Hi Krishna,
Please share environment variable set for the system,as per analysis its related with wrong environment variable settings.
Here Notice two things
java.io.IOException: CreateProcess error=193, %1 is not a valid Win32 application
path to the directory containing the sappfpar executable is not included in the PATH environment variable
The above message shows not getting sappfpar executable via PATH variable.So first share value for PATH variable & get sappfpar.exe,it should be under the PATH.
Also follow SAP Note 1705171 - JSPM fails to start with exception: Cannot run program "<drive>:\usr\sap\SID\Instance_ID\exe\sappfpar" CreateProcess error=193, %1 is not a valid Win32
& link
http://about-java-programming.blogspot.in/2007/02/javaioioexception-createprocess.html
Regards,
Gaurav