This may be related to the operatingsystemconditions configuration in the Installshield pre-requisite file Microsoft Visual C++ 2012 Redistributable Package (x86).prq located in the Installshield SetupPrerequisites directory.
The operatingsystemconditions section specifies which versions of Windows, including service packs, 32/64 bits, the redistributable file should be installed on.
To resolve this I copied the operatingsystemconditions section from the Visual C++ 2010 prq file into the 2012 prq file.
See http://daniellang.net/installshield-and-microsoft-visual-c-2010-redistributables/ for some more details.