msp430 launchpad blinky program shows error "program file does not exist" when clicking debug button

When debug button in ccs4 is clicked it shows a popup window

"Error occured during launch

Reason:

Progrm file does not exist"

when I clicked the details button it showed

"c:/../.././test.out not found"

there are no errors showed in console. In console it is showed as 

"**** Build of configuration Debug for project test****

E:\Program Files\Texas Instruments\ccsv4\utils\gmake\gmake -k all 

Build complete for project test"

Any help is really appreciated. I am breaking my head to run a blinky.........