Hi Rauf,
I made somekind like that for along year ago. The outputs were 6 and they can program for 5 condition (ON/OFF).
It use timer0 in 16 bit timer mode, which set at every 50mS overflow (X'tal 12MHz). At timer0 interrupt routine, it calculated milisecond, second, minute, and hour. Before finished the interrupt routine, register TH0 and TL0 must be set again.
Now, I use AT89C52 which have 3 timers.
I can use timer2 in 16 bit timer auto reload.