Timer 0 firing always 40mS, irrespective of Reload Values

We are using 89C51RD2 with standard 12 clock stand mode, in this Timer 0 we are initializing with following snapshot code and expected to fire interrupt for every 10mSeconds approx.:

INI_TIMER0()
{ TMOD &= 0xF0;
TMOD |= 1;
TL0 = 0xE5;
TH0 = 0xBE;
ET0 = 1;
TR0 = 1;
}

But when I check firing intervel in one of the port line by using CRO I am getting 40 mSeconds. to check I used following code:

void Timer0Handler(void) interrupt 1 using 3
{ static unsigned char flag = 0;
EA = 0;
if(flag == 0)
{ CEX0 = 1; flag = 1;
} else
{ CEX0 = 0; flag = 0;
} }

I changed TH0 and TL0 values several times and tested. Irrespective of my reload vales I am getting signal level change in CEX0 port line always 40mSeconds.

What's the wrong with my code?
Appreciate your help.