KKMA INVESTMENT CLUB

One Step Ahead

 

Annual Report 2008

Dear KKMA Investment Club Member,

May God’s abundant blessings be showered on you.

The Investment Club of Kuwait Kerala Muslim Association is a venture that KKMA launched in the year of 2006 aiming at inculcating saving habits among members by controlling unnecessary expenditures and save for future. It was seen as a bold step ahead and a rare initiative from a social organization.

The IC Club has accomplished most of its initial objectives set for the last two years period. Let us express our sincere thanks to Almighty God for his blessings and guidance. I take this opportunity to express our gratitude to the IC Board of Directors, the members of KKMA Management Committee, General Council and the EC members, well-wishers those who helped us to find suitable ventures in India and Kuwait. Without their support and encouragement, we could not have accomplished our goals.

We also thank IC Coordinators, office bearers in each branch committee of KKMA for completing tedious job of collecting monthly subscription from each members on a monthly basis for a full one-year period, and helped us to distribute dividends for each members in a timely manner during the holy month of Ramadan last year. May Gold bless and reward all of them adequately.

The IC Board and the Working Committee took all necessary steps in finding suitable projects even before we complete the subscription and one year fund raising period and identified diversified projects for profitable investment. We took a policy not to put all our eggs in one basket rather divided the capital into two halves for investment in India and in Kuwait, This policy has helped us save financial losses due to the depreciation of Indian Rupees.

We have faced tremendous difficulties in executing our responsibilities during the period. Financial transactions in India, legal issues with regard to Company formation and the fluctuations in currency market are to name a few. Nevertheless, we were able to make profit in all five projects we made in India.

The global financial crunch also has affected the real estate business in India and in Kuwait. However, as we have sold out 85% of our apartment project in India, that did not hit us strongly. However, for accounting purposes we have shown a 5% depreciation in value in Kuwait land.

As far as our future projects are concerned, the IC Board has recently decided to build a 9-story building in Kuwait land. Similarly initial preparations are also going on to launch a township project in India as a JV with our existing partners, and also a separate housing scheme for common NRIs mainly KKMA members.

We expect the global financial downturn will be soon resolved and we shall have more profitable business ventures ahead.

With great pleasure, I present you with the First Finance Report of KKMA IC Club.

Sincerely

Sageer Trikarpur
Chairman, KKMA