Retrieving the COM class factory for component with CLSID -Error

I'm getting the following eror when trying to run a old dot.net application developed in VS 2005 which earlier used to connect to Crystal Report Server XIR2 and was now upgraded to Crystal Report Server 2008

Retrieving the COM class factory for component with CLSID {D7F5D7C3-B06C-4CAC-BC47-A06E66D2EE9B} failed due to the following error: 80000003.

Any help is appreciated.