Pawansaathi,
Are you doing a SnapMirror update or trying to initialize? If you're updating then I'm guessing it was working?
If this is a new snapmirror relationship did you create it in System Manager or manually through the /etc/snapmirror.conf file?
If you can ping the resources from your destination to source and source to destination then make sure DNS is configured correctly if using storage controller names.
Make sure the correct names and IP's are in the /etc/hosts files at both locations.