Hi Subhankar,
I have tried a connecting two profilers concurrently to a MobiLink server and have not been able to reproduce errors like this. There should not be a connection limit that would prevent this - if ti couldn't connect at all, you wouldn't see the request coming in.
Which exact version of SQL Anywhere/MobiLink are you using? Are you just using SQL Anywhere clients or do you also have UltraLite clients? Are the server and clients using the same software version?
Thanks,
Jeff Albion
SAP Active Global Support