The problem is that i didn't include libusb0.dll and libusb-1.0.dll files in PATH environment variable location (.) PyUSB module will check for libusb0.dll and libusb-1.0.dll files (which act as backends) in the PATH environment variable and in C: windows System32 locations and then establishes communication with USB devices. Since i'm using libusb-win32-wizard for creating device drivers it uses libusb0.dll. 
The process of execution can be found using following DEBUG program: import os os.environ['PYUSB_DEBUG'] = 'debug' import usb.core print list(usb.core.find(find_all=True)) The favourite file manager (not 'Explorer'!) found dozens of those DLLs splattered all over the place - 'Windows DLL Hell' at it's finest!
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Jun 16, 2017 - libusb for Windows (? The older library. This is causing folks problems when attempting to install libusb. That Win10 Creator Edition broke some WinUSB devices like RTL-SDR. Python binding for the libusb C library (ctypes/cffi-based libusb). Pip install libusb. Is portable: Using a single cross-platform API, it provides access to USB devices on Linux, OS X, Windows, Android, OpenBSD, etc. 1.0.21b1 (2017-10-11).