Hi All,
Finally i found out the reason for this error. on going deep into the problem I figured out that BO server: 4.1 SP1 is not compatible with BODS: 4.2 SP2 & BOIS: 4.2 SP2.
For more information on compatibility please refer to SAP NOTE 1740516.
Hope this might help many of them who are receiving the same error.
Please d reply if I'm incorrect anywhere or any suggestions.
Thanx