I have installed the module, cloned the php-saml library. After that on status report page, it is prompting an error "The XML Security Library (xmlseclibs) library, which the Simple SAML toolkit for PHP library depends on, is not installed."
So I cloned xmlseclibs library from the link https://github.com/robrichards/xmlseclibs/tree/master.
After that status report page shows green to the "Simple SAML toolkit for PHP" library.
So I am updating README.txt file for the same.