Well What Next Design says is quite right. I have researched about the problem and this is what i have found out as well.
Next Design : Thanks for the link, but i have tried this method already but in vain. I had came across this link as well.
this is a little confidential file, if you want to try your hands on it, i'd send yu the file over to your mail id.

But what i also found out was that this problem has been resolved in MAYA 2012 version. Here a transpose function is introduced in the transfer attributes section which really helps. but my project does not allows change the pipeline onto a different version.

I started this discussion just to understand if someone of you would have ran into this kind of problem already and tried out a way through which could be shared here.