MPlayer subtitle font problem in Windows

While playing a video with subtitles in mplayer, I was getting the following problem:
New_Face failed. Maybe the font path is wrong. Please supply the text font file (~/.mplayer/subfont.ttf).
Solution is as follows:

1. Right click on "My Computer".
2. Select "Properties".
3. Go to "Advanced" tab.
4. Click on "Environment Variables".
5. Delete "HOME" variable from User / System variables.