Yes It's being uploaded, I can view output on the serial monitor.
I think I figured out what's going on.
I saw this piece of code in the sketch:
void setup() {
pinMode(13, OUTPUT);
Serial.begin(19200);
time=millis();
Serial.println("Ready")
The led blinks when it sends data to the serial monitor.
Silly me, I thought the Blink example sketch was still running. ;D
Thanks for your replies.