Thanks Torsten! Figured out a way to do it before the post went online.

What I did on my mikrotik is:
1) go to device details page (in this case mikrotik)
2) click add sensor
3) choose snmp
4) click snmp library
5) choose cisco interface oidlib
(something seems wrong when i use cisco oid lib for mikrotik, but it worked!!!)

6) created a custom sensor with following properties
if: 15/ if oper status 
(15 is the port number i wanted to monitor)
selected interface: IF-MIB/if: 15/ if oper status
unit string #
multiplication 1
division 1
(if my port goes down the ifoper status is 2 and reverts to 1 when my port comes up)
if value changes trigger change notification
(in my case notification was an email was generated)

Problem: my device/port did not turn red
to do that
7)  select the sensor and go to sensor details page
8) choose channels tab
9) select if oper status in list of available channels
10) enable limits
11) set upper error limit to 1
12) save

this makes my port go red when my port goes down

I dont know what i did, but it works! Any help on proper way to do this would be appreciated

There is no way to replicate this sensor to multiple devices and multiple ports, I have to do everything manually. I think I may be missing something small and will eventually figure it out.

thanks a ton, Vivek

Torstens way is the best. Used it. Simple and very easy to implement