Dear Sirisha
regarding
"And can any one explain me with an example of How a complete Product Cycle will under go with respective to SAP EHS.(Product Safety & DG)"
Normally you start with a basic set up in EHS. That means you populate e.g. phrases, prepare basic customizing and then create "specifications" (e.g. prepare LIST_SUB. PURE_SUB, REAL_SUB etc.) and maintain data based on the needs of your organisation and the regulations. One important part is maintenance of compositions to maybe derive addtional data by using rule sets etc.
The basic maintenance of specifications is related to the SAP EHS BD module. Based on that result you maintain / create etc. e.g. MSDS/SDS and ship it to the customer. This is related to SAP EHS SAF module. On the topi if needed you can implement substance volume tracking to make sure that the company acting is in compliant to e.g. REACh etc.
Nearly parallel you need to prepare DG topics to make sure that you transport the materials according to laws and may be regulations which are applied on the top. Here you have a master data process and a "check" and "print" process as part of the logistic process in SAP ERP. This is related to SAP EHS DGP module. If needed you can make sure if the material can be stored somethere according to existing regulations etc. This is related to SAP EHS HSM module. In most cases you need to generate labels to be used on the drum (for transport etc.) This is done in SAP EHS-SAF-GLM process. And last but not least: if you generate "waste" you can handle that by using SAP EHS-WA.
Be aware of the fact that even of you have believed that you have completed any data on you specifications data changes need to be dealed with as well (e.g. legal changes like GHS etc.).
May be read: http://scn.sap.com/docs/DOC-41109
A number of companies help you to set up SAP EHS and to e.g. add phrases, layouts, rule sets etc. E.g. SAP is acting like that (check e.g. SAP EHS Regulatory Content – SAP Help Portal Page).
It is nearly impossible to list here all the necessary steps to "just" use SAP EHS. The needs are related as well to how the organization would like to use SAP ERP. Depending on the size of a company some roll out startegy is used as well (e.g. implement a framework for NAFTA region, then go on with euorep, asia-pacific regions etc.). Which strategy should be used need to be decided at the beginning of the project. The same regaridng the SAP EHS modules. Normally one start with SAP EHS BD andthen nearly parallel implment SAP EHS-SAF and SAP EHS-DGP.
Hope this helps.
C.B.