Even after setting the path using setenv, I cant seem to run cl.exe or other exe's in the "path"

As can be seen below, when I run "which nmake" it says, no nmake but if I do ls $PATH/nmake.exe, it lists correctly

c:/Users/kck $ which nmake.exe

which: no nmake.exe in (c:\\Program Files (x86)\\Microsoft Visual Studio 10.0\\VC\\bin)

c:/Users/kck $ ls $PATH/nmake.exe

c:/Program Files (x86)/Microsoft Visual Studio 10.0/VC/bin/nmake.exe

c:/Users/kck $ 

Regards,

Kashyap