Gurjeet,
I am not suggesting to change it from 002 to 300, i am saying it wokr fine when we have 300.
I never used it for 002 , so no clue.
You give it a try by following below steps.
Create characterstic & classes ,
create a procedure for variant table
Attach procedure to characterstic
and then create equipment
I attached few links to sap help document.
share your findings.
Thanks
Ritesh