Could not load the SAP MMC Snapin DLL

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While installing SAP 4.6c I am faced to the following problem:

Error: R3PISERVICEMANAGER_NT_IND SubsituteVariables

Could not load the SAP MMC Snapin DLL!

Did you install the SAP MMC using the program R3DllINS.exe from kernel CD?

Error: R3PISERVICEMANAGER_NT_IND ColdKeyCheck

Phase failed.

I have tried the following steps but nothing helped:

1. I made sure that I am using the newest kernel CD.

2. I copied the kernel cd to hard disk.

3. There are no spaces in my path

4. I executed the installation from a command prompt and did not try to double click the installer through Windows folders.

Background: I am trying to install SAP 4.6C on a Windows 2003 Server that runs mySAP ERP 2005 already.

Microsoft's MMC (version 3.0) is there and running fine, as well as SAP's MMC SnapIn (version 1.0) since I can control the exiting ERP 2005.

I do not have any idea why the installation routine does not find the existing SAP MMC Snapin DLLs.

Can anyone help me out?