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, 2009
Date of reporting period: September 30, 2009
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, 2009 (Unaudited)
Schedule of Investments
INDIA (99.85% of holdings)
COMMON STOCKS (97.21% of holdings)
                                 
NUMBER         PERCENT OF              
OF SHARES     SECURITY   HOLDINGS     COST     VALUE  
 
       
India
     97.06 %                
       
Beverages — Alcoholic
     0.13 %                
  95,380    
United Spirits, Ltd.
           $ 1,409,894     $ 1,813,419  
       
 
                    
       
 
             1,409,894       1,813,419  
       
 
                    
       
Beverages-Non Alcoholic
     0.16 %                
  117,877    
Tata Tea, Ltd.
             1,557,279       2,196,670  
       
 
                    
       
 
             1,557,279       2,196,670  
       
 
                    
       
Building & Construction
     3.75 %                
  195,754    
B.L. Kashyap and Sons, Ltd.
             1,756,409       1,851,535  
  424,342    
Gammon India, Ltd.
             722,165       1,669,846  
  1,487,351    
Hindustan Construction Co., Ltd.
             2,991,532       4,065,828  
  771,907    
IVRCL Infrastructures and Projects, Ltd.
             2,751,197       6,283,729  
  3,538,217    
Jaiprakash Associates, Ltd.
             8,981,756       17,450,202  
  690,835    
KEC International, Ltd.
             5,560,336       8,073,744  
  435,339    
Madhucon Projects, Ltd.
             2,490,015       2,421,265  
  1,677,609    
Nagarjuna Construction Co., Ltd.
             1,957,527       5,213,648  
  567,734    
Orbit Corporation, Ltd. +
             2,215,892       3,126,343  
  94,969    
Patel Engineering, Ltd.
             363,025       975,256  
  234,595    
Titagarh Wagons, Ltd.
             3,985,506       1,490,328  
       
 
                    
       
 
             33,775,360       52,621,724  
       
 
                    
       
Cement
     0.80 %                
  1,766,178    
Ambuja Cements, Ltd.
             1,681,815       3,658,656  
  73,059    
Grasim Industries, Ltd.
             2,670,172       4,204,405  
  808,040    
Sagar Cements, Ltd.
             3,467,591       3,387,200  
       
 
                    
       
 
             7,819,578       11,250,261  
       
 
                    
       
Chemicals
     0.73 %                
  1,602,225    
Chambal Fertilizers and Chemicals, Ltd.
             1,537,154       1,863,517  
  302,837    
Tata Chemicals, Ltd.
             1,034,807       1,768,989  
  1,937,084    
United Phosphorus, Ltd.
             6,065,073       6,674,393  
       
 
                    
       
 
             8,637,034       10,306,899  
       
 
                    
       
Coal
     0.07 %                
  680,562    
Gujarat NRE Coke, Ltd.
             292,980       936,560  
       
 
                    
       
 
             292,980       936,560  
       
 
                    
       
Computer Software & Programming
     12.76 %                
  632,750    
Everonn Systems India, Ltd.+
             6,844,133       5,860,550  
  735,859    
HCL Technologies, Ltd.
             4,730,281       5,194,839  
  2,342,795    
Infosys Technologies, Ltd.
             36,339,451       112,422,991  
  22,600    
Infosys Technologies, Ltd. ADR
             999,358       1,095,874  
  2,030,873    
KPIT Cummins Infosystems, Ltd.
             1,787,620       3,309,852  
  118,033    
Mphasis, Ltd.
             513,547       1,633,520  
  298,730    
Patni Computer Systems, Ltd.
             1,447,742       2,856,270  
  812,982    
Satyam Computer Services, Ltd.
             1,506,434       2,011,963  
  931,573    
Tanla Solutions, Ltd.
             3,289,062       1,392,373  

1

 

The India Fund, Inc.
September 30, 2009 (Unaudited)
Schedule of Investments (continued)
COMMON STOCKS (continued)
                                 
NUMBER         PERCENT OF              
OF SHARES     SECURITY   HOLDINGS     COST     VALUE  
 
       
India (continued)
                        
       
Computer Software & Programming (concluded)
                        
  2,089,975    
Tata Consultancy Services, Ltd.
           $ 19,303,494     $ 26,908,347  
  1,314,697    
Wipro, Ltd.
             8,320,649       16,445,669  
       
 
                    
       
 
