I'm using Windows 7 Home Basic it was running smoothly but suddenly started getting the below error.
Since then its booting very slowly and every time showing the error cant understand whats the problem and how to solve it.
If as you say the system is otherwise fine, you could consider preventing this from being run at startup. There are 2 approaches, the simple one via msconfig and the advanced one via AutoRuns.
You can use msconfig to control what starts up when your system starts, but do NOT proceed unless you know how to recover your system if it becomes unbootable.
You're looking for an entry that mentions msiieb32.dll. If you see one, try unchecking it and restarting the system.
If you don't see it, go download AutoRuns ( http://technet.microsoft.com/en-us/sysinternals/bb963902) and take a look in the various tabs for something mentioning msiieb32.dll, but be aware: this is a powerful tool which can make your system permanently unbootable. Don't just click stuff you don't understand - it's YOUR responsibility to make sure YOU know what impact YOUR changes will have on YOUR system, BEFORE you make the change.
Hope that helps you down the right path.