Indranil, I am getting use to the different style crops for the Asian look-I'm thinking the bird could be lower in the frame. I like the color of the water and the effect applied looks great! I'm seeing some artifacts around the chop. I'm liking the long panel look you've gotten on these verticals!
Indranil, You could move the bird down just a tiny bit, but I like it as is also, the extra space above the bird plus the bird flying away allows me to wonder where it is going. As I have mentioned prior to this on other threads, the empty space is an important element in Asian art. I agree with the need here to clean up around the chop and calligraphy, I see the artifacts also. The letters within your chop need to be bolder, they are getting lost here.
Much improved Indranil! One thing to remember though, when using the chop and the calligraphy, you don't want draw too much of the viewers attention away from you main subject (the bird and the space here). I feel that maybe your chop/cal. are too big here. My eye is going back and forth between the bird and the chop/cal. I hate to keep picking at this but your creation is very nice and I would like to see it optimized (IMO):)