Hi Kavitha
Kindly proceed as following once you have your new system ready with OS and DB installed in it:
Perform Homogenous System copy from PRD to new system( Since you have to use MS Sql DB you can choose either backup/restore or detach/attach method)
After completion of System copy you have to follow the post installation steps to change the system configurations,all the RFC and communication channels to new system
I don't know about the SWPM but kindly follow the SCN link http://scn.sap.com/community/netweaver-administrator/blog/2013/03/13/sap-software-provisioning-manager
Kindly follow the SAP Note which already mention by Mr.Eduardo and also follow some of the tasks
Import Profiles - RZ10
Configure STMS
Delete the Entries from SMLG Transactions
Delete the Entries from RZ12 –RFC Server Group Maintenance
Change Client Settings SCC4
Check out Entries in AL11
Reapply the new SAPLICENSE
Reschedule Housekeeping Jobs- SM36
Run SGEN
Thanks
Sriram