Resolution:
Successfully able to connect IBM WebSphere MQ by following the suggestion on the page below:

http://www-01.ibm.com/support/docview.wss?uid=swg21577137

Parent Page Link: http://www-01.ibm.com/support/docview.wss?uid=swg21138961

The suggestion followed was the last one as follows:

- Open command prompt.
- runmqsc newqmgr (newqmgr is name of queue manager).

- From the above link.

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2.c) Disable the Channel Authentication Records feature:

ALTER QMGR CHLAUTH(DISABLED)

WARNING: Disabling this new feature is not recommended for MQ 7.1 production queue managers due to security implications. Note that disabling CHLAUTH results in a policy that accepts administrative connections by default. The administrative effort to lock down administrative access with CHLAUTH(DISABLED) is much greater than to do so with CHLAUTH(ENABLED). It is therefore recommended to leave CHLAUTH(ENABLED) and use the other security features of WebSphere MQ V7.1 to authenticate administrator connections.

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Follow the desired solution from the list of solutions provided in that link.

MQ V6:MQJMS2013: invalid security authentication supplied for MQQueueManager.