Using Excel Add-In for SAP BO generates Error Runtime 1004

I am using SAP Business Objects Web 7.5 Add-in to fetch some data into Excel 2007. All the relevant .xll and .dll are explicitly registered on the system through regsvr32 command and all of them were successfully registed. But when I use the SAP-BO in VBA initialization Application.Run(), I am getting below error

Runtime 1004 - Macro may not be available or may be disabled.

I had not created any macro in the sheet, neither disable any existing macros. Not sure what this error is referring to and how to rectify it.