Error -"QT version is not properly installed, please run make install" on Windows XP

[tarun27sh]

I have installed the Qt 4.7.0 SDK on my office machine (Windows XP, SP3). And I have set the paths in the environment variables for PATH, QMAKESPEC & QTDIR (image attached) as per my folder locations (attached).

I read it at
http://sector.ynet.sk/qt4-tutorial/preparations.html
that after setting the paths i need to check whether QT and mingw are properly installed or not by executing :
gcc -v
make -v
qmake -v

the second command returned an error, but then i googled a littilt more and found out that instead of "make.exe", another file with the name "mingw32-make.exe" is located in \mingw\bin..that`s why the error..So i changed the name to "make.exe" and then tried make -v, it worhed fine (screenshot attached)..

Now when i open QT, go to Tools>options>QT4 and click on the path under "MAnual", i see a message in the lower tab that "Qt version is not properly installed, please run make install"..
When i try to run a simple "Hello World" prog, i get the same error....

I am not getting why I am getting this error..i ran the setup in my personal laptop (Vista 32), it worked fine, i didn`t even have to set the environment variables.

Any suggestions??