Baskar,

Basically with win forms what you need to do is to set Localizable to true
as well as to chose the language in the Language property. When you do this
the code in the fom's InitializeComponent will change, so all localizable
properties will be loaded from the resource rather then to be set from code.
VS also will go ahead and create the stelite assemblies with localized
resources for you. Once you pick a lnaguage you need to change text and
captions for the controls. When you are done with one language pick another
one in the Language property and repeat the procedure. I don't think there
is a tool that can do the translation for you. Each language ofcourse has
its own standards for naming buttons and menu items I think these rules can
be found somewhere on the net.
Keep in mind that even there is a programs and/or websites that can help you
translate the words the length of the text usually is different so
localizing requires changing size and positions of controls and some times
that might be to a degree where the whole form needs to be redesigned.
Because of that I don't think there can be automated tool that can do the
localization for you.

Take a look at Sisulizer
http://www.sisulizer.com/
It makes .NET localization very easy. You either select .NET assembly file
(.exe or .dll), or Visual Studio project files (.csproj or .vbproj) or .NET
resource file (.resx) and Sisulizer extracts items to be translated from the
original files to its project file. The second step is to translate them or
you can sent the project to translator to be translated. The final step is
to let Sisilizer to create localized files (e.g. de\MySample.resources.dll
or MySample.de.resx)

Best regards,
Jaakko