Thank you DELL-SUJATHA K for kind response !
DELL logo was back after resetting BIOS to its defaults. Also, I ran the complete DELL Diagnostics that took about 3 hrs to complete - no error messages were shown. Please find the attached snapshot. As you said, it's normal to display the Initializing message as a part of system start up but I didn't find it in other workstation of same model (DELL Precision T1650). I don't want this message at start-up as it also delays the booting process.
Also I came to know that disabling the Integrated NIC at System Configuration in BIOS settings will solve this issue. My current Integrated NIC setting is Enabled w/PXE (pls find attached snapshot). Kindly let me know whether it works without affecting other functions. Regards.