             85,081,771       179,132,248  
       
 
                    
       
Consumer Non-Durables
     1.42 %                
  4,122,218    
ITC, Ltd.
             10,184,659       19,871,996  
       
 
                    
       
 
             10,184,659       19,871,996  
       
 
                    
       
Consumer Products
     0.58 %                
  3,446,837    
Marico, Ltd.
             4,939,014       6,409,304  
  66,027    
Titan Industries, Ltd.
             1,161,330       1,710,965  
       
 
                    
       
 
             6,100,344       8,120,269  
       
 
                    
       
Consumer Staples
     1.49 %                
  48,358    
Colgate-Palmolive (India), Ltd.
             365,816       636,530  
  1,075,725    
Dabur India, Ltd.
             2,786,613       3,182,116  
  3,130,350    
Hindustan Unilever, Ltd.
             14,697,597       17,104,511  
       
 
                    
       
 
             17,850,026       20,923,157  
       
 
                    
       
Diversified Financial Services
     1.90 %                
  458,590    
Indiabulls Financial Services, Ltd.
             1,058,649       1,802,234  
  2,317,405    
Infrastructure Development Finance Co., Ltd.
             3,320,335       7,035,797  
  2,424,368    
Power Finance Corp.
             7,415,539       11,566,208  
  155,831    
Reliance Capital, Ltd.
             1,607,994       2,970,685  
  2,081,584    
SREI Infrastructure Finance, Ltd.
             4,617,905       3,347,064  
       
 
                    
       
 
             18,020,422       26,721,988  
       
 
                    
       
Diversified Industries
     0.09 %                
  39,765    
Aban Offshore, Ltd.
             903,455       1,317,730  
       
 
                    
       
 
             903,455       1,317,730  
       
 
                    
       
Diversified Operations
     0.30 %                
  798,398    
Sintex Industries, Ltd.
             2,991,381       4,225,593  
       
 
                    
       
 
             2,991,381       4,225,593  
       
 
                    
       
E-Services & Consulting
     0.20 %                
  674,771    
Core Projects & Technologies, Ltd.
             1,598,735       2,834,866  
       
 
                    
       
 
             1,598,735       2,834,866  
       
 
                    
       
Electric — Integrated
     0.86 %                
  581,830    
CESC, Ltd.
             3,580,123       4,707,979  
  5,354,891    
National Hydroelectric Power Corp., Ltd.+
             3,930,538       3,845,993  
  1,925,757    
PTC India, Ltd.
             2,966,886       3,524,850  
       
 
                    
       
 
             10,477,547       12,078,822  
       
 
                    
       
Electric — Transmission
     0.34 %                
  524,349    
Crompton Greaves, Ltd.
             3,508,028       3,419,359  

2

 

The India Fund, Inc.
September 30, 2009 (Unaudited)
Schedule of Investments (continued)
COMMON STOCKS (continued)
                                 
NUMBER         PERCENT OF              
OF SHARES     SECURITY   HOLDINGS     COST     VALUE  
 
       
India (continued)
                        
       
Electric — Transmission (concluded)
                        
  604,904    
Power Grid Corp. of India, Ltd.
           $ 1,019,764     $ 1,382,584  
       
 
                    
       
 
             4,527,792       4,801,943  
       
 
                    
       
Electronics & Electrical Equipment
     8.48 %                
  144,584    
Bharat Electronics, Ltd.
             3,065,920       4,600,058  
  644,435    
Bharat Heavy Electricals, Ltd.
             7,407,058       31,148,696  
  3,824,701    
Exide Industries, Ltd.
             5,581,620       7,314,676  
  3,363,562    
Jyoti Structures, Ltd.
             5,517,148       10,886,740  
  1,667,198    
Lanco Infratech, Ltd.+
             10,566,882       16,613,062  
  651,326    
MIC Electronics, Ltd.
             514,605       720,311  
  2,484,826    
NTPC, Ltd.
             10,232,928       11,038,506  
  762,919    
Punj Lloyd, Ltd.
             3,565,711       4,239,232  
  803,252    
Reliance Infastructure, Ltd.
             9,801,913       20,398,142  
  247,177    
Siemens India, Ltd.
             1,526,113       2,862,279  
  337,287    
Tata Power Co., Ltd.
             5,143,308       9,251,291  
       
 
                    
       
 
             62,923,206       119,072,993  
       
 
                    
