Although it seems i had done the setting correctly but when i tried to "Test" the settings for the master repository it failed even for the shared folder. The error message i found under the folder hpdm-console logs says this-
Time Stamp [main] FATAL Console : Device Management Console Version:4.5.3610.16819.
After i installed the new HPDM 4.5 i had the service pack ran on it. Any idea what may be causing this ?