Hi Shaik,
You have installed BO3.1 SP3.
As per the Business Objects Product, You can upgrade to the current service pack from any of the previous two service pack levels i.e from SP3 it should ideally work upgrading to SP4 or SP5.
Knowledge Base Article : 1622640
For having SP4 Environment: Install XI 3.1 Fix Pack 3.2 --> XI3.1 SP4
For having SP5 Environment: Install XI 3.1 Fix Pack 3.1 --> XI3.1 SP5
Please find the below document for the reference.