Hi,
It seems that your win 7 Ultimate system have some issue which cause folioobjects.ocx has broken,
I suggest you try to fix this issue based on this article:
Fix FolioObjects.ocx is missing/ not found error easily
If this still not help you fix issue,I would suggest you try to recover or reinstall your system.
Since your question is really about Windows Forms developing, I would move your thread to off-topic forum.
Your understanding and cooperation will be grateful.
If you have anything about question, please feel free to contact us.
If I have any misunderstanding, please let me know.
Best Regards,
Bob
MSDN Community Support
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