Dear Nitin,
As per your requirement, i am maintaining Customer info record for this with VD51. You can maintain customer's material description with your material description. As per my understanding you can fulfill your requirement with this standard behavior.
I am giving you a link, Hope this will be little bit helpful for you.
http://help.sap.com/saphelp_40b/helpdata/en/dd/55f94d545a11d1a7020000e829fd11/content.htm
Regards,
Suhaib Bin Aziz
