Error Installing FIM Reporting in FIM 2010 R2 with SP1 - SCSM 2012 [CheckFIMWebSiteorSolutionPackExisting]

I am running into the below issue. I am installing FIM 2010 R2 SP1 Reporting with SCSM 2012 [SCSM successfully installed].

FIM R2 Reporting installation is failing with both Wizard and Command line.

Command line captures below error: Can some one help on this?

Calling custom action Microsoft.IdentityManagement.SharePointCustomActions!Microsoft.IdentityManagement.ManagedCustomActions.SharepointCustomActions.DoesWebsiteOrSolutionPackExist
Property name = 'SHAREPOINT_URL', value = 'http://myurl.
Property name = 'UILevel', value = '2'.
CustomAction CheckFIMWebSiteorSolutionPackExisting returned actual error code 1603 (note this may not be 100% accurate if translation happened inside sandbox)
Action ended 0:27:20: CheckFIMWebSiteorSolutionPackExisting. Return value 3.
Action ended 0:27:20: INSTALL. Return value 3.

In below link, the above question is unanswered. Kindly help.

http://social.technet.microsoft.com/Forums/systemcenter/en-US/37b1af85-aef0-422b-9417-7364d51d0df4/installing-fim-reporting-in-fim-2010-r2-with-sp1?forum=systemcenterservicemanager