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: March 31, 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, 450 Fifth Street, NW, Washington,
DC 20549-0609. 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 of Investments is attached herewith.
THE INDIA FUND, INC.
MARCH 31, 2005 (UNAUDITED)
SCHEDULE OF INVESTMENTS
INDIA (100% OF HOLDINGS)
NUMBER PERCENT OF
OF SHARES SECURITY HOLDINGS COST VALUE
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COMMON STOCKS (97.00% of holdings)
CEMENT 1.24%
80,000 Associated Cement Companies Ltd $ 691,596 $ 660,391
801,824 Gujarat Ambuja Cements Ltd 6,416,448 7,528,864
299,124 Ultratech Cement Ltd 1,692,990 2,419,572
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8,801,034 10,608,827
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CHEMICALS 0.41%
1,001,900 Tata Chemicals Ltd 3,681,521 3,522,081
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3,681,521 3,522,081
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COMPUTER HARDWARE 1.07%
371,900 HCL Infosystems Ltd 6,013,167 6,873,315
788,150 NIIT Technologies+ 2,598,448 2,287,828
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8,611,615 9,161,143
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COMPUTER SOFTWARE & PROGRAMMING 16.52%
954,360 Geodesic Information Systems Ltd 451,906 2,697,080
259,250 I-Flex Solutions Ltd 3,761,287 3,502,087
1,776,128 Infosys Technologies Ltd 28,937,404 91,625,263
23,804 Infotech Enterprises Ltd. 128,746 149,099
391,564 KPIT Cummins Infosystems Ltd 1,414,167 2,870,931
723,500 Pantni Computer Systems Ltd 5,871,968 6,534,946
2,482,495 Satyam Computer Services Ltd 13,747,393 23,224,532
732,150 Wipro Ltd 7,980,012 11,252,625
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62,292,883 141,856,563
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COMPUTER TRAINING 0.12%
248,100 NIIT Ltd 819,788 1,031,832
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819,788 1,031,832
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CONSULTING SERVICES 1.19%
310,794 Tata Consultancy Services 8,073,154 10,197,872
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8,073,154 10,197,872
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CONSUMER NON-DURABLES 6.28%
393,000 Dabur India Ltd 991,011 999,038
3,589,401 Hindustan Lever Ltd 14,220,323 10,830,267
1,367,845 ITC Ltd 29,171,278 42,094,165
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44,382,612 53,923,470
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DIVERSIFIED INDUSTRIES 9.50%
496,532 Grasim Industries Ltd 4,389,280 13,800,326
578,000 Lakshmi Overseas Industries Ltd 2,200,103 2,943,941
5,084,493 Reliance Industries Ltd 46,030,602 63,572,173
351,897 Zen Technologies Ltd 1,368,719 1,224,568
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53,988,704 81,541,008
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1
THE INDIA FUND, INC.
MARCH 31, 2005 (UNAUDITED)
SCHEDULE OF INVESTMENTS (CONTINUED)
NUMBER PERCENT OF
OF SHARES SECURITY HOLDINGS COST VALUE
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COMMON STOCKS (continued)
ELECTRICITY 0.62%
2,695,800 National Thermal Power Corporation Ltd $ 3,657,322 $ 5,290,967
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3,657,322 5,290,967
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ELECTRONICS & ELECTRICAL EQUIPMENT 6.60%
624,372 Bharat Electronics Ltd 6,675,670 9,513,219
1,838,062 Bharat Heavy Electricals Ltd 15,637,909 32,303,419
501,392 Jyoti Structures Ltd 752,153 1,948,614
435,750 Salora International Ltd 1,838,988 1,417,073
169,502 Siemens India Ltd 3,859,253 6,596,273
296,353 Sterlite Industries (India) Ltd 4,577,842 4,853,361
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33,341,815 56,631,959
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ENGINEERING 5.34%
263,049 ABB Ltd 3,105,368 6,947,771
1,059,500 Bharat Earth Movers Ltd 7,191,821 8,723,010
751,142 Gammon India Ltd 1,513,905 3,787,964
380,004 Hindustan Construction Ltd 3,010,255 4,133,789
1,794,102 Jaiprakash Associates Ltd 5,668,071 8,118,964
306,636 Larsen & Toubro Ltd 3,686,881 6,988,408
525,658 Thermax India Ltd 1,824,984 7,148,419
