Please suggest a solution/thought to my situation. Below was my action-steps:

1) Got Delphi-App to automate
2) Able to recognize Delphi-objects, but not execution (faced 'Unspecified Error')
3) understood the QTP-Delphi pre-requisite(.pas file compilation) via 'google search':
Referred the below links:
Software Quality Assurance Forums: HP QTP - Delphi Addins - Issue
Software Quality Assurance Forums: QTP testing application written in C++ and Delpi
4) Dev-team tried to compile the .pas file(s) as mentioned in QTP Help
5) Meantime, approached HP and installed 'QTPDLPH_00004' patch with my QTP 11

Current Situation:
Dev-team said that they have successfully compiled .pas files, but i still face the 'Unspecified Error'. There is something going wrong with the dev-compilation.
Not sure how to proceed further? Please suggest a solution

Additional Note:
Solution from HP-Support:
"How to check that the Delphi AUT is compiled with QTP Delphi agent:
Use the Process Explorer "Handles" view to verify the following handle exists under the AUT's process:
Process Explorer: http://technet.microsoft.com/en-us/sysinternals/bb896653.aspx"