Hello Amar,
I took a look at the search results for "Kookaburra Pro 600 wheelie kit bag."
cricketbestbuy.com is the 3rd results that I think you are referring to in your question, and I assume your website is cricmax.com
Here are some reason their page is ranking higher than yours.
First, cricketbestbuy.com's domain authority is 23 vs 20 (yours). Their page authority is 16 vs 1 (yours). Domain and page authority are based off of your website and page's backlink profile. Links are the most important factor when Google determines rankings. To increase this you need to get quality websites to link to your website and this specific page.
Second, your title tag is better for this search query, since you have the "600" model vs their "300" model, but it is not an exact match. If you remove "B/L/S" from the title tag, it would be an exact match, which will serve you better. I would follow this same rule for the h1 tag, especially if the "B/L/S" is not 100% necessary for identifying the product (you can always add that in the description).
If possible, I would look into changing your permalink structure. Something like "cricmax.com/products/kookaburra/kookaburra-pro-600-wheelie-kit-bag" would be better than "cricmax.com/p/6616/kookaburra-pro-600-wheelie-bls-kit-bag"
To sum it up, the main factor that is causing cricketbestbuy.com's page to rank higher than yours is its domain and page authority, which can be solved with a few great links.
Good Luck.