Provisions, Contingent Liabilities and Contingent Assets are reviewed
 at each Balance Sheet Date.
 
 A.  Disclosure Under AS - 15 (Revised 2005)
 
 Company has adopted the Accounting Standard (AS - 15) (Revised 2005)
 Employee Benefits effective April 01, 2007.
 
 I.  Defined Contribution Plans
 
 The Company has classified the various benefits provided to employees
 as under:
 
 a.  Provident Fund
 
 b.  Superannuation Fund
 
 c.  Employers'' Contribution to Employees'' State Insurance
 
 d.  Employers'' Contribution to Employees'' Pension Scheme 1995
 
 The provident fund and the state defined contribution plan are operated
 by the Regional Provident Fund Commissioner and the Superannuation Fund
 is administered by the Trustee of the Life Insurance Corporation of
 India. Under the schemes, the Company is required to contribute a
 specified percentage of payroll cost to the retirement benefit schemes
 to fund the benefits. These funds are recognized by the Income Tax
 authorities.
 
 C.  Contingent Liabilities:
 
 i) As at March 31, 2011 the Company had contingent liabilities in
 respect of bank guarantees, issued to their customers of Rs. 50,53.78
 lacs (2010 - Rs. 59,79.13 lacs) of which Rs. 50,53.78 lacs (2010 - Rs
 59,11.78 lacs) are outstanding as of date. These bank guarantees are
 secured by hypothecation to and in favour of the bank of the Company''s
 entire book debts [present and future], outstanding moneys,
 engagements, securities, investments and rights and further secured by
 personal guarantee of Whole-Time Directors.
 
 ii) Capital commitment and guarantees on behalf of subsidiary -
 
 The Company''s wholly owned subsidiary, Dolphin Offshore Enterprises
 (Mauritius) Private Limited is currently investing in a ship building
 programme worth US$ 45.90 million. This Capital expenditure is being
 met through unsecured interest free loan of US$ 20 million given by the
 Company and US$ 25.90 million from term loans.
 
 In addition, the Company has given a corporate guarantee to the lenders
 of Dolphin Offshore Enterprises (Mauritius) Private Limited for US$
 25.90 million (2010 - US$ 20.00 million). Out of the additional
 guarantee of US $ 5.90 million given during the year, Dolphin Offshore
 Enterprises (Mauritius) Private Limited has utilized Guarantee of US$
 1.61 million.
 
 As at March 31, 2011, the Company had already given unsecured loan of
 Rs. 78,90.08 lacs, equivalent to US$ 17.69 million (2010 - Rs. 72,85.26
 lacs- equivalent to US$ 16.11 million) and the balance will be paid
 during the future financial years.
 
 iii) The Company has appealed the award of the CIT(Appeals) on the
 block assessment of the Company under Sec. 158BC of Income Tax Act,
 1961 raising a demand of Rs. 52.97 lacs (2010 - Rs. 52.97 lacs).
 
 The appeal filed against the disallowance of shipping reserve for A.Y.
 1998-99 to A.Y. 2004-05 has been decided in favour of company by ITAT,
 Mumbai. The order giving effect to the said appellate order is awaited.
 
 During the year the company has preferred an appeal with ITAT, Mumbai
 against the order of CIT (A) disallowing dry- docking charges for A.Y.
 2005-06 amounting to Rs. 24.94 Lacs.
 
 The company has filed an appeal with the CIT (A) against the penalty
 levied under section 271(1)(c) for A.Y. 1998-99 to A.Y. 2004-05.
 
 D.  Borrowing cost:
 
 As stated in Schedule 18A (a), financing costs incurred up to the date
 the asset is ready to be used is included in the cost of the asset, if
 they are significant.
 
 E.  Segment reporting:
 
 The Company is mainly engaged in offshore business and there are no
 separate reportable segments as per Accounting Standard (AS-17).
 
 F.  Related Party Disclosures:
 
 Related party transactions cover transactions between the Company and
 the following persons in accordance with the Accounting Standard
 (AS-18) notified pursuant to Companies (Accounting Standards) Rules,
 2006.
 
