Thanks Dan for your response.
I have cleared the Cache as well even then problem exists. After Cache cleared and we re-login into the Console how much time it takes to reflect the correct Last Report Time.
I am not able to understand everything working fine in the backend, like telnet working fine, to the Parent Relay, Root SErver as well telnet working fine for localhost then why this issue coming.
Please help me out if something else can be done to resolve this issue.