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If I have a problem A for which no polynomial time algo exists then what do we achieve by reducing it to another problem
B and then proving by contradiction that if we could solve B in polynomial time then we could even solve A but since no
polynomial time algorithm exists for A hence no polynomial time algorithm can exist for B also , hence A cannot be solved
in polynomial time
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Your final statement is wrong. 

hence A cannot be solved
in polynomial time

It should be "hence B cannot be solved in polynomial time". 

Because we started with A and knows that no polynomial time algorithm exists for A. Now, due to reduction we proved that, no polynomial time algorithm can exist for B also. So, there is no point in looking for a polynomial time algorithm for problem B. 

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we reduce a problem which is not polynomial to some other  problem because we dont have any solution for  for present time..but in future we may have a polynomial solution....and such problems are called NP problems.We change these problems in some other problem in polynomial time called NP hard problems...so that many NP problms can be converted into one NP hard solution..and we have to find solution for only one NP hard problem inspite of many NP problms....

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