Hello Bhaskar,
It seems you have no systems assigned like logical components for working with projects in the Solution Manager. Please, find the document in the help.sap.com about Assign Logical Components to the Project.
Here you will be able to find a very good document how to setup Solution Manager Basic Configuration: http://wiki.scn.sap.com/wiki/display/SMSETUP/Basic+Configuration.
Here you will be able to find info about the Solution Manager in general: Solution Manager Wiki.
Please, have a look and if you still face some difficulties, just look for help from experts in the Solution Manager Community.
Kind regards,
Donka Dimitrova