how should I say , ' I am fine' in chinese(mandarin)? (Explain the meaning of individaual words)

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Answer

我（wǒ）我：I .me
很（Hěn）很：awfully。quite。very 
好（hǎo）好：Ok。all right 。fine。good。nice。
I am fine==我很好

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I mean 我   subject
am mean  是 predict     just show somebody's state or feeling ,we say another word in chinese.
fine mean  好 object
i am fine mean 我很好.

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hi maruthi,
You say : 
Wo hao , wo = I   hao= fine, good 
OR 
wo shi hao de  shi = am   de = just a measure word with no certain meaning
but usually you just say " wo hao " OR "wo hen hao "  hen =very

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oral :wo hen hao .

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我现在很好，未来的你不知道

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