The error message was 'The 'Microsoft.ACE.OLEDB.12.0' provider is not registered on the local machine' when I wanted to access the sheet to see the first 200 records coming from excel file. And when click on the columns to read the column names we got another error message which also mentions that the provider is not registered on the local machine.
Our image had 64 bit of SQL Server installed but the BIDS application is 32 bit and did not have the 64 bit driver installed for Excel so we keep getting the error.
Solution for the problem was Microsoft. MS has a 64 bit ACE driver released which can be downloaded and installed from this link. We have downloaded and installed AccessDatabaseEngine and opened the BIDS and SSIS package then I was able to read the data from spread sheet and get the column mappings.
HTH,
Bulent