bhavasser,
I don't see anything wrong with with the Wrong Axis part. The hole is in the +Z direction (instead of the -Z direction), but so what? Looks like the part is modeled correctly to define the exact size and shape of what you're trying to define.
As my picture below shows, you can take the wrong part and rotate it in the assembly into the correct orientation. (purple is right, blue is wrong, both holes are in -z direction)
Is there any specific reason why you want the part built in that particular orientation?
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