Since there is no documentation available, I am posting an outline of the steps:
1] Install the component and backup your website. You can view the ftp path of your backup through this component.
2] Download/transfer the backup file to your desired location. This file must then be unzipped in the desired location.
3] Now, you might need to change some parameters. If your site has a huge database, you need to change the maximum execution time for a php script. Find the 'php.ini' file for your server (not sure where it will be), which is the file with the php settings for your server. For local testing, I had to restart the server but I'm not sure what you'd do for remote hosting. Anyway, the value for 'max_execution_time' in the 'php.ini' file should be increased to around 200 seconds for larger databases.
4] Now, point your browser to http:///install/
where the is the exact location of your unzipped files.
5] You will notice a joomla installation screen. Follow normal procedure, just make sure the name of the database is the same as that you had in the initial website. Change the database server in case there is already a database with that name in your server.
6] If you do not get past step 5, in the MySQL settings screen, try increasing the max execution time mentioned in step 4.
7] Make sure you use the same password for admin in the final screen,
8] Remove the installation folder.
9] Download via ftp, your configurations.php file for joomla. Change the '$mosConfig_live_site' to the path of your joomla installation.
Thats it! You have your entire site backed up!
Thanks a lot to this empowering component.