nvq
 
 
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, 2011
Date of reporting period: September 30, 2011
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, 2011 (Unaudited)
Schedule of Investments
INDIA (100% of holdings)
COMMON STOCKS (100.00% of holdings)
                                 
NUMBER         PERCENT OF              
OF SHARES     SECURITY   HOLDINGS     COST     VALUE  
       
India
     100.00 %                
       
Beverages — Alcoholic
     0.57 %                
  2,320,710    
Radico Khaitan, Ltd.
           $ 8,093,931     $ 5,880,554  
       
 
                    
       
 
             8,093,931       5,880,554  
       
 
                    
       
Building & Construction
     0.95 %                
  1,615,675    
Jaiprakash Associates, Ltd.
             1,955,467       2,401,657  
  2,773,346    
Sadbhav Engineering, Ltd.
             7,626,598       7,474,868  
       
 
                    
       
 
             9,582,065       9,876,525  
       
 
                    
       
Building — Residential / Commercial
     0.30 %                
  714,839    
Sobha Developers, Ltd.
             4,506,151       3,165,872  
       
 
                    
       
 
             4,506,151       3,165,872  
       
 
                    
       
Cement
     1.01 %                
  150,368    
Grasim Industries, Ltd.
             6,660,401       7,195,558  
  143,429    
UltraTech Cement, Ltd.
             2,164,131       3,309,337  
       
 
                    
       
 
             8,824,532       10,504,895  
       
 
                    
       
Chemicals
     0.53 %                
  85,611    
Asian Paints, Ltd.
             5,042,890       5,505,325  
       
 
                    
       
 
             5,042,890       5,505,325  
       
 
                    
       
Coal
     0.76 %                
  1,163,109    
Coal India, Ltd.
             7,954,231       7,902,491  
       
 
                    
       
 
             7,954,231       7,902,491  
       
 
                    
       
Computer Software & Programming
     13.19 %                
  1,524,393    
Infosys, Ltd.
             13,589,501       78,866,911  
  1,888,673    
KPIT Cummins Infosystems, Ltd.
             1,510,189       5,792,316  
  3,784,091    
Redington (India), Ltd.
             5,404,254       7,046,638  
  2,024,970    
Tata Consultancy Services, Ltd.
             20,653,103       42,897,527  
  348,525    
Wipro, Ltd.
             829,251       2,424,553  
       
 
                    
       
 
             41,986,298       137,027,945  
       
 
                    
       
Consumer Non-Durables
     6.62 %                
  1,059,018    
Emami, Ltd.
             10,220,003       9,147,883  
  14,760,378    
ITC, Ltd.
             33,129,861       59,629,215  
       
 
                    
       
 
             43,349,864       68,777,098  
       
 
                    
       
Consumer Products
     1.93 %                
  790,296    
Godrej Consumer Products, Ltd.
             7,599,207       6,465,985  
  1,930,356    
HSIL, Ltd.
             6,398,210       7,276,033  
  1,480,840    
Titan Industries, Ltd.
             4,025,867       6,311,901  
       
 
                    
       
 
             18,023,284       20,053,919  
       
 
                    

1

 

THE INDIA FUND, Inc.
September 30, 2011 (Unaudited)
Schedule of Investments (continued)
COMMON STOCKS (continued)
                                 
NUMBER         PERCENT OF              
OF SHARES     SECURITY   HOLDINGS     COST     VALUE  
       
India (continued)
                        
       
Diversified Financial Services
     1.92 %                
  1,473,052    
Indiabulls Financial Service, Ltd.
           $ 5,326,109     $ 4,726,700  
  1,213,690    
Shriram Transport Finance Co., Ltd.
             15,394,191       15,175,152  
       
 
                    
       
 
             20,720,300       19,901,852  
       
 
                    
       
Diversified Operations
     0.29 %                
  6,019,729    
Rei Agro, Ltd.
             2,518,175       3,066,712  
       
 
                    
       
 
             2,518,175       3,066,712  
       
 
                    
       
E-Services & Consulting
     1.24 %                
  2,203,489    
Core Education & Technologies, Ltd.
             13,820,543       12,910,488  
       
 
                    
       
 
             13,820,543       12,910,488  
       
 
                    
       
Electric — Integrated
     0.52 %                
  958,502    
CESC, Ltd.
             6,373,311       5,414,386  
       
 
                    
       
 
             6,373,311       5,414,386  
       
 
                    
       
Electric — Transmission
     0.59 %                
  3,034,741    
Power Grid Corp. of India, Ltd.
             6,554,550       6,091,170  
       