       
Energy — Alternate Sources
     0.26 %                
  578,845    
Suzlon Energy, Ltd.
             653,325       1,102,820  
  390,973    
Webel-Sl Energy Systems, Ltd.
             3,247,754       2,592,670  
       
 
                    
       
 
             3,901,079       3,695,490  
       
 
                    
       
Engineering
     1.78 %                
  596,689    
Larsen & Toubro, Ltd.
             13,390,085       20,878,223  
  158,375    
McNally Bharat Engineering Co., Ltd.
             345,315       562,650  
  312,159    
Thermax, Ltd.
             184,068       3,504,448  
       
 
                    
       
 
             13,919,468       24,945,321  
       
 
                    
       
Finance
     16.84 %                
  722,287    
Axis Bank, Ltd.
             7,963,334       14,737,778  
  727,050    
Bank of Baroda
             3,878,750       7,290,904  
  167,300    
Canara Bank, Ltd.
             605,435       1,118,985  
  2,778,269    
Dena Bank, Ltd.
             3,525,209       3,921,515  
  307,371    
Federal Bank, Ltd.
             1,510,752       1,608,578  
  931,795    
HDFC Bank, Ltd.
             16,970,713       31,810,422  
  883,798    
Housing Development Finance Corp., Ltd.
             15,540,687       51,016,116  
  2,139,972    
ICICI Bank, Ltd.
             18,440,092       40,250,424  
  170,600    
ICICI Bank, Ltd. ADR
             5,457,677       6,578,336  
  1,392,277    
IDBI Bank, Ltd.
             3,597,951       3,681,481  
  187,586    
ING Vysya Bank, Ltd.
             1,047,982       1,051,113  
  163,690    
Kotak Mahindra Bank, Ltd.
             2,529,386       2,640,886  
  123,000    
Oriental Bank of Commerce
             502,897       609,183  
  854,436    
Punjab National Bank, Ltd.
             9,036,346       14,131,364  
  685,783    
Rural Electrification Corp., Ltd.
             1,713,779       2,874,714  
  3,401,439    
South Indian Bank, Ltd.
             4,224,867       8,799,690  
  886,749    
State Bank of India
             13,082,687       40,474,686  
  22,550    
State Bank of India GDR
             257,070       2,047,213  
  425,407    
Yes Bank, Ltd.+
             1,536,000       1,812,435  
       
 
                    
       
 
             111,421,614       236,455,823  
       
 
                    

3

 

The India Fund, Inc.
September 30, 2009 (Unaudited)
Schedule of Investments (continued)
COMMON STOCKS (continued)
                                 
NUMBER         PERCENT OF              
OF SHARES     SECURITY   HOLDINGS     COST     VALUE  
 
       
India (continued)
                        
       
Food
     1.09 %                
  930,502    
Bajaj Hindusthan, Ltd.
           $ 2,067,881     $ 3,564,941  
  2,759,111    
Balrampur Chini Mills, Ltd.
             4,462,951       7,023,244  
  1,219,005    
Lakshmi Energy and Foods, Ltd.
             3,674,986       3,453,911  
  321,800    
Shree Renuka Sugars, Ltd.
             1,257,663       1,322,186  
       
 
                    
       
 
             11,463,481       15,364,282  
       
 
                    
       
Healthcare
     0.08 %                
  260,916    
Opto Circuits India, Ltd.
             999,281       1,091,557  
       
 
                    
       
 
             999,281       1,091,557  
       
 
                    
       
Hotels & Leisure
     0.39 %                
  5,206,131    
Hotel Leelaventure, Ltd.
             3,698,048       4,182,870  
  819,393    
Indian Hotels Co., Ltd.
             1,360,788       1,314,981  
       
 
                    
       
 
             5,058,836       5,497,851  
       
 
                    
       
Independent Power Producers
     0.14 %                
  558,143    
Reliance Power, Ltd.+
             1,309,240       1,946,336  
       
 
                    
       
 
             1,309,240       1,946,336  
       
 
                    
       
Investment Companies
     0.26 %                
  345,130    
Bajaj Holdings and Investment, Ltd.
             3,401,527       3,659,361  
       
 
                    
       
 
             3,401,527       3,659,361  
       
 
                    
       
Media — Conglomerates
     0.04 %                
  62,570    
UTV Software Communications, Ltd.
             499,981       589,411  
       
 
                    
       
 
             499,981       589,411  
       
 
                    
