A Microsoft Comunity Moderator wrote:

Hello, Noman,

What application were you using when the error occurred?

These errors may occur if there is a conflict between the third party program installed on the computer and I would suggest that you perform the clean boot procedure and check.
To help troubleshoot error messages and other issues, you can start Windows Vista by using a minimal set of drivers and startup programs. This kind of startup is known as a "clean boot." A clean boot helps eliminate software conflicts.

Perform clean boot and check if you have the issue.
1. Click Start, type msconfig in the Start Search box, and then pressENTER.
If you are prompted for an administrator password or for a confirmation, type the password, or click Continue.
2. On the General tab, click Selective Startup.
3. Under Selective Startup, click to clear the Load Startup Items check box.
4. Click the Services tab, click to select the Hide All Microsoft Services check box, and then clickDisable All.
5. Click OK.
6. When you are prompted, click Restart.
7. After the computer starts, check whether the problem is resolved.

If the issue is resolved check which third party is causing the problem, referring the link given below:
http://support.microsoft.com/kb/929135
Reset the computer to start as usual
After you have finished troubleshooting, follow these steps to reset the computer to start as usual:
Click Start, type msconfig in the Start Search box, and then pressENTER.
If you are prompted for an administrator password or for confirmation, type your password, or clickContinue.
On the General tab, click the Normal Startup option, and then clickOK.
When you are prompted to restart the computer, click Restart.
Also refer the below link.
"FRxReportManager.exe - Application Error: The application failed to initialize properly (0xc0000135). Click on OK to terminate the application."
http://support.microsoft.com/kb/963900