Hi Ramesh,
The Ethernet port blinking Red (it's Orange Actually) - means that there are physical erros on the link.
The LED labeled "!" which is the "Bad Port Led" indicates that a symbol error is detected on one of the ports.
http://www.mellanox.com/related-docs/user_manuals/1U_HW_UM_SX10XX_SX1X00.pdf
