Problem with SaveAs4 using swSaveAsOptions_SaveReferenced

Using Solidworks 2005 SP3 API for saving/exporting an Assembly File
(SLDASM) to a VRML file using the option swSaveAsOptions_SaveReferenced
for saving all components.

Apparently the call does not save all the sub-assemblies/components
though the API says the following

swSaveAsOptions_SaveReferenced \\Supports parts, assemblies, and
drawings. This setting indicates to save all components (sub-assemblies
and parts) in both assemblies and drawings. If a part has an external
reference, then this setting indicates to save the external reference.

Did anyone had the same problem or does it require any other setting. I
am attaching my source code for your reference. I would appreciate if
someone can shed some light here.

LPDISPATCH dispatch = NULL;
DISPID dispid;

( Code to get the dispatch and dispid goes here )

DISPPARAMS dispparms;
memset(&dispparms, 0, sizeof(DISPPARAMS));
dispparms.cArgs = 5;
dispparms.cNamedArgs = 0;
dispparms.rgdispidNamedArgs = NULL;

VARIANTARG* pArg = new VARIANTARG[dispparms.cArgs];
dispparms.rgvarg = pArg;
memset(pArg, 0, sizeof(VARIANT)*dispparms.cArgs);

long Error = 0;
long Warning = 0;
dispparms.rgvarg[0].vt = VT_I4 | VT_BYREF;
dispparms.rgvarg[0].plVal = &Error;
dispparms.rgvarg[1].vt = VT_I4 | VT_BYREF;
dispparms.rgvarg[1].byref = &Warning;
dispparms.rgvarg[2].vt = VT_I4;
dispparms.rgvarg[2].intVal = swSaveAsOptions_SaveReferenced;
dispparms.rgvarg[3].vt = VT_I4;
dispparms.rgvarg[3].intVal = 0;
dispparms.rgvarg[4].vt = VT_BSTR;
dispparms.rgvarg[4].bstrVal = _bstr_t(FileName);

VARIANTARG vaResult;
VariantInit(&vaResult);
UINT nErrArg;

result = dispatch->Invoke(dispid, IID_NULL, LOCALE_SYSTEM_DEFAULT,
DISPATCH_METHOD, &dispparms,
&vaResult, 0, &nErrArg);

Thanks in advance.