Thanks for the clue.
I actually, tried the below steps and able to resolve the issue.
1. IN file-watch panel i gave "<full> CREATE 0 60 10 3 N 5
NOW 0 NO_MIN_AGE NO_MAX_AGE"
2. IN STEP tab, as below:
A. on stmt=* code = OK
Do mail <Mail>
B. on stmt=* code = compstat > 0
Do Condition <condition> sign +
So, according to STEP 2 if the File is available, then file watcher (code = OK) will pass the condition to next dependent job as per STEP A.
Where as, if the File is not available, then File-Watcher will fail, once it reaches the end time. Now,as per STEP B, it will pass the <condition> given in the DO Statement and will bypass it to some other job which suppose to trigger. Thus avoiding the regualr pattern run.