Keerthan,
1. Class field in the General Data Screen area of IE02:
The field of the Green Arrow above, will become modifiable, when you click on the Class Overview shown in the Redbox. You get the following screen.
Here Remove your existing Class by selecting the line and clicking on the Delete icon shown. After this you Click on the Add icon and give your New class name. Click Back Arrow and Save the Equipment.
2. Functional Location field on Change Equipment Installation Location Pop-up:
To get the Functional loc. field in input mode, you need to click on the Dismantle button shown. Then you will get access to change value of this field. see picture below.
Hope this is your query.
KJogeswaraRao