ASP.Net ERROR: The remote server returned an error: (401) Unauthorized. RESOLVED

I struggled with this error(The remote server returned an error: (401) Unauthorized.) for 2 weeks.

Here is my setup:
IIS with integrated Authentication.
There is no user login thus the user name and password isn’t getting stored.

Finally after grabbing bit and pieces of the Internet my error has been resolved. Here is my solution:

String path = templateData.getField(TemplateData.FieldName.LOGO);
System.Net.WebRequest objRequest = System.Net.WebRequest.Create(path);
objRequest.UseDefaultCredentials = true;
objRequest.Credentials = System.Net.CredentialCache.DefaultNetworkCredentials;
System.Net.WebResponse objResponse = objRequest.GetResponse();
System.IO.Stream  strm = objResponse.GetResponseStream();
System.IO.StreamReader rdr = new System.IO.StreamReader(strm);
Image logoImage = Image.GetInstance(strm);
objResponse.Close();

Hope this helps someone