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
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The India Fund, Inc.
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(Exact name of registrant as specified in charter)
200 Park Avenue
New York, NY 10166
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(Address of principal executive offices) (Zip code)
Simpson Thacher & Bartlett LLP
425 Lexington Avenue
New York, NY 10017
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(Name and address of agent for service)
Registrant's telephone number, including area code: 212-667-4939
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Date of fiscal year end: December 31
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Date of reporting period: September 30, 2005
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Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (ss.ss. 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. ss. 3507.
ITEM 1. SCHEDULE OF INVESTMENTS.
The Schedule(s) of Investments is attached herewith.
THE INDIA FUND, INC.
SEPTEMBER 30, 2005 (UNAUDITED)
SCHEDULE OF INVESTMENTS
INDIA (100% OF HOLDINGS)
NUMBER PERCENT OF
OF SHARES SECURITY HOLDINGS COST VALUE
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COMMON STOCKS (99.02% of holdings)
AIRLINES 0.16%
72,500 Jet Airways (India) Ltd $ 1,988,140 $ 1,841,399
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1,988,140 1,841,399
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APPAREL MANUFACTURERS 0.19%
550,000 Crew B.O.S. Products Ltd 2,125,271 2,183,612
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2,125,271 2,183,612
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CEMENT 1.29%
558,998 Associated Cement Companies Ltd 5,280,413 6,195,196
4,722,380 Gujarat Ambuja Cements Ltd 5,614,579 8,243,891
15,054 Simplex Concrete Piles India 345,104 425,905
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11,240,096 14,864,992
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CHEMICALS 0.53%
1,407,400 Tata Chemicals Ltd 5,411,709 6,138,268
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5,411,709 6,138,268
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COMPUTER HARDWARE 1.35%
2,120,560 HCL Infosystems Ltd 6,930,905 11,556,606
1,010,150 NIIT Technologies Ltd 3,277,414 3,977,185
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10,208,319 15,533,791
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COMPUTER SOFTWARE & PROGRAMMING 11.46%
954,360 Geodesic Information Systems Ltd 451,906 5,649,316
228,850 I-Flex Solutions Ltd 3,323,709 5,108,198
1,456,571 Infosys Technologies Ltd 28,774,570 83,388,814
347,964 KPIT Cummins Infosystems Ltd 1,298,558 2,184,421
649,000 Patni Computer Systems Ltd 5,343,570 6,673,784
1,409,546 Satyam Computer Services Ltd 12,140,480 17,955,561
1,287,800 Wipro Ltd 6,994,916 10,890,573
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58,327,709 131,850,667
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COMPUTER TRAINING 0.21%
248,100 NIIT Ltd 819,788 1,671,776
358,041 SSI Ltd 817,542 708,508
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1,637,330 2,380,284
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CONSTRUCTION/BUILDING MATERIALS 0.81%
501,836 IVRCL Infrastructures and Projects Ltd 4,870,632 9,321,605
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4,870,632 9,321,605
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CONSULTING SERVICES 0.55%
186,694 Tata Consultancy Services 5,685,772 6,290,015
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5,685,772 6,290,015
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1
THE INDIA FUND, INC.
SEPTEMBER 30, 2005 (UNAUDITED)
SCHEDULE OF INVESTMENTS (CONTINUED)
NUMBER PERCENT OF
OF SHARES SECURITY HOLDINGS COST VALUE
---------------------------------------------------------------------------------------------------------------
COMMON STOCKS (continued)
CONSUMER GOODS-FOOD MANUFACTURERS 0.26%
1,472,000 Balrampur Chini Mills Ltd. $ 3,109,805 $ 2,958,062
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3,109,805 2,958,062
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CONSUMER NON-DURABLES 5.83%
833,000 Dabur India Ltd 2,153,435 3,094,975
6,260,501 Hindustan Lever Ltd 23,843,725 25,795,286
12,286,275 ITC Ltd. 19,944,638 38,215,583
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45,941,798 67,105,844
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DIAGNOSTIC EQUIPMENT 0.09%
61,376 Vimta Labs Ltd 1,131,175 1,067,955
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1,131,175 1,067,955
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DIVERSIFIED INDUSTRIES 10.35%
506,532 Grasim Industries Ltd 4,671,404 15,219,579
1,181,200 HEG Ltd 4,258,599 4,567,360
678,000 Lakshmi Overseas Industries Ltd 3,046,894 5,783,009
5,067,143 Reliance Industries Ltd 51,173,581 91,454,065
351,897 Zen Technologies Ltd+ 1,368,719 2,053,433
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64,519,197 119,077,446
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ELECTRICITY 1.94%
6,622,750 National Thermal Power Corporation Ltd 12,359,101 15,967,508
2,338,700 Neyveli Lignite Corporation Ltd 4,083,185 4,431,109
144,300 Reliance Energy Ltd 2,018,861 1,911,856
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18,461,147 22,310,473
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ELECTRONICS & ELECTRICAL EQUIPMENT 7.59%
509,771 Bharat Electronics Ltd 6,162,068 9,857,428
1,838,062 Bharat Heavy Electricals Ltd 15,637,909 51,423,093
501,392 Jyoti Structures Ltd 752,152 3,146,459
670,167 Mather & Platt Pumps Ltd 3,293,999 3,582,151
574,250 Salora International Ltd 2,238,464 1,632,691
169,502 Siemens India Ltd 3,859,253 10,047,133
386,703 Sterlite Industries (India) Ltd 6,017,902 7,692,280
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37,961,747 87,381,235
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ENGINEERING 5.99%
263,049 ABB Ltd 3,105,368 10,229,983
995,800 Bharat Earth Movers Ltd 6,810,087 21,036,034
269,095 Gammon India Ltd 549,349 2,486,826
458,004 Hindustan Construction Ltd 3,999,665 11,249,824
1,967,952 Jaiprakash Associates Ltd 6,426,534 13,392,727
402,158 Thermax India Ltd 1,481,800 8,159,330
183,095 Walchandnagar Industries Ltd 2,059,076 2,352,978
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24,431,879 68,907,702
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EXTRACTIVE INDUSTRIES 7.77%
5,759,650 Hindalco Industries Ltd 12,249,433 19,264,336
2,656,141 Oil and Natural Gas Corporation Ltd 47,468,005 64,094,165
2
THE INDIA FUND, INC.
