Slave_IO_Running: Connecting in Master-Slave Replication

I was trying to implement Master-Slave Database Replication on two systems on windows.
I followed the steps from the following links
https://www.youtube.com/watch?v=DmQWcU2INqQ
and
http://dba.stackexchange.com/questions/73467/mysql-replication-on-windows-server

But in both cases, I ended up with

Slave_IO_Running: Connecting
Slave_SQL_Running: Yes

I've tried to check the network connection between the machines and they're able to ping each other successfully. Disabled the antiviruses and Firewalls on both systems Added an alias for the slave to access the master machine, Working. Both machines using 3306 port for mysql.

Last_IO_error: error connecting to master 'user01@192.168.2.46:3306' -- retry-time 60 retries: 1

Please help.. Any suggestions are also welcomed. Thanks