We have audited the accompanying standalone financial
statements of Dolphin Offshore Enterprises (India) Limited (the
'Company') which comprise the Balance Sheet as at March 31,2026,
and the statement of Profit and Loss (including the statement of
other comprehensive income), Statement of changes in equity and
Statement of cash flows for the year then ended, and notes to the
financial statements, including a summary of material accounting
policies and other explanatory information (hereinafter referred as
"the standalone financial statements").

In our opinion and to the best of our information and according to
the explanations given to us, the standalone financial statements
give the information required by the Companies Act, 2013 (the
"Act") in the manner so required and give a true and fair view in
conformity with the Indian Accounting Standards prescribed
under Section 133 of the Act read with the Companies (Indian
Accounting Standards) Rules, 2015 as amended ("Ind AS") and
other accounting principles generally accepted in India, of the
state of affairs of the Company as at March 31,2026, and its profit,
total comprehensive income, the Statement of changes in equity
and its cash flows for the year then ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements
in accordance with the Standards on Auditing (SAs) specified
under section 143(10) of the Act. Our responsibilities under those
Standards are further described in the Auditor's Responsibilities
for the Audit of the Standalone Financial Statements section of our
report. We are independent of the Company in accordance with
the Code of Ethics issued by Institute of Chartered Accountants of
India (ICAI) together with the ethical requirements that are relevant
to our audit of the standalone financial statements under the
provisions of the Act and the Rules made thereunder, and we have
fulfilled our other ethical responsibilities in accordance with these
requirements and the ICAI's Code of Ethics. We believe that the audit
evidence obtained by us is sufficient and appropriate to provide a
basis for our opinion on the standalone financial statements.
Emphasis of Matter

We draw attention to Note No. 6.2 of the standalone financial
statements. Statement regarding recognition of additional
deferred tax assets recognised during the year ended March 31,
2026 while calculating current year deferred tax amounting to Rs.
1,065.49 Lakhs on approved carried forward losses and unabsorbed
depreciation of previous years based on management's assessment
of future taxable profit.

We draw attention to Note No. 8 of the accompanying Statement
regarding the Expected Credit Loss (ECL) provision. Based on
management's detailed evaluation of the ageing and recoverability
of trade receivables, including balances pertaining to earlier
periods, the management has recognized an Expected Credit Loss
(ECL) provision of Rs. 401.75 Lakhs for year ended March 31,2026.

Our opinion is not modified in respect of these matters.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment,
were of most significance in our audit of the standalone financial
statements for the financial year ended March 31,2026. These matters
were addressed in the context of our audit of the standalone financial
statements as a whole, and in forming our opinion thereon, and we
do not provide a separate opinion on these matters.

We have determined that there is no key audit matter to
communicate in our report.

Information other than Financial Statements & Auditors
Report thereon

The Company's Board of Directors is responsible for the Other
Information. The Other Information comprises the information
included in the Board's Report including Annexures to Board's
Report, Corporate Governance report and Management
Discussion and Analysis but does not include the standalone
financial statements and our auditor's report thereon. The other
information is expected to be made available to us after the date
of this auditor's report.

Our opinion on the standalone financial statements does not
cover the Other Information and we do not express any form of
assurance conclusion thereon.

In connection with our audit of the standalone financial statements,
our responsibility is to read the other information identified
above and, in doing so, consider whether the other information is
materially inconsistent with the standalone financial statements or
our knowledge obtained in the audit, or otherwise appears to be
materially misstated.

When we read the other information, if we conclude that there is
a material misstatement therein, we are required to communicate
the matter to those charged with governance as required under SA
720 "The Auditor's Responsibilities Relating to Other Information".