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26,001,285 45,848,325
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EXTRACTIVE INDUSTRIES 7.41%
603,205 Hindalco Industries Ltd 12,435,480 17,870,976
2,092,641 Oil and Natural Gas Corporation Ltd 35,156,119 42,305,710
202,850 Sesa Goa Ltd 3,517,882 3,395,235
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51,109,481 63,571,921
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FERTILIZERS 0.13%
440,560 Indo Gulf Fertilizers Ltd 539,287 1,119,940
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539,287 1,119,940
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FINANCE 16.32%
4,389,000 Centurion Bank Ltd 459,316 1,502,703
509,935 Corporation Bank 3,370,577 4,344,345
2,449,208 HDFC Bank Ltd 19,384,246 30,527,458
1,776,420 Housing Development Finance Corporation Ltd 16,808,784 29,560,215
1,949,171 ICICI Bank Ltd 6,093,927 17,543,209
439,676 Jammu and Kashmir Bank Ltd 3,267,437 3,664,722
738,800 LIC Housing Finance Ltd 3,982,435 3,990,518
181,000 Oriental Bank of Commerce 1,559,384 1,288,534
255,996 Punjab National Bank Ltd 2,289,873 2,305,811
1,759,133 State Bank of India 7,688,997 26,466,562
45,550 State Bank of India GDR 525,435 1,779,183
1,221,550 UTI Bank Ltd 6,320,228 6,771,469
500,000 UTI Bank Ltd GDR* 2,955,000 2,955,000
5,039,805 Vijaya Bank 7,346,816 7,421,492
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82,052,455 140,121,221
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2
THE INDIA FUND, INC.
MARCH 31, 2005 (UNAUDITED)
SCHEDULE OF INVESTMENTS (CONTINUED)
NUMBER PERCENT OF
OF SHARES SECURITY HOLDINGS COST VALUE
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COMMON STOCKS (continued)
FOOD 0.23%
628,500 Dhampur Sugar Mills Ltd $ 1,997,080 $ 1,948,904
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1,997,080 1,948,904
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HOTELS & LEISURE 0.65%
797,157 Hotel Leelaventure Ltd 755,185 2,793,198
192,750 Indian Hotels Company Ltd 2,605,420 2,779,679
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3,360,605 5,572,877
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HOUSEHOLD APPLIANCES 0.23%
385,893 Voltas Ltd 1,055,393 2,018,504
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1,055,393 2,018,504
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MEDIA 0.20%
397,900 Balaji Telefilms Ltd 858,691 804,184
749,500 Pritish Nandy Communications Ltd 1,870,991 941,488
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2,729,682 1,745,672
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PETROLEUM RELATED 2.63%
3 Bharat Petroleum Corporation Ltd 22 24
350,000 Bongaigaon Refinery & Petrochemicals Ltd 653,195 725,009
670,578 Hindustan Petroleum Corporation Ltd 4,060,401 4,698,576
1,392,240 Indian Oil Corporation Ltd 6,375,259 13,982,981
61,300 Niko Resources Ltd ADR 1,034,064 3,163,570
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12,122,941 22,570,160
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PHARMACEUTICALS 4.13%
437,000 Cadila Healthcare Ltd. 5,205,120 4,633,711
118,719 Dishman Pharmaceuticals Ltd 1,270,102 1,740,070
1,442,500 FDC Ltd 2,003,630 1,503,120
168,527 Lupin Ltd 2,519,545 2,126,995
1,852,980 Matrix Laboratories Ltd 4,292,024 6,643,399
422,463 Ranbaxy Laboratories Ltd 8,954,406 9,712,344
516,250 Sun Pharmaceutical Industries Ltd 4,512,699 5,544,973
415,800 Wockhardt Ltd 1,850,926 3,524,278
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30,608,452 35,428,890
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RETAIL STORES 0.42%
837,400 SB&T International Ltd 1,586,484 2,013,672
132,757 Trent Ltd 467,324 1,623,093
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2,053,808 3,636,765
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SHIPPING 0.33%
900,000 Bharati Shipyard Ltd 3,117,540 2,795,946
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3,117,540 2,795,946
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STEEL 4.09%
152,575 Jindal Stainless Ltd 326,127 333,698
584,383 Jindal Steel & Power Ltd 14,281,402 14,015,021
411,265 Kalyani Steels Ltd 573,511 1,346,395
154,700 Maharashtra Seamless Ltd 761,283 1,142,225
3
THE INDIA FUND, INC.
