See Accessing the SP.
-> show /System/Open_Problems Open Problems (0) Date/Time Subsystems Component ------------------------ ------------------ ------------ Thu Dec 17 05:17:11 2015 Power PS1 (Power Supply 1) fault.chassis.device.psu.fail (Probability:100, UUID:b516a939-23c2-ee8b-e997-d915ca03d044, Resource:/SYS/PS1, Part Number:7065505-01, Serial Number:BS2517, Reference Document:http://support.oracle.com/msg/---) ->
In this example, a power supply has failed as identified by the text following the words fault.chassis.
See Oracle ILOM Legacy Target Replaceable Components and Faulted Item Replaceable Components for links to service tasks.
See Display the General Health of Components and Systems and Display Status for Specific Components.