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, 2004
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Date of reporting period: September 30, 2004
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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.
SEPTEMBER 30, 2004 (UNAUDITED)
SCHEDULE OF INVESTMENTS
INDIA (100% OF HOLDINGS)
NUMBER PERCENT OF
OF SHARES SECURITY HOLDINGS COST VALUE
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COMMON STOCKS (100.00% of holdings)
CEMENT 1.27%
633,324 Gujarat Ambuja Cements Ltd $ 4,212,970 $ 4,648,047
337,424 Ultratech Cemco Ltd 1,842,898 1,948,624
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6,055,868 6,596,671
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COMPUTER HARDWARE 0.47%
123,050 HCL Infosystems Ltd 1,578,011 1,658,500
214,150 NIIT Technologies 557,066 774,897
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2,135,077 2,433,397
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COMPUTER SOFTWARE & PROGRAMMING 17.70%
187,731 Geodesic Information Systems Ltd 756,841 1,848,334
1,560,478 Infosys Technologies Ltd 15,832,700 57,507,007
237,332 KPIT Cummins Infosystems Ltd 1,635,508 2,366,871
143,502 Mphasis BFL Ltd 644,316 928,863
143,300 Pantni Computer Systems Ltd 1,016,589 1,036,589
2,261,929 Satyam Computer Services Ltd 7,665,997 18,557,652
771,650 Wipro Ltd 8,055,046 10,007,965
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35,606,997 92,253,281
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COMPUTER TRAINING 0.16%
248,100 NIIT Ltd 819,788 840,843
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819,788 840,843
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CONSULTING SERVICES 0.68%
159,594 Tata Consultancy Services 3,106,121 3,563,456
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3,106,121 3,563,456
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CONSUMER NON-DURABLES 6.40%
4,335,601 Hindustan Lever Ltd 17,406,200 11,823,938
871,045 ITC Ltd 14,385,730 21,547,002
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31,791,930 33,370,940
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DIVERSIFIED INDUSTRIES 13.92%
569,632 Grasim Industries Ltd 4,923,337 14,212,937
124,500 Nav Bharat Ferro Alloys Ltd 776,531 839,022
5,103,793 Reliance Industries Ltd 31,140,733 57,495,338
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36,840,601 72,547,297
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ELECTRICITY 0.41%
311,500 Tata Power Company Ltd 1,839,705 2,124,633
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1,839,705 2,124,633
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1
THE INDIA FUND, INC.
SEPTEMBER 30, 2004 (UNAUDITED)
SCHEDULE OF INVESTMENTS (CONTINUED)
NUMBER PERCENT OF
OF SHARES SECURITY HOLDINGS COST VALUE
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COMMON STOCKS (continued)
ELECTRONICS & ELECTRICAL EQUIPMENT 4.67%
206,800 Bharat Electronics Ltd $ 1,333,706 $ 2,432,597
1,388,018 Bharat Heavy Electricals Ltd 4,531,121 17,318,542
614,892 Jyoti Structures Ltd 878,824 1,382,839
94,849 Siemens India Ltd 1,061,014 2,325,863
70,500 Sterlite Industries (India) Ltd 963,093 900,867
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8,767,758 24,360,708
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ENGINEERING 4.62%
284,513 ABB Ltd 2,794,904 4,644,984
201,529 Gammon India Ltd 2,015,678 2,212,438
98,700 Hindustan Construction CO 421,167 432,349
981,502 Jaiprakash Associates Ltd. 2,230,050 3,228,288
450,436 Larsen & Toubro Ltd 4,328,678 8,367,828
565,358 Thermax India Ltd 1,934,139 5,203,137
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13,724,616 24,089,024
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EXTRACTIVE INDUSTRIES 5.88%
455,805 Hindalco Industries Ltd 7,678,983 13,355,086
1,063,291 Oil and Natural Gas Corporation Ltd 15,480,312 17,302,750
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23,159,295 30,657,836
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FERTILIZERS 0.14%
331,560 Indo Gulf Fertilisers Ltd 224,574 736,640
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224,574 736,640
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FINANCE 14.96%
9,653,000 Centurion Bank Ltd 849,715 1,741,737
667,985 Corporation Bank 3,067,368 4,065,996
1,790,708 HDFC Bank Ltd 8,982,164 15,682,320
1,635,240 Housing Development Finance Corporation Ltd 12,319,009 21,702,479
1,839,279 ICICI Bank Ltd 5,090,329 11,437,516
258,946 Jammu and Kashmir Bank Ltd 1,569,760 1,486,688
189,782 Kotak Mahindra Bank Ltd 836,775 752,114
291,196 Oriental Bank of Commerce 1,320,239 1,528,779
1,759,133 State Bank of India 7,688,997 17,904,915
45,550 State Bank of India GDR 525,435 1,131,917
521,650 Vijaya Bank 677,937 521,650
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42,927,728 77,956,111
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FOOD 0.16%
1,294,500 Sakthi Sugars Ltd 1,321,790 840,018
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1,321,790 840,018
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HOTELS & LEISURE 0.29%
950,157 Hotel Leelaventure Ltd 872,528 1,489,268
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872,528 1,489,268
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2
THE INDIA FUND, INC.
