Thank you everyone. I really appreciate the intention to help. But I think I have to give up on using timer for my purposes. Luckily I laid my hands on few DS1307, got them only for £0.55 each which is surely not what I expected them to cost (Everywhere I saw they were min £2-£2.50). They will be with me in few days time. Until then I will be using Proteus.

For this I will start a new thread. Thanks again for the above answers.