Hi Guys,

Thanks for all the suggestions.. Finally I managed to solve the problem.
The culprit is the IGNITION CONTROL UNIT. I swapped it with a friend's unit and it fired on first crank..Never thought it could cause such problem.

It seems like the Ignition Contol Unit failed to produce healthy spark as the engine revs increases. Anyway I bought a used unit for less than USD 100 and it cured the problem instantly... While doing that, I also managed to get a used Mallory Promaster Ignition Coil. Man, you guys should see the how fat and strong spark it generates..

Thanks again guys...now I am a happy man..

Cheers,