SEPTEMBER 30, 2004 (UNAUDITED)
SCHEDULE OF INVESTMENTS (CONTINUED)
NUMBER PERCENT OF
OF SHARES SECURITY HOLDINGS COST VALUE
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COMMON STOCKS (continued)
HOUSEHOLD APPLIANCES 0.35%
558,151 Voltas Ltd $ 1,485,736 $ 1,848,572
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1,485,736 1,848,572
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MEDIA 0.57%
523,600 Balaji Telefilms Ltd 1,168,345 1,087,608
749,500 Pritish Nandy Communications Ltd 1,870,991 1,238,304
250,000 Vans Information Ltd 573,394 11,957
185,400 Zee Telefilms Ltd 590,876 612,828
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4,203,606 2,950,697
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PETROLEUM RELATED 5.50%
98,103 Bharat Petroleum Corporation Ltd 663,945 754,967
1,028,000 Bongaigaon Refinery & Petrochemicals Ltd 1,471,364 1,682,791
21,151 Finolex Industries Ltd 29,555 30,370
938,278 Hindustan Petroleum Corporation Ltd 4,805,757 6,450,661
1,446,890 Indian Oil Corporation Ltd 6,541,945 13,797,355
760,600 Indian Petrochemicals Corporation Ltd 3,068,660 3,425,180
80,800 Niko Resources Ltd ADR 1,314,053 2,545,523
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17,895,279 28,686,847
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PHARMACEUTICALS 7.33%
147,142 Biocon Ltd 1,562,716 1,744,113
118,719 Dishman Pharmaceuticals Ltd. 1,270,102 1,351,719
189,908 Dr. Reddy's Laboratories Ltd 2,934,590 3,042,037
106,435 Glaxosmithkline Pharmaceuticals Ltd 670,717 1,559,041
180,927 Lupin Ltd 2,574,919 2,872,609
209,188 Matrix Laboratories 3,762,057 7,393,432
517,113 Ranbaxy Laboratories Ltd 9,694,608 12,260,637
506,900 Sun Pharmaceutical Industries Ltd 1,681,153 4,738,413
415,800 Wockhardt Ltd 1,850,926 3,210,699
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26,001,788 38,172,700
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RETAIL STORES 0.30%
397,400 SB&T International Ltd 606,887 615,538
132,757 Trent Ltd 467,324 949,501
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1,074,211 1,565,039
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SHIPPING 0.18%
100,200 Dredging Corporation of India 945,614 923,583
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945,614 923,583
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STEEL 1.94%
939,440 Kalyani Steels Ltd 1,256,297 1,310,111
154,700 Maharashtra Seamless 761,283 742,728
1,281,191 Tata Iron and Steel Company Ltd 3,578,228 8,047,829
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5,595,808 10,100,668
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TELECOMMUNICATIONS 4.29%
6,160,315 Bharti Tele-Ventures Ltd 15,206,512 19,565,696
3
THE INDIA FUND, INC.
SEPTEMBER 30, 2004 (UNAUDITED)
SCHEDULE OF INVESTMENTS (CONTINUED)
NUMBER PERCENT OF
OF SHARES SECURITY HOLDINGS COST VALUE
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COMMON STOCKS (continued)
TELECOMMUNICATIONS (CONTINUED)
902,354 Mahanagar Telephone Nigam Ltd $ 2,462,430 $ 2,770,815
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17,668,942 22,336,511
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TELECOMMUNICATIONS EQUIPMENT 0.00%
1 Shyam Telecom Ltd 14 1
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14 1
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TEXTILES-COTTON 0.74%
410,585 Mahavir Spinning Mills Ltd 1,659,898 1,882,889
171,326 Sintex Industries Ltd 501,563 782,140
549,567 Welspun India Ltd 1,221,821 1,170,817
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3,383,282 3,835,846
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TRANSPORTATION 1.52%
498,051 Container Corporation of India Ltd 2,780,155 7,914,680
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2,780,155 7,914,680
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VEHICLE COMPONENTS 0.83%
286,100 Amtek Auto Ltd 3,113,580 3,839,960
255,870 Omax Autos Ltd 390,152 478,087
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3,503,732 4,318,047
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VEHICLES 4.72%
5,630,689 Ashok Leyland 1,153,273 2,288,997
798,887 Hero Honda Motors Ltd 4,859,151 7,778,728
555,435 Mahindra & Mahindra Ltd 5,544,461 5,169,168
57,000 Tata Motors Limited (ADR) 501,600 511,290
55,200 Tata Motors Limited (GDR) 499,560 489,900
954,325 Tata Motors Ltd 6,906,305 8,367,978
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19,464,350 24,606,061
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TOTAL COMMON STOCKS 313,196,893 521,119,375
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PREFERRED STOCK (0.00% of holdings)
ENGINEERING 0.00%
1,248,400 Thermax India Ltd Preference Shares 0 25,104
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0 25,104
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TOTAL PREFERRED STOCK 0 25,104
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TOTAL INDIA 313,196,893 521,144,479
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TOTAL INVESTMENTS 100.00% $ 313,196,893 $ 521,144,479
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FOOTNOTES AND ABBREVIATIONS
ADR - American Depository Receipts
GDR - Global Depository Receipts
4
THE INDIA FUND, INC.
SEPTEMBER 30, 2004 (UNAUDITED)
SCHEDULE OF INVESTMENTS (CONTINUED)
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Non income producing.
* At fair value as determined under the supervision of the Board
of Directors.
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 November 14, 2004
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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 November 14, 2004
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By (Signature and Title)* /s/ Alan Kaye
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Alan Kaye, Treasurer
(principal financial officer)
Date November 14, 2004
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* Print the name and title of each signing officer under his or her signature.