 
                    
       
 
             6,554,550       6,091,170  
       
 
                    
       
Electronics & Electrical Equipment
     0.90 %                
  125,143    
Bharat Heavy Electricals, Ltd.
             1,175,345       4,183,315  
  695,544    
Havells India, Ltd.
             6,317,178       5,156,754  
       
 
                    
       
 
             7,492,523       9,340,069  
       
 
                    
       
Engineering
     0.71 %                
  189,336    
Larsen & Toubro, Ltd.
             3,051,106       5,250,764  
  237,758    
Thermax, Ltd.
             134,516       2,142,613  
       
 
                    
       
 
             3,185,622       7,393,377  
       
 
                    
       
Finance
     21.91 %                
  2,104,640    
Allahabad Bank, Ltd.
             10,885,940       6,779,111  
  415,095    
Axis Bank, Ltd.
             4,482,538       8,657,454  
  635,592    
Bank of Baroda
             3,155,138       9,913,159  
  3,764,589    
Development Credit Bank, Ltd.+
             4,560,260       3,347,582  
  1,200,980    
Federal Bank, Ltd.
             7,983,732       9,000,913  
  6,053,180    
HDFC Bank, Ltd.
             30,682,677       57,750,860  
  98,750    
HDFC Bank, Ltd. ADR
             3,037,421       2,878,562  
  2,935,243    
Housing Development Finance Corp., Ltd.
             5,987,360       38,312,488  
  2,313,918    
ICICI Bank, Ltd.
             23,894,292       41,357,593  
  1,006,691    
IndusInd Bank, Ltd.
             5,870,199       5,391,629  
  2,786,331    
Muthoot Finance, Ltd.+
             11,443,441       9,364,575  
  157,008    
Punjab National Bank
             1,362,401       3,036,770  
  569,956    
State Bank of India
             4,339,853       22,240,795  
  22,550    
State Bank of India GDR
             257,070       1,905,475  
  1,377,384    
Yes Bank, Ltd.
             8,830,418       7,663,852  
       
 
                    
       
 
             126,772,740       227,600,818  
       
 
                    

2

 

THE INDIA FUND, Inc.
September 30, 2011 (Unaudited)
Schedule of Investments (continued)
COMMON STOCKS (continued)
                                 
NUMBER         PERCENT OF              
OF SHARES     SECURITY   HOLDINGS     COST     VALUE  
       
India (continued)
                        
       
Household Appliances
     0.41 %                
  80,090    
TTK Prestige, Ltd.
           $ 2,878,866     $ 4,226,086  
       
 
                    
       
 
             2,878,866       4,226,086  
       
 
                    
       
Investment Companies
     0.90 %                
  639,898    
Bajaj Holdings and Investment, Ltd.
             9,724,624       9,389,744  
       
 
                    
       
 
             9,724,624       9,389,744  
       
 
                    
       
Media
     0.44 %                
  928,540    
Eros International Media, Ltd.+
             3,424,665       4,555,012  
       
 
                    
       
 
             3,424,665       4,555,012  
       
 
                    
       
Media — Conglomerates
     1.00 %                
  537,964    
UTV Software Communications, Ltd.+
             6,351,443       10,392,948  
       
 
                    
       
 
             6,351,443       10,392,948  
       
 
                    
       
Metal — Diversified
     0.95 %                
  2,460,176    
Hindustan Zinc, Ltd.
             2,778,467       5,975,251  
  1,667,065    
Sterlite Industries (India), Ltd.
             2,495,955       3,875,352  
       
 
                    
       
 
             5,274,422       9,850,603  
       
 
                    
       
Miscellaneous Manufactures
     0.98 %                
  553,811    
V.I.P. Industries, Ltd.
             8,220,847       10,195,889  
       
 
                    
       
 
             8,220,847       10,195,889  
       
 
                    
       
Motorcycle/Motor Scooter
     2.74 %                
  909,337    
Bajaj Auto, Ltd.
             16,210,480       28,488,846  
       
 
                    
       
 
             16,210,480       28,488,846  
       
 
                    
       
Oil & Gas
     1.65 %                
  793,451    
Essar Oil, Ltd.+
             2,391,962       1,305,002  
  1,086,467    
Gujarat State Petronet, Ltd.
             2,519,584       2,327,114  
  1,835,060    
Mangalore Refinery & Petrochemicals, Ltd.
             3,013,144       2,328,718  
  406,261    
Oil India, Ltd.
             11,861,156       11,157,557  
       