       
Metal — Diversified
     2.09 %                
  530,062    
Hindustan Zinc, Ltd.
             5,836,677       9,105,431  
  86,454    
Jindal South West Holding, Ltd.+
             2,034,966       2,902,827  
  934,818    
Sterlite Industries (India), Ltd.
             8,168,864       15,067,272  
  142,800    
Sterlite Industries (India), Ltd. ADR +
             1,993,031       2,280,516  
       
 
                    
       
 
             18,033,538       29,356,046  
       
 
                    
       
Motorcycle/Motor Scooter
     0.39 %                
  176,877    
Bajaj Auto, Ltd.
             3,381,155       5,511,664  
       
 
                    
       
 
             3,381,155       5,511,664  
       
 
                    
       
Oil & Gas
     0.47 %                
  238,821    
Oil India, Ltd.+
             5,229,111       5,662,349  
  546,262    
Reliance Natural Resources, Ltd.+
             709,990       999,862  
       
 
                    
       
 
             5,939,101       6,662,211  
       
 
                    
       
Petroleum Related
     15.86 %                
  574,827    
Bharat Petroleum Corp., Ltd.
             6,004,881       6,856,579  
  1,871,248    
Cairn India, Ltd.+
             6,204,120       10,185,767  
  1,077,962    
GAIL India, Ltd.
             6,509,844       8,040,178  

4

 

The India Fund, Inc.
September 30, 2009 (Unaudited)
Schedule of Investments (continued)
COMMON STOCKS (continued)
                                 
NUMBER         PERCENT OF              
OF SHARES     SECURITY   HOLDINGS     COST     VALUE  
 
       
India (continued)
                        
       
Petroleum Related (concluded)
                        
  847,801    
Hindustan Petroleum Corp., Ltd.
           $ 5,179,151     $ 7,061,043  
  177,739    
Indian Oil Corp., Ltd.
             1,303,385       2,514,505  
  1,333,487    
Oil and Natural Gas Corp., Ltd.
             18,300,538       32,468,823  
  3,400,464    
Reliance Industries, Ltd. +
             58,289,422       155,599,238  
       
 
                    
       
 
             101,791,341       222,726,133  
       
 
                    
       
Pharmaceuticals
     2.52 %                
  807,435    
Cipla, Ltd.
             3,230,831       4,695,560  
  57,200    
Dr. Reddy’s Laboratories, Ltd. ADR
             945,350       1,115,400  
  218,899    
Glenmark Pharmaceuticals, Ltd.+
             1,140,830       1,080,730  
  761,125    
Lupin, Ltd.
             12,462,607       17,987,422  
  267,943    
Piramal Healthcare, Ltd.
             2,096,378       2,131,346  
  286,276    
Sun Pharmaceutical Industries, Ltd.
             3,585,617       8,327,326  
       
 
                    
       
 
             23,461,613       35,337,784  
       
 
                    
       
Power & Energy
     0.25 %                
  3,600,000    
GVK Power & Infrastructure, Ltd.+
             3,225,467       3,476,146  
       
 
                    
       
 
             3,225,467       3,476,146  
       
 
                    
       
Publishing
     0.63 %                
  600,000    
Business India Publications (Preferential Shares)+
             1,003,792       168,382  
  3,925,954    
Jagran Prakashan, Ltd.
             7,666,529       8,601,924  
       
 
                    
       
 
             8,670,321       8,770,306  
       
 
                    
       
Real Estate Operation / Development
     1.37 %                
  1,411,329    
Housing Development and Infrastructure, Ltd.
             6,666,311       9,452,868  
  853,253    
Indiabulls Real Estate, Ltd.
             2,802,966       4,832,528  
  2,231,596    
Unitech, Ltd.
             3,921,391       4,984,617  
       
 
                    
       
 
             13,390,668       19,270,013  
       
 
                    
       
Retail — Jewelry
     0.09 %                
  495,704    
Gitanjali Gems, Ltd.
             1,535,209       1,252,527  
       
 
                    
       
 
             1,535,209       1,252,527  
       
 
                    
       
Retail Stores
     0.02 %                
  161,973    
Brandhouse Retails, Ltd.+
             108,711       111,955  
  18,225    
Pantaloon Retail India, Ltd.
             111,619       128,433  
       
 
                    
       
 
             220,330       240,388  
       
 
                    
