Hello,
I could fix this issue after making couple of changes in .config .
Here is the details -
Device Drivers --->
[*] USB support --->
<*> USB Gadget Support --->
(2) Maximum VBUS Power usage (2-500 mA)
USB Peripheral Controller (Freescale USB Device Controller) --->
Freescale USB Device Controller
[*] Support for DR peripheral port on Freescale controller
Select transceiver for DR port (On-chip UTMI) --->
(X) On-chip UTMI
[*] OTG Support
Now it is working fine and i could detect my board as USB device from host PC.
Regards
Benoy