MARCH 31, 2005 (UNAUDITED)
SCHEDULE OF INVESTMENTS (CONTINUED)
NUMBER PERCENT OF
OF SHARES SECURITY HOLDINGS COST VALUE
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COMMON STOCKS (continued)
STEEL (CONTINUED)
1,993,791 Tata Iron and Steel Company Ltd $ 11,852,325 $ 18,305,526
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27,794,648 35,142,865
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TELECOMMUNICATIONS 4.34%
7,841,260 Bharti Tele-Ventures Ltd 26,301,051 37,145,646
45,000 Mahanagar Telephone Nigam Ltd 144,531 118,310
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26,445,582 37,263,956
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TELECOMMUNICATIONS EQUIPMENT 0.00%
1 Shyam Telecom Ltd 14 2
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14 2
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TEXTILES-COTTON 1.32%
1,924,900 Arvind Mills Ltd+ 5,378,614 5,071,791
485,600 Mahavir Spinning Mills Ltd 2,258,002 3,039,379
171,326 Sintex Industries Ltd 501,563 1,671,473
549,567 Welspun India Ltd+ 1,221,821 1,510,318
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9,360,000 11,292,961
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TRANSPORTATION 0.95%
447,426 Container Corporation of India Ltd 3,194,680 8,198,455
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3,194,680 8,198,455
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VEHICLE COMPONENTS 0.75%
1,738,000 Amtek Auto Ltd 4,193,599 6,460,034
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4,193,599 6,460,034
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VEHICLES 3.98%
80,700 Bajaj Auto Ltd 2,030,929 1,998,510
781,237 Hero Honda Motors Ltd 7,969,564 10,037,191
1,124,135 Mahindra & Mahindra Ltd 12,283,775 12,798,894
112,200 Tata Motors Limited ADR 1,001,160 1,088,340
869,725 Tata Motors Ltd 6,869,605 8,245,109
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30,155,033 34,168,044
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TOTAL COMMON STOCKS 545,542,013 832,671,164
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PREFERRED STOCK (0.00% of holdings)
ENGINEERING 0.00%
1,248,400 Thermax India Ltd Preference Shares 0 26,446
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0 26,446
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TOTAL PREFERRED STOCK 0 26,446
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SHORT-TERM INVESTMENTS (2.86% of holdings) 2.86%
3,163,170 Birla Cash Plus+ 753,281 760,320
46,544,552 Deutsche Insta Cash Plus Fund+ 10,961,407 11,062,179
13,510,558 HDFC Liquid Fund+ 4,050,256 4,071,980
3,284,788 Prudential ICICI Liquid Plan+ 1,223,391 1,234,844
4
THE INDIA FUND, INC.
MARCH 31, 2005 (UNAUDITED)
SCHEDULE OF INVESTMENTS (CONTINUED)
NUMBER PERCENT OF
OF SHARES SECURITY HOLDINGS COST VALUE
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SHORT-TERM INVESTMENTS (continued)
$ 30,963,095 Standard Chartered Grindlays Cash Fund Growth Option + $ 7,368,495 $ 7,436,887
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TOTAL SHORT-TERM INVESTMENTS 24,356,830 24,566,210
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INDIAN BONDS (0.14% of holdings)
Par Value (000)
LEISURE & HOTELS 0.14%
1,000 Indian Hotels Indian Hotels 1.00% 02/12/09 1,260,000 1,162,087
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1,260,000 1,162,087
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TOTAL INDIAN BONDS 1,260,000 1,162,087
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TOTAL INDIA 571,158,843 858,425,907
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TOTAL INVESTMENTS** 100.00% $571,158,843 $858,425,907
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FOOTNOTES AND ABBREVIATIONS
ADR - American Depository Receipts
GDR - Global Depository Receipts
+ Non income producing.
* At fair value as determined under the supervision of the Board of Directors.
** 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)
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$315,772,274
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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 May 2, 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
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Bryan McKigney, Director, President & Chairman
(principal executive officer)
Date May 2, 2005
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By (Signature and Title)* /s/ Alan Kaye
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Alan Kaye, Treasurer
(principal financial officer)
Date MAY 2, 2005
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* Print the name and title of each signing officer under his or her signature.