I am not a Schneider guy but have done a project with an M340 and one of these modules before.
Need more information about your problem though. Is this an existing system that has stopped working, or is this a new system that you are trying to get working?
The description of the status indicator is pretty straight forward. The module has an IP address but it has not established any CIP connections which could be due to a few different reasons. Either the PLC program is not setup with any IO devices for the NOC module, or perhaps one of the IO devices it is talking to has been disconnected.