Vamsi
Please look at the document.
http://<FQDN of EP host name>:<port> => Click on WEB DYNPRO => Click on CONTENT ADMINISTRATOR => Then MAINTAIN JCO CONNECTION .
Here WD_RFC_METADATA_DEST is avaliable. is not avaliable create WD_RFC_METADATA_DEST.
if the WD_RFC_METADATA_DEST is avaliable , Could you check Test and Ping
weather it is working or not.
Regards
Vijay K