ALM connectivity through excel VBA using OTA API - Getting 'Active component can't create object'

I tried to establish ALM connectivity through excel VBA using OTA API.

Steps done : 1. Downloaded the OTAClient.dll and added reference to excel macro (Tools->References) .

2. Sub QCConnect()
'Dim objQCConnection
Set objQCConnection = CreateObject("TDApiOle80.TDConnection")

Dim sUserName, sPassword
sUserName = "username" '<-- Change me.
sPassword = "password" '<-- Change me.

objQCConnection.InitConnectionEx "serverpath" '<-- Change me.
objQCConnection.Login sUserName, sPassword
End Sub

3. On running the code , i received the error as : Run-time error '429' : ActiveX component can't create object

Any help here that would be great.