 
                    
       
 
             19,785,846       17,118,391  
       
 
                    
       
Petroleum Related
     14.22 %                
  1,038,935    
Cairn India, Ltd.+
             3,573,790       5,787,064  
  1,763,765    
GAIL India, Ltd.
             12,259,506       14,799,780  
  1,699,081    
Hindustan Petroleum Corp., Ltd.
             14,087,055       12,676,758  
  3,965,332    
Oil and Natural Gas Corp., Ltd.
             12,832,735       21,512,786  
  1,349,994    
Petronet LNG, Ltd.
             3,375,158       4,391,098  
  5,364,126    
Reliance Industries, Ltd.
             27,301,266       88,531,354  
       
 
                    
       
 
             73,429,510       147,698,840  
       
 
                    
       
Pharmaceuticals
     7.05 %                
  1,163,214    
Cadila Healthcare, Ltd.
             14,879,202       17,932,140  
  796,044    
Dr. Reddy’s Laboratories, Ltd.
             20,911,150       23,974,781  

3

 

THE INDIA FUND, INC.
September 30, 2011 (Unaudited)
Schedule of Investments (continued)
COMMON STOCKS (continued)
                                 
NUMBER         PERCENT OF              
OF SHARES     SECURITY   HOLDINGS     COST     VALUE  
       
India (continued)
                        
       
Pharmaceuticals (continued)
                        
  74,200    
Dr. Reddy’s Laboratories, Ltd. ADR
           $ 1,444,757     $ 2,211,160  
  1,230,031    
Glenmark Pharmaceuticals, Ltd.
             7,054,034       8,082,164  
  1,576,469    
Lupin, Ltd.
             4,907,595       15,223,911  
  622,497    
Sun Pharmaceutical Industries, Ltd.
             6,661,786       5,868,440  
       
 
                    
       
 
             55,858,524       73,292,596  
       
 
                    
       
Publishing
     0.46 %                
  2,119,429    
Jagran Prakashan, Ltd.
             3,707,334       4,760,331  
       
 
                    
       
 
             3,707,334       4,760,331  
       
 
                    
       
Real Estate Operation / Development
     0.99 %                
  1    
Agre Developers, Ltd.+
             4       1  
  1,692,971    
DLF, Ltd.
             9,009,613       7,558,307  
  1,471,425    
Prestige Estates Projects, Ltd.
             5,910,741       2,740,050  
       
 
                    
       
 
             14,920,358       10,298,358  
       
 
                    
       
Retail — Jewelry
     1.21 %                
  1,777,800    
Gitanjali Gems, Ltd.
             11,600,057       12,594,338  
       
 
                    
       
 
             11,600,057       12,594,338  
       
 
                    
       
Retail — Major Department Stores
     0.35 %                
  896,183    
Pantaloon Retail India, Ltd.
             7,650,817       3,614,010  
       
 
                    
       
 
             7,650,817       3,614,010  
       
 
                    
       
Rubber
     0.71 %                
  2,360,480    
Jain Irrigation Systems, Ltd.
             9,601,750       7,354,962  
       
 
                    
       
 
             9,601,750       7,354,962  
       
 
                    
       
Shipbuilding
     1.62 %                
  1,264,428    
ABG Shipyard, Ltd.
             10,647,932       10,159,314  
  1,988,638    
Mundra Port and Special Economic Zone, Ltd.
             6,823,328       6,669,399  
       
 
                    
       
 
             17,471,260       16,828,713  
       
 
                    
       
Steel
     0.97 %                
  853,534    
Jindal Steel & Power, Ltd.
             1,725,661       8,749,704  
  113,701    
JSW Steel, Ltd.
             1,254,454       1,372,770  
       
 
                    
       
 
             2,980,115       10,122,474  
       
 
                    
       
Telecommunications
     2.89 %                
  3,891,117    
Bharti Airtel, Ltd.
             20,967,023       30,040,456  
       
 
                    
       
 
             20,967,023       30,040,456  
       
 
                    
       
Televisions
     0.72 %                
  1,206,480    
Network 18 Media & Investment, Ltd.+
             4,006,408       1,944,902  
  1,161,654    
Sun TV Network, Ltd.
             10,307,669       5,507,628  
       
 
                    
       
 
             14,314,077       7,452,530  
       
 
                    

4

 

The India Fund, Inc.
September 30, 2011 (Unaudited)
Schedule of Investments (continued)
COMMON STOCKS (concluded)
                                 
