Mahindrakar,
SharePoint 2013 provides Design Manager using which you can create themes of your own. Else you can use/modify and use a preinstalled look. Any user can be given privileges to create as well as modifying an exisitng theme. Further, it also gives you a way
by which you can customize your master page to suit your branding needs.
Read through this link it contains everything that you would need to know about theming in SP 2013.
http://technet.microsoft.com/en-us/library/ee424397(v=office.15).aspx
In SP 2010, you can modify an exisitng theme as well as create a custom theme of your and save them as .thmx file which can be imported into theme gallery.
http://technet.microsoft.com/en-us/library/ee424397(v=office.14).aspx
I hope I got you right.
Vishal