The resolution is to find that file, the basesrv.dll file on another functioning Windows instance that is of that version (2k3 to 2k3, or 2k8r2 to 2k8r2) and copy that file to another location.
Depending on the version of Windows the location varies. Mount the exported .vhd file to a Windows instance through Disk Management: Actions > Attach VHD, assign it a drive letter and then open the volume.
From here navigate to the location of where the basesrv.dll file should be (where it was on the machine of similar Window version that you copied it from) and copy/paste that file back in, if asked to overwrite say do it.
Once done, close Windows Explorer, go back to Disk Management and Actions > Remove VHD. After which boot your VM and the file should now be present/accessible.
