Dear Deepak,
Good to know.
Well, the official procedure to upgrade from ASE 15.7 to ASE 16.0 in a Business Suite environment is documented in SAP Note 1982469 - SYB: Updating SAP ASE with saphostctrl / sapdbctrl.
Any upgrade from 15.7 to 16 is considered to be a major upgrade.
I would suggest you to start your upgrade. And incase you get stuck somewhere, post it here, and we would there to help you troubleshoot.
Hope you are using a Unix flavor for your ASE?
Regards,
Ajith Prabhakaran