Though i know most of you may not be concerned about this......but i'm posting this just for the sake of other people who may face the same issue and don't have to search and browsing the whole internet phase i went through to find the result of this issue. This post may not be enough.....but this is what i did to solve this issue.
"Error HRESULT E_FAIL has been returned from a call to a COM component"
Picture of the error on VB screen
I got this error while trying pass parameters from my C# code to the Flash file or vice-verse.
Your Flash code must be missing the "addcallback()" method for the function you have been calling from C# code. Check for a return method "addCallBack()" for all the method which you are using during inter-operating between flash and C#.
I hope this will solve your issue.