rakeshkaushik89,

I was in the same situation as you. I went to my endocrinologist, had my hormone levels tested, and everything turned out just fine. Still I couldn't grow a beard. My endocrinologist suggested that in some cases, the skin simply doesn't react to those hormones for reasons unknown, thus not growing a beard.
I also never had any peach fuzz on my face, only a few hairs sprouting randomly across my face. and most of the time, when new hairs appeared they fell out within a few weeks.

You could try Minoxidil. It has a lot of possible side effects, and it doesn't work the same way for everyone. Also it is not yet sure whether or not the results will stay or fall out once you stop using it. However I just thought I'll bring it to your attention, I know I would have been glad if someone told me sooner. Look into it, read up on the side effects, there are a few helpful threads here in the facial help forum, namely : " MINOXIDIL SUMMARY F.A.Q.: Experiences from readers" and " Rogaine Experiment".

Cheers!

My minoxidil progress pictures:  http://www.flickr.com/photos/74634326@N08
Details about the experiment: http://jefffsbeardboard.yuku.com/topic/24061#.UjoQFT9AfEn