My problem is strange.
I have added a new webservice(Method with access="remote") to my existing webserice file(CFC).
But, when I try to invoke it, browser tells me that it unable to find the webservice. But when I add the same body of code in an existing webservice, it works.
I have deployed the webserices under BlueDragon server inside JBOSS applications server.
FYI- i am also able to see the request and response stubs generated for added webservice in WSDL file.