Hi Raahul,
You can use standart access sequence AIC2 or AIC3 to derive message processor from the iBase component/object.
If you use access sequence AIC2 or AIC3 for Message Processor partner function, you should go to transaction IB52 and maintain business partners with spesific partner functions for the related iBase component/object.
For the same purpose, I use AIC3 for the partner function "Ordered By" and "Contact Person" for example.