Excess of tax cost over value
     (2,673,953 )
 
      
 
   $ 1,664,836,978  
 
      

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 has 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, 2008, is as follows:
         
    Investments in  
Valuation Inputs   Securities  
Level 1 — Quoted Prices
   $ 1,846,340,898  
Level 2 — Other Significant Observable Inputs
     17,779,397  
Level 3 — Significant Unobservable Inputs
     29,915,441  
 
      
Total
   $ 1,894,035,736  
 
      
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, 2007
   $ 10,695,081  
Realized gain (loss)
     0  
Change in unrealized appreciation (depreciation)
     (1,176,753 )
Net purchases (sales)
     3,985,506  
Net transfers in/out of Level 3
     16,411,607  
 
      
Balance, as of March 31, 2008
   $ 29,915,441  
 
      

 

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 May 22, 2008           
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 May 22, 2008           
         
By (Signature and Title)*
  /s/ Joseph M. Malangoni    
 
       
 
  Joseph M. Malangoni, Treasurer and Vice President    
 
  (principal financial officer)    
Date May 22, 2008           
 
*    Print the name and title of each signing officer under his or her signature.