Dear Abhitab,
There is a very good document about how to setup SAML 2.0 Service Provider:
In this document you will be able to find some important ruls you have to follow, like for example "When you would like to download service provider metadata, access SAML 2.0 configuration UI using the same host and port as end users will use for SAML 2.0 authentication".
I hope this document will help you to understand the process.
You can find the other valuable documents about SAML 2.0 implementation here:
http://wiki.scn.sap.com/wiki/display/Security/Single+Sign-On+with+SAML+2.0
Best regards,
Donka Dimitrova