Hi Kavideepa,
You also create a .xsprivileges file otherwise how will System know what is Basic:
Create a .xsprivileges file
You can get the code from HANA Developer Guide and just follow the guide step by step and everything will turn out fine:
http://help.sap.com/hana/SAP_HANA_Developer_Guide_en.pdf
Regards,
Vivek