Hi Arul,
Please refer the below SCN thread & blog regarding the same.
Loca repository Creation BODS 4.0 SP3
and regarding Local Repository creation in BODS 3.x, Please refre below link.
http://www.pieterverstraeten.com/blog/?download=Installation-Guide-DataServicesXI32-Win7-64bit.pdf.
HOWTO - Create a SAP BusinessObjects Data Services Repository on SAP HANA
Thanks,
Daya