Here is the v-ray log:
[2009/Aug/12|16:58:54] ============================================================
[2009/Aug/12|16:58:54] Console created, V-Ray Adv 1.50.SP3a for x64 from Apr 8 2009, 16:28:32
[2009/Aug/12|16:58:54] ============================================================
[2009/Aug/12|16:58:54] Compiled with Intel C++ compiler, version 11
[2009/Aug/12|16:58:54] Host is 3dsmax, version 12
[2009/Aug/12|16:58:54] V-Ray DLL version is 1.70.00
[2009/Aug/12|16:59:14] Starting DR session from 192.168.8.189
[2009/Aug/12|16:59:14] Receiving DR scene from 192.168.8.189
[2009/Aug/12|16:59:57] [VRender] Constructor entered (loading from file).
[2009/Aug/12|16:59:57] Setting default filter kernel.
[2009/Aug/12|16:59:57] [VRender] Constructor done.
[2009/Aug/12|16:59:57] Loading from file.
[2009/Aug/12|16:59:57] Loading filter parameters.
[2009/Aug/12|16:59:57] Loading done.
[2009/Aug/12|16:59:57] [VRender] Constructor entered (loading from file).
[2009/Aug/12|16:59:57] Setting default filter kernel.
[2009/Aug/12|16:59:57] [VRender] Constructor done.
[2009/Aug/12|16:59:57] Loading from file.
[2009/Aug/12|16:59:57] Loading filter parameters.
[2009/Aug/12|16:59:57] Loading done.
[2009/Aug/12|16:59:59] Scene loaded from "C:\Documents and Settings\Default User\Local Settings\Application Data\Autodesk\3dsMaxDesign\2010 - 64bit\enu\temp\vray_server_scene.max"
[2009/Aug/12|17:00:00] Extracting sequence data from RendParams.
[2009/Aug/12|17:00:00] Setting up V-Ray parameters for frame rendering.
[2009/Aug/12|17:00:00] Extracting sequence data from VRender.
[2009/Aug/12|17:00:00] Forcing multithreading
[2009/Aug/12|17:00:00] A render elements manager with 1 elements detected
[2009/Aug/12|17:00:00] Render element: VRayZDepth
[2009/Aug/12|17:00:00] Current project folder is "C:\Users\vlado\Documents\3dsMax"
[2009/Aug/12|17:00:00] Entering beginSequence().
[2009/Aug/12|17:00:00] Setting RenderGlobalContext.
[2009/Aug/12|17:00:00] Broadcasting NOTIFY_PRE_RENDER.
[2009/Aug/12|17:00:00] Preparing renderer...
[2009/Aug/12|17:00:00] Creating render callback from built-in VFB.
[2009/Aug/12|17:00:00] warning: Subpixel color mapping is on: rendered result may have incorrect brightness.
[2009/Aug/12|17:00:00] Calling renderBegin().
[2009/Aug/12|17:00:00] Sending RenderBegin().
[2009/Aug/12|17:00:00] Sending RenderBegin() to atmospheric effects.
[2009/Aug/12|17:00:00] Sending RenderBegin() to render effects.
[2009/Aug/12|17:00:00] Sending RenderBegin() to environment maps.
[2009/Aug/12|17:00:00] Sending RenderBegin() to the tone operator.
[2009/Aug/12|17:00:00] Sending RenderBegin() to override mtl.
[2009/Aug/12|17:00:00] Adding global illumination light
[2009/Aug/12|17:00:00] Created global illumination light.
[2009/Aug/12|17:00:00] Light added to light list.
[2009/Aug/12|17:00:00] Scanning scene.
[2009/Aug/12|17:00:00] Created light from node.
[2009/Aug/12|17:00:00] Light added to light list.