UPGRADE ACTIVEREPORTS 6 TO ACTIVEREPORT 7 - ISSUE WITH TOOL

Question

Hello friends, in one of my projects I am currently using ActiveReports 6 and m planning to move to Component Once Active Reports 7. Basically I have downloaded Active Reports 7 as of now... In the "Tool" menu, when I click on the "Convert to ActiveReports 7" I get a
"Member Not Found - Exception from HResult : 0x80020003 DISP_E_MEMBERNOTFOUND" error notification message from a popup.

This is basically stopping me from my upgradation. I tried to uninstall and re-install the ActiveReports7 on my machine. Did it several times, but the same issue exists. I tried to google a lot but could not find any documentation related to this problem.

I HAVE ATTACHED IMAGES WITH THIS POST, SINCE I AM UNABLE TO ADD IT WITH THE CONTENT.

So need a guidance from you experts... Waiting for a reply.

Thank you,
Shivanand Arur.