Thanks friends for your time and help, i have changed that resistor with 10K and it just start working.
As for mic i used only two wires (white wire NOT grounded with shield) beacuse of this image attached; fig1. (1:signal, 2:5v, 3:Ground)
when i connected preamp output to mic jack pin1 and pin2 both tied together it was producing lot of noise, how ever i connected preamp output as shield to pin 3, and signal (redwire) to pin 2 and that bomardment noise vanished (i dont know why ; i am attaching image fig1 which i got from a website, according to them pin 2 is 5v; pin1 is signal)
simple mic is working ok in this config fig2.
any way i hook it with only two wires shield and ring at mic jack and got low noice (only humming and speaker feedback is there)
Now the fun part,
The circuit is picking up the voices very good like fan, scratching over mic wire or table it is very sensitive when the wire or circuit board is moved but my voice i am speaking at 3 foots is not upto the satisfaction. It is relatively better when I speek under one foot distance with normal voice.
Actually i am using a voice recongnition software to send computer commands but due to this issue and may be little humming/noise, software feel diffculty in recongnizing my commands some times it is not listening at all.
It seems that this circuit is very very good for public address system but not so good with computer microphone (i checked computer mic volume 100% with mic boost with out it results are even worst)
any way i have completed it with input/output 3.5mm stereo jacks and power LED now looking for small plastic box to fit it into.
please give me suggestions to cope with the sound quality issue so i can put this circuit on board
should i decrease the value of resistor feeding power to mic as mneary suggested, and yes i will sure try to increase the value of R3 as audioguru told.
waiting for your reply ... thanx in advance...