Nikhil,
Unfortunately I can't quite test that combination now because I'm travelling and don't have such an old version of MMSIM on my laptop. I would suggest you try with a newer version of MMSIM (that specific build is over 2.5 years old, and we've had MMSIM7.2, MMSIM10.1, MMSIM11.1 and MMSIM12.1 as major releases since then).
It could potentially have been data dependent (i.e. the type of analysis, or even the format of the data - whether it is SST2 or PSF, for example). That said, I just tried MMSIM12.1/R2012b with transient data in both SST2 and PSF, and it works fine for me.
Regards,
Andrew.