Unable to change the profile parameters in TestComplete v8.60

Hi There,

I am getting error message "Unable to change the profile parameters. Make sure that AQTime is installed and you have sufficient rights to work it with via COM"

I have TestComplete v8.60 and AQTime v8 installed and I am trying to profile our TestedApplication using AQTime.

So while setting the Profile parameters from TestedApps page, its throwing the above message.

I have checked and tried the steps given in the Help of TestComplete but not sure if there are any steps to configure application to work with via COM?

Is there any setting / configuration I am missing here?

Thanks,
Shrirang