It might be worth to try to install Adobe Air on device by yourself. Maybe other version of Air would run fine.
After searching on internet and have hands on this problem, finally found the solution.
SAMSUNG Galaxy Y S5360 has CPU 830 MHz ARMv6 and minimum requirement of minimum system requirements for AIR 3.3 Beta on Android :
CPU: ARMv7 processor with Vector FPU, Minimum 550MHz, OpenGL ES2.0, H.264 & AAC H/W Decoders OS: Android 2.2, 2.3, 3.0, 3.1, 3.2 & 4.0 RAM: 256MB RAM
Later I used a Motorola mobile handset with higher version my .apk file worked well.
thanks to everyone for your efforts.