Hi @koushal
PTC.ISA95.PhysicalAssetBaseThingTemplate and PTC.ISA95.EquipmentThingTemplate comes with OOTB in ThingWorx manufacturing apps. OOTB Equipment types in Apps are: Site, Line and Assets,
PTC.ISA95.EquipmentThingTemplate is base template used to create Sites in Apps, Whereas, PTC.ISA95.PhysicalAssetBaseThingTemplate is the Base Template for Assets.
When an instance (thing) of an equipment type is created, the thing template specified for the equipment type in the EquipmentTypeSettings configuration table is set as the Base Thing Template for the equipment thing. Any properties defined on the thing template for an equipment type, or on a thing shape implemented by the thing template, are automatically present on all equipment of that equipment type.
Equipment created from base template PTC.ISA95.EquipmentThingTemplate doesn’t have status, additional properties and Alerts tab in Equipment details page.

Thanks
Abhishek