Responsibilities of Management and those charged with
Governance for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters
stated in section 134(5) of the Act with respect to the preparation
of these standalone financial statements that give a true and fair
view of the financial position, financial performance including
other comprehensive income, the Statement of changes in
equity and cash flows of the Company in accordance with the
Ind AS and accounting principles generally accepted in India.
This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act,
for safeguarding the assets of the Company and for preventing
and detecting frauds and other irregularities; selection and
application of appropriate accounting policies; making
judgment and estimates that are reasonable and prudent; and
design, implementation and maintenance of adequate internal
financial controls, that were operating effectively for ensuring
accuracy and completeness of the accounting records, relevant
to the preparation and presentation of the standalone financial

statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.

In preparing the standalone financial statements, Management is
responsible for assessing the Company's ability to continue as a
going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless
management either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the
Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Standalone
Financial Statements:

Our objectives are to obtain reasonable assurance about whether
the standalone financial statements as a whole are free from
material misstatement, whether due to fraud or error and to
issue an auditor's report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that
an audit conducted in accordance with SAs will always detect a
material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if, individually or in
the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these standalone
financial statements.

As part of an audit in accordance with Standard on Auditing,
we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the
standalone financial statements, whether due to fraud or
error, design and perform audit procedures responsive to
those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations,
or the override of internal control.

• Obtain an understanding of internal financial control relevant
to the audit in order to design audit procedures that are
appropriate in the circumstances. Under section 143(3)(i) of
the Act, we are also responsible for expressing our opinion
on whether the Company has adequate internal financial
controls system in place and the operating effectiveness of
such controls.

• Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and related
disclosures made by the management.

• Conclude on the appropriateness of management's use of
the going concern basis of accounting and, based on the
audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant
doubt on the Company's ability to continue as a going
concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditor's report to
the related disclosures in the standalone financial statements
or, if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained up

to the date of our auditor's report. However, future events or
conditions may cause the Company to cease to continue as a
going concern.

• Evaluate the overall presentation, structure and content of the
standalone financial statements, including the disclosures,
and whether the standalone financial statements represent
the underlying transactions and events in a manner that
achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone
financial statements that, individually or in aggregate, makes
it probable that the economic decisions of a reasonably
knowledgeable user of the standalone financial statements may
be influenced. We consider quantitative materiality and qualitative
factors in (i) planning the scope of our audit work and in evaluating
the results of our work; and (ii) to evaluate the effect of any
identified misstatements in the standalone financial statements.
We communicate with those charged with governance regarding,
among other matters, the planned scope and timing of the audit
and significant audit findings, including any significant deficiencies
in internal control that we identify during our audit.

We also provide those charged with governance with a statement
that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships
and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.

From the matters communicated with those charged with
governance, we determine those matters that were of most
significance in the audit of the standalone financial statements
of the current period and are therefore the key audit matters.
We describe these matters in our auditor's report unless law or
regulation precludes public disclosure about the matter or when,
in extremely rare circumstances, we determine that a matter
should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2020
(the "Order") issued by the Central Government of India in
terms of sub-section (11) of section 143 of the Companies
Act, 2013, we give in the "Annexure A" a statement on the
matters specified in paragraphs 3 and 4 of the Order, to the
extent applicable:

2. As required by Section 143(3) of the Act, we report that:

(a) We have sought and obtained all the information and
explanations which to the best of our knowledge and
belief are necessary for the purpose of our audit;

(b) In our opinion, proper books of account as required by
law have been kept by the Company so far as it appears
from the examination of those books except for the
matters stated in paragraph (2)(i)(vi) below on reporting
under rule 11(g) of the companies (Audit and Auditors)
Rules, 2014 (as amended).

(c) The Balance Sheet, the Statement of Profit and Loss
including statement of other comprehensive income
and the Cash Flow Statement, Statement of changes in

Equity dealt with by this Report are in agreement with
the books of account;

(d) In our opinion, the aforesaid Standalone financial
statements comply with the Indian Accounting
Standards specified under Section 133 of the Act;

(e) On the basis of the written representations received
from the directors as on 31st March, 2026 taken on
record by the Board of Directors, none of the directors is
disqualified as on 31st March, 2026 from being appointed
as a director in terms of Section 164(2) of the Act;

(f) The modification relating to the maintenance of
accounts and other matters connected therewith
are as stated in the paragraph (b) above on reporting
under Section 143(3) and paragraph (2)(i)(vi) below on
reporting under Rule 11(g) of the Companies (Audit and
Auditors) Rules, 2014 (as amended).

