Request clarification before answering.
Hi,
Can you please download the file Vcredist_X86 using the below link and install it manually??
http://www.microsoft.com/en-us/download/details.aspx?id=29
Once done, please try to start the sapinst from the first and see whether it works.
Please check and provide your feedback.
Thanks and Regards,
Vimal
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As well as please check the below note and see whether it helps.
Note 1172160 - SAP on Windows Server 2008: MSI package installation fails
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