I had already seen the format of axis, but this doesn't speak about the rules I have specified.
Please have a look at the links below, here you can find more details. I want my Y-axis labels to have this rules.
1-2-5 rule
http://books.google.co.in/books?id=Mome27I8KgsC&pg=PA20&lpg=PA20&dq=1+2+5+rule+in+numerical+scale&source=web&ots=CugjCE8Kee&sig=XbzYJ7tg14crvo9Vn6cfz281uRE&hl=en&sa=X&oi=book_result&resnum=4&ct=result#PPA20,M1
Significant digit
http://en.wikipedia.org/wiki/Significant_digit