The I/C on the engine stands for Industrial/Comercial. It's a heavier duty engine to the normal ones.
smud6ie is correct, the exhaust usually has a deflector plate fitted to it and you would be well advised to get one. It will cost you pence and save your eyes/lungs.
I have heard them called "Build an scrap-'em" before, which seems a shame as they really are very good little engines if treated with a little respect.
Yours, in common with others of this series engine, has a a device fitted to it so that the engine won't start if it's low on oil (that's what the red light is at the front in picture 2) it can play up if it has old oil in it or if it's been sat around doing nothing for a long while.
As Gazzgrow said, it would be a good idea to change the oil. SAE3o would be best if you can get some locally.