NUMBER         PERCENT OF              
OF SHARES     SECURITY   HOLDINGS     COST     VALUE  
 
       
India (concluded)
                        
       
Textiles
     0.73 %                
  11,030,410    
Alok Industries, Ltd.
           $ 6,538,786     $ 4,121,623  
  4,036,904    
S. Kumars Nationwide, Ltd.
             5,557,714       3,461,970  
       
 
                    
       
 
             12,096,500       7,583,593  
       
 
                    
       
Travel Services
     0.25 %                
  2,759,945    
Thomas Cook (India), Ltd.
             4,004,533       2,595,109  
       
 
                    
       
 
             4,004,533       2,595,109  
       
 
                    
       
Vehicle Components
     1.60 %                
  6,753,663    
Apollo Tyres, Ltd.
             6,799,747       7,625,882  
  939,233    
Cummins India, Ltd.
             5,342,834       7,958,792  
  674,212    
JK Tyre & Industries, Ltd.
             1,667,410       1,025,601  
       
 
                    
       
 
             13,809,991       16,610,275  
       
 
                    
       
Vehicles
     3.22 %                
  768,448    
Mahindra & Mahindra, Ltd.
             4,734,326       12,592,505  
  5,015,245    
Tata Motors, Ltd.
             16,709,450       15,985,294  
  2,706,500    
Tata Motors, Ltd. — A
             5,207,439       4,857,608  
       
 
                    
       
 
             26,651,215       33,435,407  
       
 
                    
       
TOTAL INDIA
             695,735,267       1,038,913,007  
       
 
                    
       
TOTAL COMMON STOCKS
             695,735,267       1,038,913,007  
       
 
                    
       
TOTAL INVESTMENTS
     100.00 %   $ 695,735,267     $ 1,038,913,007  
       
 
                    
 
Footnotes and Abbreviations
ADR — American Depository Receipt
GDR — Global Depository Receipt
+ Non income producing.
As of June 30, 2011, the aggregate cost for federal income tax purposes was $779,862,930.
         
Excess of value over tax cost
   $ 597,296,299  
Excess of tax cost over value
     (23,756,817 )
 
      
 
        
 
   $ 573,539,482  
 
      
These temporary differences in book and tax cost were due to wash sale loss deferrals.

5

 

Supplemental Information to the Schedule of Investments
Fair Value Measurements:
In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the Fund discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (level 3 measurements). The guidance establishes three levels of the fair value hierarchy as follows:
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).
A financial instrument’s level within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires significant judgment by the Investment Manager. The Investment Manager considers observable data to be market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.
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 September 30, 2011, is as follows:
                                 
    Fair Value at Reporting Date Using  
            Quoted Prices in     Significant Other     Significant  
            Active Markets for     Observable     Unobservable  
    Value at     Identical Assets     Inputs     Inputs  
    September 30, 2011     (Level 1)     (Level 2)     (Level 3)  
Common Stocks
                                
Total Common Stocks
   $ 1,038,913,007     $ 1,038,913,007     $ 0     $ 0  
 
                        
Total*
   $ 1,038,913,007     $ 1,038,913,007     $ 0     $ 0  
 
                        
 
*   See Schedule of Investments for identification of securities by security type and industry classification.
The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:
         
    Investments in Debt  
    Securities  
    Pharmaceuticals  
Balance, as of December 31, 2010
   $ 0  
Realized gain (loss)
     465,618  
Change in unrealized appreciation (depreciation)
     0  
Net purchases (sales)
     (465,618 )
Net transfers in/out of Level 3
     0  
 
      
Balance, as of September 30, 2011
   $ 0  
 
      

6

 

Financial Derivative Instruments:
Effective January 1, 2009, the Fund adopted amendments to authoritative guidance on disclosures about derivative instruments and hedging activities which require that the Fund disclose a) how and why an entity uses derivative instruments, b) how derivative instruments and related hedged items are accounted for, and c) how derivative instruments and related hedged items affect an entity’s financial position, financial performance and cash flows. The adoption of the additional disclosure requirements did not materially impact the Fund’s financial statements. At September 30, 2011, the Fund held no derivative instruments.

 

 

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 
   November 7, 2011    
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 
   November 7, 2011    
         
By (Signature and Title)*
  /s/ Joseph M. Malangoni
 
Joseph M. Malangoni,
Treasurer and Vice President
(principal financial officer) 		   
         
Date 
   November 7, 2011    
 
*   Print the name and title of each signing officer under his or her signature.