       
Shipbuilding
     0.46 %                
  184,900    
ABG Shipyard, Ltd.
             351,175       915,756  
  4,700,000    
Pipavav Shipyard, Ltd.+
             9,488,959       5,528,032  
       
 
                    
       
 
             9,840,134       6,443,788  
       
 
                    

5

 

The India Fund, Inc.
September 30, 2009 (Unaudited)
Schedule of Investments (continued)
COMMON STOCKS (continued)
                                 
NUMBER         PERCENT OF              
OF SHARES     SECURITY   HOLDINGS     COST     VALUE  
 
       
India (continued)
                        
       
Steel
     5.30 %                
  496,564    
Jindal Saw, Ltd.
           $ 5,824,083     $ 7,794,006  
  2,772,450    
Jindal Steel & Power, Ltd.
             2,549,169       33,862,446  
  430,914    
JSW Steel, Ltd.
             5,358,849       7,435,853  
  931,600    
Monnet Ispat & Energy, Ltd.
             7,457,015       7,151,853  
  1,421,389    
Steel Authority of India, Ltd.
             2,660,075       5,045,259  
  434,919    
Tata Steel, Ltd.
             1,899,479       4,614,092  
  1,577,056    
Welspun Gujarat Stahl Rohren, Ltd.
             6,121,314       8,523,741  
       
 
                    
       
 
             31,869,984       74,427,250  
       
 
                    
       
Telecommunications
     4.99 %                
  5,939,750    
Bharti Airtel, Ltd.
             30,958,967       51,680,332  
  787,640    
Mahanagar Telephone Nigam, Ltd.
             1,302,685       1,497,343  
  1,986,321    
Reliance Communications, Ltd.
             9,671,534       12,717,739  
  2,950,281    
Usha Martin, Ltd.
             3,776,467       4,133,644  
       
 
                    
       
 
             45,709,653       70,029,058  
       
 
                    
       
Televisions
     1.12 %                
  453,824    
Sun TV Network, Ltd.
             2,568,818       3,100,022  
  320,000    
Television Eighteen India, Ltd.+
             937,317       643,260  
  2,401,769    
Zee Entertainment Enterprises, Ltd.
             10,526,874       11,912,734  
       
 
                    
       
 
             14,033,009       15,656,016  
       
 
                    
       
Textiles
     0.31 %                
  938,258    
Bombay Rayon Fashions, Ltd.
             4,442,661       4,281,210  
       
 
                    
       
 
             4,442,661       4,281,210  
       
 
                    
       
Transport — Marine
     0.28 %                
  3,023,810    
Mercator Lines, Ltd.
             4,119,492       3,938,087  
       
 
                    
       
 
             4,119,492       3,938,087  
       
 
                    
       
Transportation
     0.20 %                
  1,532,848    
Transport Corporation of India, Ltd.
             2,619,885       2,778,596  
       
 
                    
       
 
             2,619,885       2,778,596  
       
 
                    
       
Vehicle Components
     1.16 %                
  3,230,738    
Apollo Tyres, Ltd.
             2,251,923       3,018,848  
  16,268    
Bosch, Ltd.
             1,015,998       1,407,830  
  1,478,000    
Cummins India, Ltd.
             8,814,464       10,732,053  
  415,549    
JK Tyre & Industries, Ltd.
             1,081,147       1,141,993  
       
 
                    
       
 
             13,163,532       16,300,724  
       
 
                    
       
Vehicles
     4.61 %                
  4,367,316    
Ashok Leyland, Ltd.
             1,395,389       3,840,297  
  626,350    
Hero Honda Motors, Ltd.
             14,621,495       21,739,638  
  1,068,252    
Mahindra & Mahindra, Ltd.
             11,901,609       19,568,520  
  509,573    
Maruti Suzuki India, Ltd.
             12,363,621       17,996,332  

6

 

The India Fund, Inc.
September 30, 2009 (Unaudited)
Schedule of Investments (continued)
COMMON STOCKS (concluded)
                                 
NUMBER         PERCENT OF              
OF SHARES     SECURITY   HOLDINGS     COST     VALUE  
 
       
India (continued)
                        
       
Vehicles (concluded)
                        
  181,000    
Tata Motors, Ltd-A
           $ 1,506,565     $ 1,636,732  
       
 
                    
       
 
             41,788,679       64,781,519  
       
 
                    
       
TOTAL INDIA
             773,361,742       1,362,712,036  
       
 
                    
