The reason why planets in our solar system have stable orbits is because, during the formation of the solar system, debris disk which consisted mostly of gas was orbiting the sun, During this period when protoplanets started forming they were interacting with this debris disk, due to this interactions(frictional forces) on the planets from the debris disk, Planets achieved a more or less a circular orbit. Afterwards our solar system continued to evolve and This debris disk disappeared(Asteroids, Comets were formed), From this point planets were fixed at an orbit they achieved.
The image bellow represents a star system with one planet orbiting also with debris disk.
how is orbit of a body like satellite or planet has perfect balance between gravitational pull and centrifugal force of revolution?
No it doesn't have a perfect balance. If that were the case all the orbits would have been perfectly circular which is not he case. at a given distance $r$ from the earths there is a specific orbital velocity at which an object has a circular orbit, If an object at that orbit accelerated to a larger velocity gravitational pull wouldn't increase just to keep that object in a circular path, gravitational pull stays the same Therefore that object will have an elliptical orbit. To explain this mathematically, For an object to be in a circular orbit it must have centripetal force equal to gravitational force:
$$\frac{mv^2}{r} = G\frac{Mm}{r^2} \Rightarrow v^2=G\frac{GM}{r}$$
$$v_{orbital}=\sqrt{\frac{GM}{r}}$$
From the equation we can see that if we increase the orbital speed the above equality doesn't hold between centripetal acceleration and gravitational attraction Thus it no longer has a circular orbit.
From the picture bellow we can see in red that if orbital velocity equals the above equation we calculated then it has a circular orbit, If it is less than or more it achieves an elliptical orbit.