 1) Related party relationships:
 
 (As identified by the management)
 
 a) Companies under common control, including subsidiaries:
 
 i) Dolphin Offshore Projects Limited - under common control
 
 ii) Kanika Shipping Limited - under common control
 
 iii) Global Dolphin Drilling Co. Limited - 59.96% subsidiary
 
 iv) Dolphin Offshore Enterprises (Mauritius) Private Limited - 100.00%
 subsidiary
 
 v) Dolphin International Risk Services Limited - 99.99% subsidiary
 
 vi) Dolphin Offshore Shipping Limited - 100.00% subsidiary
 
 vii) IMPaC Oil & Gas Engineering (India) Pvt. Limited - 40% Joint
 Venture
 
 b) Key Management Personnel
 
 i) Rear Admiral Kirpal Singh - Executive Chairman
 
 ii) Mr. Satpal Singh - Managing Director
 
 iii) Mr. Navpreet Singh - Joint Managing Director
 
 c) Relatives of Key Management Personnel with whom the Company has had
 transactions during the year.
 
 i) Mrs. Manjit Kirpal Singh 
 
 ii) Mrs. Prabha Chandran 
 
 iii) Mrs. Nitu Singh 
 
 iv) Ms. Rishma Singh 
 
 v) Master Rohan Singh 
 
 vi) Mrs. Ritu Singh
 
 vii) Master Tarun Singh 
 
 viii) Master Akhil Singh
 
 G.  Hire Purchase Agreements:
 
 The Company has purchased assets under hire purchase arrangements which
 are repayable within three years from the dates of agreement. During
 the year, the Company has paid instalments of Rs.10.77 lacs (2010 – Rs.
 42.66 lacs). The Company has a future liability of Rs. Nil (2010 – Rs
 10.77 lacs) towards the said agreements, of which Rs. Nil (2010 - Rs.
 10.77 lacs) is payable within one year.
 
 H.  Operating Lease commitments:
 
 b.  Lease payments recognised in the statement of Profit & Loss for the
 period is Rs. 2,19.15 Lacs.
 
 M.  Issue of shares:
 
 During the year, the Company received notice from FCCB holders for
 conversion of 3,602 bonds of US$ 1000 each.  Consequently, 10.15 Lacs
 equity shares of Rs.10/- each have been issued resulting in increase in
 equity share capital by Rs.  101.50 Lacs and share premium by Rs.
 15,32.72 Lacs.
 
 O.  Micro, Small and Medium Enterprises (MSMEs):
 
 To the extent information is available with the Company; there are no
 dues payable to any parties identified as Micro and Small Enterprises
 as per The Micro, Small and Medium Enterprises Development Act, 2006.
 
 P.  Debtors and Creditors:
 
 a.  Balances in respect of creditors and debtors are subject to
 confirmation/reconciliation, wherever required.
 
 b.  Sundry debtors includes amount outstanding from a customer
 amounting to Rs. 47.90 crores. This relates to a subcontract job done
 during 2006-07 and amount outstanding relates to change order which is
 still under process of resolution by the ultimate client. Management
 believes that this amount will be received and hence no provision has
 been made in the books till date.
 
 c.  During the course of execution of its EPC contracts, the Company
 has undertaken additional work which the Company can invoice only after
 the contracts have been completed and change orders agreed to by the
 clients. Due to this reason and other delays not attributable to the
 Company, the Company expects the liquidated damages of Rs. 28.30 Crores
 currently levied will be waived by its clients. Accordingly, liquidated
 damages of Rs. 28.30 Crores have not been provided.
 
 d.  During the year, the Company has incurred additional expenditure on
 executing additional work under its EPC contracts.  The Company has
 quantified and submitted some of its claims for extra work done and has
 commenced discussions with the clients for finalising the same.
 However, as a matter of abundant caution, only a portion of these extra
 claims amounting to Rs. 33.59 crores have been recognised as revenue.
 The balance of the additional claims will be recognised as revenues as
 and when the same are quantified and submitted to the clients.
 
 Q.  Prior year comparatives:
 
 The prior year figures have been reclassified wherever necessary for
 comparative purposes.