       
United States
     0.15 %                
       
Computer Software & Programming
     0.15 %                
  56,100    
Cognizant Technology Solutions, Corp.+
             927,142       2,168,826  
       
 
                    
       
 
             927,142       2,168,826  
       
 
                    
       
TOTAL UNITED STATES
             927,142       2,168,826  
       
 
                    
       
TOTAL COMMON STOCKS
             774,288,884       1,364,880,862  
       
 
                    
EXCHANGE TRADED FUNDS (1.19% of holdings)     1.19 %                
  5,200    
PowerShares India Portfolio
             101,784       110,084  
  785,000    
WisdomTree India Earnings Fund
             15,051,673       16,508,550  
       
 
                    
       
 
             15,153,457       16,618,634  
       
 
                    
       
TOTAL EXCHANGE TRADED FUNDS
             15,153,457       16,618,634  
       
 
                    
EXCHANGE TRADED NOTE (1.60% of holdings)     1.60 %                
  381,600    
iPath MSCI India Index ETN+
             20,421,427       22,487,688  
       
 
                    
       
TOTAL EXCHANGE TRADED NOTE
             20,421,427       22,487,688  
       
 
                    
RIGHTS (0.00% of holdings)                        
       
Televisions
     0.00 %                
  160,000    
Television Eighteen Rights (Expiration date 10/13/09)
             0       42,241  
       
 
                    
       
 
             0       42,241  
       
 
                    
       
TOTAL RIGHTS
             0       42,241  
       
 
                    
WARRANTS (0.00% of holdings)                        
       
Computer Software & Programming
     0.00 %                
  94,902    
Everonn Systems India, Ltd.
             159,406       0  
       
 
                    
       
 
             159,406       0  
       
 
                    
       
TOTAL WARRANTS
             159,406       0  
       
 
                    
       
TOTAL INVESTMENTS
     100.00 %   $ 810,023,174     $ 1,404,029,425  
       
 
                    

7

 

The India Fund, Inc.
September 30, 2009 (Unaudited)
Schedule of Investments (continued)
Footnotes and Abbreviations
 
ADR  —  American Depository Receipt
 
GDR  —  Global Depository Receipt
 
+  Non-income producing
As of June 30, 2009, the aggregate cost for federal income tax purposes was $588,333,620.
         
Excess of value over tax cost
   $ 426,976,516  
Excess of tax cost over value
     (28,948,571 )
 
      
 
   $ 398,027,945  
 
      

8

 

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 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 September 30, 2009, is as follows:
         
    Investments in  
Valuation Inputs   Securities*  
Level 1 — Quoted Prices
   $ 1,398,290,770  
Level 2 — Other Significant Observable Inputs
     42,241  
Level 3 — Significant Unobservable Inputs
     5,696,414  
 
      
Total
   $ 1,404,029,425  
 
      
 
*   See Schedule of Investments for identification of securities by security type and country 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 Equity Securities
    Publishing   Retail Stores   Shipbuilding
Balance, as of December 31, 2008
   $ 104,680     $ 199,887     $ 2,978,017  
Realized gain (loss)
     0       0       0  
Change in unrealized appreciation (depreciation)
     63,702       (104,605 )     2,550,015  
Net purchases (sales)
     0       0       0  
Net transfers in/out of Level 3
     0       (95,282 )     0  
Balance, as of September 30, 2009
   $ 168,382     $ 0     $ 5,528,032  
Adoption of Statement of Financial Accounting Standards No. 161 “Disclosures about Derivative Instruments and Hedging Activities”
In March 2008, the Financial Accounting Standards Board (FASB) released Statement of Financial Accounting Standards No. 161 “Disclosures about Derivative Instruments and Hedging Activities” (“SFAS 161”). SFAS 161 requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments and disclosures about credit-risk-related contingent features in derivative agreements. The application of SFAS 161 is required for fiscal years and interim periods beginning after November 15, 2008. As of September 30, 2009, management has evaluated the impact of SFAS 161 on financial reporting disclosures and has determined that no additional disclosure is required.

 

 

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 3, 2009
 
        
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 3, 2009
        
 
        
By (Signature and Title)*
  /s/ Joseph M. Malangoni    
 
 
 
Joseph M. Malangoni, Treasurer and Vice President 		   
 
  (principal financial officer)    
 
        
Date November 3, 2009
        
 
*   Print the name and title of each signing officer under his or her signature.