SEPTEMBER 30, 2005 (UNAUDITED)
SCHEDULE OF INVESTMENTS (CONTINUED)
NUMBER PERCENT OF
OF SHARES SECURITY HOLDINGS COST VALUE
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COMMON STOCKS (continued)
EXTRACTIVE INDUSTRIES (CONTINUED)
254,150 Sesa Goa Ltd $ 4,168,849 $ 6,066,303
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63,886,287 89,424,804
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FERTILIZERS 0.18%
440,560 Indo Gulf Fertilisers Ltd 539,287 2,022,177
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539,287 2,022,177
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FINANCE 15.95%
509,935 Corporation Bank 3,435,470 4,925,950
1,980,908 HDFC Bank Ltd 17,208,521 30,978,581
1,783,340 Housing Development Finance Corporation Ltd 17,622,515 42,171,032
2,049,171 ICICI Bank Ltd 7,104,774 27,981,799
100,000 IndusInd Bank Ltd 183,744 160,468
4,311,720 Infrastructure Development Finance Company Ltd+ 4,667,753 6,953,280
374,076 Jammu and Kashmir Bank Ltd 2,943,631 3,855,199
453,920 LIC Housing Finance Ltd 2,586,596 2,077,305
389,300 Oriental Bank of Commerce 2,987,427 2,412,039
255,996 Punjab National Bank Ltd 2,289,872 2,623,428
1,759,133 State Bank of India 7,688,997 37,555,379
45,550 State Bank of India GDR 525,435 2,254,725
1,221,550 UTI Bank Ltd 6,320,228 7,376,812
500,000 UTI Bank Ltd 144A GDR+ 2,955,000 2,975,000
6,450,386 Vijaya Bank Ltd 9,478,322 9,265,140
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87,998,285 183,566,137
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FOOD 0.86%
978,500 Dhampur Sugar Mills Ltd+ 2,980,108 3,506,486
567,751 Ruchi Soya Industries Ltd 2,979,691 3,680,406
1,255,629 Satnam Overseas Ltd 2,722,956 2,686,044
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8,682,755 9,872,936
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HOTELS & LEISURE 0.69%
797,157 Hotel Leelaventure Ltd 755,185 4,705,157
186,423 Indian Hotels Company Ltd 2,587,609 3,235,530
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3,342,794 7,940,687
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HOUSEHOLD APPLIANCES 0.53%
560,760 Voltas Ltd 2,659,152 6,064,218
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2,659,152 6,064,218
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MEDIA 0.09%
279,200 Balaji Telefilms Ltd 601,722 794,448
50,000 Zee Telefilms Ltd 228,280 196,463
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830,002 990,911
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PETROLEUM RELATED 1.72%
3 Bharat Petroleum Corporation Ltd 22 28
526,878 Hindustan Petroleum Corporation Ltd 3,766,802 3,789,351
1,378,640 Indian Oil Corporation Ltd 6,687,841 14,165,828
37,300 Niko Resources Ltd ADR 664,770 1,614,195
3
THE INDIA FUND, INC.
