I got the solution,
by using dd command we can dump the filesystem image on compact flash/pen-drive/hdd.
dd if=image.ext2 of=/dev/sdb3
and it is working fine.
Now my next task is to install boot loader on Compact flash,
so that we can boot from compact flash memory.
This compact flash will then inserted in Single Board Computer(Miniatureised computer)
This will be used for Embedded system like Osciloscope/Media player/Gaming device, etc etc..