Our issue was resolved when we changed the variables.
Earlier we had the env. variables set as D:\HP\Performance Center Host\bin as our HP Performance Center Host was installed on D drive under HP\PC host folder.
We changed the env variabl to :
C:\Windows\system32;C:\Windows;C:\Windows\System32\Wbem;D:\HP\Performance Center Host\bin
and it worked.
see the attachement