Hi Pradeep,
I'm not getting your statement: "Using SAP BI4.0 SP5 , able to see the .unv files to create Infospace in BO explorer (In BI Launchpad)" . In SP5 you should not see UNV list under Manage Spaces,only UNX because UNV support is only available officially in Explorer 4.1 (and un-officially in 4.0 SP06 with a special parameter in place), so there is something else going on in your environment.
You can try changing the command line to below, but if this does not work you will need to open a SAP incident:
-Djava.awt.headless=true -Dosgi.configuration.area=configuration.SAPBIPPRF313.ExplorerMasterServer -server -XX:MaxPermSize=256m -Dosgi.clean=true -Xmx1g -jar plugins/org.eclipse.equinox.launcher_1.0.101.R34x_v20081125.jar -loggingPath "E:/OF1/SAP BusinessObjects Enterprise XI 4.0/logging/" "-Dbusinessobjects.connectivity.directory=E:/OF1/SAP BusinessObjects/SAP BusinessObjects Enterprise XI 4.0//dataAccess/connectionServer" -serverkind explorerMaster