Dear All, Many thanks to all for the useful suggestions.
I 've finally got the exact problem that is happening & everyone using Homage UPS must check this out.
I disconnected all wires & when reconnect the UPS to batteries it stopped charging battery (static charging light) but again once it takes load while electricity shut down, it again started to recharge & keep on going again....means the problem is in UPS charge level sensor.
I took the UPS to Homage service centre, they informed me that actually UPS charge level sensors are set to higher ratings & usually batteries dont retain this much strength after around 1year use, so UPS won't reach the required power level & will keep on charging. They are going to set the chrge level sensor to lower ratings & as per their feedback UPS should work well then.
Means everyone must perform this workaround after nearly 1year usage of UPS...mine was free as it was still in warranty but otherwise they charge Rs. 300 for doing this.
I hope it helps....any other comments/suggestions are welcome.