Incorrect error message for file operation in Windows

[Ivanov Dmitry]

I am using Emacs 24.1.1 (i386-mingw-nt5.1.2600) on Windows XP.

I tried the following code, copying file drupal.el from ~/.emacs.d  to e:/video:

(condition-case ex
     (copy-file "~/.emacs.d/drupal.el" "e:/video")
         ('error (message (format "Caught exception: [%s]" ex))))


My user doesn't have the right to write to "e:/video". So, I expected 
"permission denied" error. Instead I got:

"Caught exception: [(file-error Copying file no such file or directory 
d:/bin/cygwin/home/user/.emacs.d/drupal.el e:/video/drupal.el)]"

This error message is incorrect - file exists. Why is that? Bug?