This study highlights some of the basic elements of Component Based Software Development (CBSD) approach. This work explains that rebuilding components systems every time when requirement changes, is neither feasible nor economical. Developers must be able to incorporate old components of softwares, split them into useful assets, store them in software libraries and combine them with new developments. This work concentrates on various methods for indexing, storing and retrieving software components in repositories and proposes a new method for the same purpose. The proposed method is an attempt to address some major issues and offers a good precision and recall value.