Win32tm problem on Windows enterprise Server.

Dear all,
We have a problem with time synchronization with our Windows 2003
enterprise Server.
The server is configured as an NTPclient to synchronize its time from
the timeserver in our local network.
All the other NTP clients in our network synchronize correctly with the
timeserver.
We configured the time service with:

> w32tm /config /syncfromflags:MANUAL /manualpeerlist:TIMESERVER01 /update
> net stop w32time && net start w32time
> w32tm /resync /rediscover

Every command worked sucessfully.
The eventlog shows the corresponding events with ID's 37 and 35


Event_ID 37
The time provider NtpClient is currently receiving valid time data from
TIMESERVER01 (ntp.m|0x0|192.168.32.3:123->192.168.32.2:123).
Event_ID 35
The time service is now synchronizing the system time with the time
source TIMESERVER01 (ntp.m|0x0|192.168.32.3:123->192.168.32.2:123).


The problem is that the time synchronization still does not work, that
is the clocks differ by about 30 seconds.
We would be grateful for any hints

Regards
Kai