The power light on the PC Adapter means you have plugged it into a MPI or DP port on the S7-300. You can remove the serial cable to your PC and the power light should still be on.
I am not familiar with your part number (I have 0CA23 not 0CA21) but does your adapter have one end labeled MPI/DP and the other RS232?
You can use the PC Adapter with either MPI or DP (Profibus). But for the sake of this, plug the PC Adapter into the MPI port of your S7. Then use the serial cable to connect the PC Adapter to the serial port of your PC. The pin out of the cable should be:
pin 2 to 3
pin 3 to 2
pin 4 to 6
pin 5 to 5
pin 6 to 4
pin 7 to 8
pin 8 to 7
Is this what you have?
Does your PC have a serial port, or do you have a USB to serial adapter?
Now, open "Control Panel" on your PC. Find the "Set PG/PC Interface" icon and start that program. From the "Interface Parameter Assignment Used:" window, select "PC Adapter(MPI)".
Click the "Properties" button. On the MPI tab, just click the "Default" button. You can set the MPI transmission rate to something other than 187.5 Kbps if you know what it is.
On the Local Connection tab, make sure the transmission rate matches the rate selected on the PC Adapter. In your case, this should read 19200. Make sure the Connection to is set to the com port of your PC, typically 1.
Do you have a function or VAT that you can go online with and see if you are at least communicating? Try it. What happens?
If you can go online, then maybe there is something wrong with the way you are trying to back up the program.