Hi Aniket,
Is it only happening on your system or with everyone?
This usually happens when there is a firewall/port issue.
Can you check these posts:
Link 1: what this error means please? how to resolve?
Link 2: error in reaching repository.
Link 3: cannot access repository (USR0013) - from Designer
Let us know !
Rajat Sapru 
(BOB member since 2008-08-28)