SEPTEMBER 30, 2005 (UNAUDITED)
SCHEDULE OF INVESTMENTS (CONTINUED)
NUMBER PERCENT OF
OF SHARES SECURITY HOLDINGS COST VALUE
---------------------------------------------------------------------------------------------------------------
COMMON STOCKS (continued)
PETROLEUM RELATED (CONTINUED)
40,000 Shiv-Vani Oil & Gas Exploration $ 208,312 $ 203,980
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11,327,747 19,773,382
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PHARMACEUTICALS 3.49%
350,500 Cadila Healthcare Ltd 4,109,134 4,225,293
127,257 Dishman Pharmaceuticals Ltd 1,519,506 2,257,715
1,203,500 FDC Ltd 1,554,508 1,357,753
168,527 Lupin Ltd 2,519,545 2,894,072
1,689,780 Matrix Laboratories Ltd 4,330,898 7,079,665
844,926 Ranbaxy Laboratories Ltd 8,954,405 9,440,917
587,912 Sun Pharmaceutical Industries Ltd 5,653,780 8,946,051
354,500 Wockhardt Ltd+ 1,616,807 3,934,454
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30,258,583 40,135,920
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RETAIL STORES 0.37%
929,400 SB&T International Ltd 1,851,444 1,620,346
132,757 Trent Ltd 467,324 2,657,254
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2,318,768 4,277,600
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SHIPPING 0.88%
1,105,400 Bharati Shipyard Ltd+ 4,040,059 8,791,154
151,577 CCL Products India Ltd 933,251 1,398,377
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4,973,310 10,189,531
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STEEL 4.10%
584,383 Jindal Steel & Power Ltd 14,281,402 19,284,705
2,100,000 Sujana Metals Products Ltd 2,969,552 3,491,641
2,533,291 Tata Iron and Steel Company Ltd 17,740,018 24,402,337
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34,990,972 47,178,683
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TELECOMMUNICATIONS 5.29%
7,666,260 Bharti Tele-Ventures Ltd+ 25,990,505 60,768,602
45,000 Mahanagar Telephone Nigam Ltd 144,531 130,502
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26,135,036 60,899,104
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TELECOMMUNICATIONS EQUIPMENT 0.00%
1 Shyam Telecom Ltd+ 14 2
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14 2
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TELEVISIONS 0.20%
253,590 Television Eighteen India Ltd 2,350,000 2,338,058
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2,350,000 2,338,058
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TEXTILES-COTTON 0.84%
1,689,500 Arvind Mills Ltd 4,772,811 5,128,256
673,950 Mahavir Spinning Mills Ltd 2,119,975 4,522,126
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6,892,786 9,650,382
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4
THE INDIA FUND, INC.
SEPTEMBER 30, 2005 (UNAUDITED)
SCHEDULE OF INVESTMENTS (CONTINUED)
NUMBER PERCENT OF
OF SHARES SECURITY HOLDINGS COST VALUE
---------------------------------------------------------------------------------------------------------------------
COMMON STOCKS (continued)
TRANSPORTATION 1.42%
541,426 Container Corporation of India Ltd $ 5,224,685 $ 16,378,860
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5,224,685 16,378,860
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VEHICLE COMPONENTS 1.47%
2,748,000 Amtek Auto Ltd 8,349,625 16,869,901
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8,349,625 16,869,901
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VEHICLES 4.57%
201,600 Bajaj Auto Ltd 5,433,483 7,759,067
39,060 Escorts Ltd+ 103,263 90,398
962,837 Hero Honda Motors Ltd 10,943,942 16,249,859
1,932,670 Mahindra & Mahindra Ltd 10,682,439 16,627,600
965,125 Tata Motors Ltd 7,889,854 11,732,311
13,500 Tata Motors Ltd ADR 118,800 166,455
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35,171,781 52,625,690
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TOTAL COMMON STOCKS 632,983,595 1,139,412,333
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SHORT-TERM INVESTMENTS (0.98% of holdings)
3,163,170 Birla Cash Plus+ 753,281 775,774
3,269,998 Deutsche Insta Cash Plus Fund+ 770,096 793,041
13,510,558 HDFC Liquid Fund+ 4,050,256 4,151,289
3,284,788 Prudential ICICI Liquid Plan+ 1,223,391 1,260,263
17,680,218 Standard Chartered Grindlays Cash Fund Growth Option+ 4,207,480 4,333,291
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TOTAL SHORT-TERM INVESTMENTS 11,004,504 11,313,658
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TOTAL INDIA 643,988,099 1,150,725,991
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TOTAL INVESTMENTS* 100.00% $ 643,988,099 $ 1,150,725,991
=============== ================
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FOOTNOTES AND ABBREVIATIONS
ADR - American Depository Receipts
GDR - Global Depository Receipts
+ Non income producing.
* As of December 31, 2004, the aggregate cost for federal income tax
purposes was $339,981,186. The aggregate gross unrealized
appreciation (depreciation) for all securities was as follows:
Excess of value over tax cost $ 319,404,453
Excess of tax cost over value (3,632,179)
---------------
$ 315,772,274
===============
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.
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By (Signature and Title)* /s/ Bryan McKigney
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Bryan McKigney, Director, President & Chairman
(principal executive officer)
Date October 31, 2005
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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/ Bryan McKigney
----------------------------------------------------
Bryan McKigney, Director, President & Chairman
(principal executive officer)
Date October 31, 2005
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By (Signature and Title)* /s/ Alan Kaye
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Alan Kaye, Treasurer
(principal financial officer)
Date October 31, 2005
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* Print the name and title of each signing officer under his or her signature.