Virtual Box - Error - starting VM shows "Couldn't read from the boot medium! System halted."

Environment: 
1. VirtualBox 4.3.12 (Windows)
2. Host operating system - Windows 2008 R2
3. Guest operating system - Windows 2012

Error description:
Copied the VM from another machine and tried to run the VM. In VM window, it shows error message "Couldn't read from the boot medium! System halted".


Solution-01: Hard drive is not associated

Steps to follow - 
1. Select VM and go to settings
2. In the settings wizard, click storage from left navigation
3. At right side, under 'Controller: SATA", click "Add Hard Disk"
4. Point  to the hard drive which need to be associated to the VM