Hi Rohith,
If no clock is specified, a default clock (corresponds to a real world clock w/20ns period and it corresponds to sample time of 1 in Simulink -- i.e. each sample time in Simulink corresponds to 1 cycle of clock) is used with DSP Builder design. If you want, you can always drag a clock block into your design (should be one of the blocks under altlib). Once you have that block in your design, double click on that and that's where you can enter two info (1) the real world period and (2) what the sample time is in Simulink (how many samples in Simulink should correspond to a cycle of the clock).
Looking at your simulation, it seems like you should change several settings. Make sure to configure your simulation to run as fixed-step and discrete simulation. (I believe this is what Altera recommends). Also make sure you don't interpolate data as well. That way you get something that resembles results obtained in hardware.
Also I believe the RS core uses the Avalon Streaming interface. Basically, you should pay close attention to the sink_ena output. When it is low, the RS core is not ready to take on more data. Therefore, you should not input any VALID data into the core during that time (i.e. sink_valid should be low and also make sure to hold your other outputs constant). Other than that, sink_sop should be asserted at start of codeword and sink_eop should be asserted at the end of the codeword.
Anyhow I created a quick-and-dirty example to show you what I was talking about.
To run it, simply regenerate the core and it should be ready to go. The example contains a simple (6,2) RS encoder - pretty much just default setting.
In this example, each sample in Simulink indicates one clock cycle. The real world clock has period of 20ns. DSP Builder will automatically add in the clock singal for you when you generate the HDL (via Signal Compiler).
Hope this helps.