I don't have CP to make MySql database and user and grant permission.
I wanted to know how can I make a secure and stable database and assign username with passwords so that no one can access there database from anyother IP address or hostname other than the its own site name or IP address.

Install webmin on your system,
It is very nice to do such things, I use the same on my server, can be installed even tough you have other control panel installed on the server.

I have plesk but still have installed it, because a database created on plesk can be accessed on any host. so to further tighten a bit we change database permissions so that they can be accessed only from localhost .
Doing those things very easy in webmin,

Webmin is also very easy to install

Just install from rpm and fire your ip:10000
It takes your root password by default.

And ofcourse the other things you can do with webmin is an added bonus,

Regards
Manish Kapadia

The best thing to do is to learn MySQL. Read the Administration section of the documentation (http://www.mysql.com/documentation/mysql/bychapter/manual_MySQL_Database_Administration.html#Privilege_system) and learn how MySQL's permissions work. Relying on a control panel to do this for you can lead to problems -- if someone finds a hole, you won't know how to fix it, and might not even know the system is being abused.

This really goes for any service -- before offering a service to the public, one should know how to properly use and administrate said service.