arish_06,
I just had a thought about your player.
I think it might be have a SIGMATEL or SUNPLUS solution board instead of an ACTIONS (s1mp3) board. These are different boards and the firmware is completely different! This might explain why you can't find a working firmware for your player.
Try downloading and using this tool:
UDisk Checker to see what information comes up.
I have a Sunplus and Actions player.
It identifies the "Sunplus" one as "Sunplus".
It identifies the Actions (s1mp3) player as "USB 2.0 (FS) FLASH DISK (USB1.1)"
Let me know what yours come up as.....