Sitecore Error: Could not load type 'Sitecore.Web.Application'

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I am very new to Sitecore development but the error I am receiving is kind of a very common nature I believe.

What I am facing is a weird Parser error. When I am trying to compile my project it is showing build succeeded. When I try to run the application it gives error like below right in Global.asax:

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I am using .Net framework 4.5 and Visual Studio 2012 for this application.

The error is quite familiar as I have seen many posts similar to this error, but none could be of any help. I am hesitant to believe that it is specific to Sitecore.

Any advise would be highly appreciated. In case this question needs an improvement, please ask.

UPDATE

Below DLLs I have in my project's bin folder for Sitecore

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