Hi Raghu,
Thank you for your interest in Syncfusion products.
In order to build a project developed with Syncfusion assemblies in Windows application, you need to have licenses.licx file with an entry for Syncfusion assemblies (Syncfusion.Core.Licensing.LicensedComponent, Syncfusion.Core) along with your application. You can also just include this below file(licenses.licx) in your project and set it as an embedded resource and recompile your application:
http://www.syncfusion.com/Support/user/uploads/licenses_69f6304.zipPlease try adding this licx file and let me know if the issue still exists.
Regards,
G.Yavana