C#

public delegate IntPtr HProc(IntPtr nCode, IntPtr wParam, IntPtr lParam);

this.SetStyle(ControlStyles.UserPaint, true);

using System;
using System.Collections.Generic;
using System.ComponentModel;
using System.Data;
using System.Drawing;
using System.Text;
using System.Windows.Forms;

namespace ProgressBarLabel
{
    [ToolboxBitmap(typeof(ProgressBar))]
    public partial class ProgressBarLabel : Control
    {
        // unique properties/assessors
        private float progressBarWidthRatio;
        [Category("Appearance"), 
        Description("A number between 0.0 and 1.0 representing the % width of the ProgressBar in the Label.")]
        public float ProgressBarWidthRatio
        {
            get 
            {
                return this.progressBarWidthRatio; 
            }
            set 
            {
                this.progressBarWidthRatio = value;
                if (this.progressBarWidthRatio > 1.0)
                {
                    this.progressBarWidthRatio = 1.0F;
                }
                else if (this.progressBarWidthRatio < 0)
                {
                    this.progressBarWidthRatio = 0.0F;
                }
                Refresh();
            }
        }

        private Color progressBarBackColor;
        [Category("Appearance"), Description("The BackColor of the ProgressBar within the Label.")]
        public Color ProgressBarBackColor
        {
            get 
            {
                return this.progressBarBackColor; 
            }
            set 
            {
                this.progressBarBackColor = value;
                Refresh();
            }
        }

        // updated constructor initializes unique values
        public ProgressBarLabel()
        {
            //initialize unique properties
            this.progressBarWidthRatio = 0.0F;
            this.progressBarBackColor = this.BackColor;
            this.SetStyle(ControlStyles.ResizeRedraw, true);
        }

        // overrides
        public override string Text
        {
            get
            {
                return base.Text;
            }
            set
            {
                this.Invalidate();
                base.Text = value;
            }
        }

        protected override void OnPaint(PaintEventArgs pe)
        {
            // Calling the base class OnPaint
            base.OnPaint(pe);

            // custom paint event code
            Graphics g = pe.Graphics;
            Rectangle r = pe.ClipRectangle;
            Brush pbBrush = new SolidBrush(progressBarBackColor);

            // draw progress bar
            g.FillRectangle(pbBrush, r.X, r.Y, r.Width * progressBarWidthRatio, r.Height);

            // draw border rectangle = fixed2D
            g.DrawRectangle(Pens.Black, r.X, r.Y, r.Width - 1, r.Height - 1);

            // draw second border = fixed3D
            g.DrawRectangle(Pens.WhiteSmoke, r.X + 1, r.Y + 1, r.Width - 2, r.Height - 2);

            // get size of text for positioning
            SizeF timeSize = g.MeasureString(base.Text, base.Font);

            // draw string middle-centered in control at all times
            g.DrawString(base.Text, base.Font, new SolidBrush(base.ForeColor), 
                (r.Width - timeSize.Width) / 2, (r.Height - timeSize.Height) / 2);

            // dispose of graphics object
            g.Dispose();
        }
    }
}