Hi Ashish,
Please, see the following threads where issues similar to yours are discussed:
http://smartbear.com/forums/forum/post/?mode=singleThread&thread=5b4dc97e-7cd9-4c23-b200-3b4d1e15dc72http://smartbear.com/forums/forum/post/?mode=singleThread&thread=4c52dad4-15c6-47f3-9725-ea562f8fa5c3Also, in addition to the recommendations from these threads, I would like to suggest you the following ones:
1. Make sure that both the master and slave machines reside in the same network.
2. Make sure that there are no other machines in your network with the same machine name as that you specified as the host name (if you still want to use the machine name instead of the IP address).
3. Make sure that the firewalls are disabled on both the master and slave machines.
I hope that all the above-mentioned recommendations (including the threads I have referred you to) will help you solve the issue.