Hi Saptaparna,
Looks like the connection is between PCo, OLEDB and MII is working. Did you configure the OLEDB driver exactly as in the example I provided above, especially the Extended settings for the driver for Excel?
I would recommend that you PCo to the latest 2.1 SP and patch. 2.1.5 is a very old version. I do not maintain an installation of PCo 2.1 and cannot do any testing with that release.
I would also recommend that you deploy PCo 15 on a separate PC and confirm that this will work with the newer PCo version and the OLEDB configuration that I have also tested.
Regards, Steve