Help required in import Data into sql 2005 from excel 4.0

Hi
I have to import data from a number of excel files to corresponding tables in SQL 2005. The excel files are created using excel 4.0. I have created an excel connection manager and provided it with the path of the excel sheet.Next i have added an excel source from the toolbox to the dataflow. I have set the connection manger, data access mode, and the name of the excel sheet (the wizard detects the sheet correctly) in the dialog window i get when i double click the excel source. Every thing goes fine till here. Now when i select the 'columns' in this dialog window or the preview button, i get this error

TITLE: Microsoft Visual Studio

Error at Data Flow Task [Excel Source [1]]: An OLE DB error has occurred. Error code: 0x80004005.
Error at Data Flow Task [Excel Source [1]]: Opening a rowset for "test4$" failed. Check that the object exists in the database.

ADDITIONAL INFORMATION:
Exception from HRESULT: 0xC02020E8 (Microsoft.SqlServer.DTSPipelineWrap)


Any ideas about why is this happening?
UmerI have the exact error. Please someone help.