(g) With respect to the adequacy of internal financial
controls over financial reporting of the Company and
the operating effectiveness of such controls, refer to our
separate report in "Annexure B";

(h) With respect to the matters to be included in the
Auditor's Report in accordance with the requirements of
Section 197(16) of the Act, as amended: In our opinion
and to the best of our information and according to
the explanations given to us, the remuneration paid/
provided by the Company to its directors during the
year is in accordance with the provisions of section 197
read with Schedule V to the Companies Act, 2013;

(i) With respect to the other matters to be included in
the Auditor's Report in accordance with Rule 11 of
the Companies (Audit and Auditors) Rule, 2014, in
our opinion and to the best of our information and
according to the explanations given to us:

i. The Company has disclosed the impact of pending
litigations on the financial position of its financial
statements - Refer Note 29 to the financial
statements;

ii. The Company did not have any long-term
contracts including derivative contracts for which
there were any material foreseeable losses.

iii. There has been no delay in transferring amounts,
required to be transferred, to the Investor
Education and Protection Fund by the Company.

iv. (a) The Management has represented that, to the

best of its knowledge and belief, as disclosed
in the notes to the accounts note no. 42(E) no
funds (which are material either individually
or in the aggregate) have been advanced or
loaned or invested (either from borrowed
funds or share premium or any other sources
or kind of funds) by the Company to or in
any other person(s) or entity(ies), including
foreign entities ("Intermediaries"), with the
understanding, whether recorded in writing
or otherwise, that the Intermediary shall,
directly or indirectly lend or invest in other

persons or entities identified in any manner
whatsoever by or on behalf of the Company
("Ultimate Beneficiaries") or provide any
guarantee, security or the like on behalf of
the Ultimate Beneficiaries.

(b) The Management has represented, that,
to the best of its knowledge and belief, as
disclosed in the notes to accounts note no.
42(F) no funds (which are material either
individually or in the aggregate) have been
received by the Company from any person(s)
or entity(ies), including foreign entities
("Funding Parties"), with the understanding,
whether recorded in writing or otherwise,
that the Company shall, directly or indirectly,
lend or invest in other persons or entities
identified in any manner whatsoever by or
on behalf of the Funding Party ("Ultimate
Beneficiaries") or provide any guarantee,
security or the like on behalf of the Ultimate
Beneficiaries.

(c) Based on the audit procedures that has been
considered reasonable and appropriate in
the circumstances, nothing has come to our
notice that has caused us to believe that the
representations under (a) & (b) above contain
any material misstatement.

v. The Company has not declared or paid any
dividend during the current year.

vi. Based on our examination carried out in
accordance with the Rule 11(g) of the Companies
(Audit and Auditors) Rules, 2014, which included
test checks, we report that the company has used
an accounting software for maintaining its books
of account which has a feature of recording audit
trail (edit log) facility and the same has operated
throughout the year for all relevant transactions
recorded in the software except that audit trail
feature is not enabled for direct changes to
database level (refer Note No. 43 to the standalone
financial statements). Further, during the course of
our audit we did not come across any instance of
audit trail feature being tampered with in respect
to accounting software. Additionally, the audit
trail has been preserved by the Company as per
statutory requirements for record retention to
the extent it was enabled and recorded in the
respective years.

For Mahendra N. Shah & Co.

Chartered Accountants
FRN 105775W

Chirag M. Shah
Partner

Membership No. 045706
UDIN: 26045706OOOSCK5236
Date: May 05, 2026
Place: Ahmedabad