Biblatex style not working

Question

I need to generate the following style for my thesis,

For this, the following biblatex style has been tried, and still I experience two problems.

1. In the Prefix to year, no punctuation should come.
2. Between author name intials, no punctuation and no space should be left.
3. Some of the names in bib card itself, having name with more than a character initial and in between initials, space and punctuation available. How can I process to get desired university format? For example, author = {Allwin, A. K. and Maria, P. K. and Ruby, J. L.}

Here is the minimum working example: mwe.tex

\documentclass[a4paper]{article}
\usepackage[citestyle=authoryear,hyperref=true,
natbib=true,minnames=1,maxnames=2,minbibnames=10,
maxbibnames=11,bibstyle=custom,firstinits=true,backend=bibtex]{biblatex}
\bibliography{literature}
\begin{document}
\nocite{*}
\printbibliography[title=REFERENCES]
\end{document}

biblatex style file : custom.bbx

\ProvidesFile{custom.bbx}

\DeclareFieldFormat[article]{title}{~`#1',}
\DeclareFieldFormat[article]{journal}{~#1,}
\DeclareFieldFormat[article]{year}{~#1,}
\DeclareFieldFormat[article]{pages}{~pp. #1.}
\DeclareFieldFormat[article]{volume}{~vol.~#1,}
\DeclareFieldFormat[article]{number}{no.~#1,}

\DeclareNameFormat[article]{author}{%
\ifthenelse{\value{listcount}=1}{
\ifblank{#1}{}{#1\addcomma\space}
\ifblank{#4}{}{#4\addcomma}}{
\ifthenelse{\value{listcount}=\value{liststop}}
{
\ifblank{#1}{}{~\&~#1\addcomma\space}
\ifblank{#4}{}{#4\addcomma}
}
{
\ifblank{#1}{}{#1\addcomma\space}
\ifblank{#4}{}{#4\addcomma}
}
}
}
\DeclareBibliographyDriver{article}{%
\printnames{author}%
\newunit\newblock
\printfield{year}%
\newunit\newblock
\printfield{title}%
\newunit\newblock
\printfield{journal}%
\newunit\newblock
\printfield{volume}%
\newunit\newblock
\printfield{number}%
\newunit\newblock
\printfield{pages}%
\finentry}

sample bib card file: literature.bib

@article{allwin_drilling_2009,
    title = {Drilling of fibers},
    volume = {18},
    number = {2},
    journal = {Journal of Materials},
    author = {Allwin, A. K. and Maria, P. K. and Ruby, J. L.},
    year = {2007},
    pages = {1--7},
    },
@article{suraj_solid_2007,
    title = {Solid-tool machining},
    volume = {10},
    shorttitle = {Solid-tool machining handbook},
    number = {1},
    journal = {International Composite Committee},
    author = {Suraj, J. K. and Chandran, M. P.},
    year = {2007},
    pages = {66--72},   
},
@article{jayakumar_mech_2011,
  title={Mechanical  behaviors of  polyester composite},
  author={Jayakumar, S. G.},
  journal={Polymers and Fibers},
  volume={15},
  number={11},
  pages={155--164},
  year={2011},
 },

 @article{waldron2003generalized,
  title={Generalized Welch bound equality sequences are tight frames},
  author={Waldron, Shayne},
  journal={Information Theory, IEEE Transactions on},
  volume={49},
  number={9},
  pages={2307--2309},
  year={2003},
  publisher={IEEE}
},

@article{conley1998nativity,
  title={Nativity and wealth in mid-nineteenth-century cities},
  author={Conley, Timothy G and Galenson, David W},
  journal={Journal of Economic History},
  volume={58},
  pages={468--493},
  year={1998},
  publisher={Cambridge Univ Press}
},

@article{alishahi2009bounds,
  title={Bounds on the sum capacity of synchronous binary CDMA channels},
  author={Alishahi, Kasra and Marvasti, Farokh and Aref, Vahid and Pad, Pedram},
  journal={Information Theory, IEEE Transactions on},
  volume={55},
  number={8},
  pages={3577--3593},
  year={2009},
  publisher={IEEE}
}

Answer 1

I think you would benefit from using a standard style and modify that to your needs. As it stands now, your custom.bbx does not support any entry type other than @article and does not really benefit from all the things biblatex can do.

Since you seems to use authoryear, I will explain how to modify that style to get what you want, you will need to use biber (that is backend=biber, not backend=bibtex) to fully appreciate this solution.

First we make sure the unit separator is indeed a comma

\renewcommand*{\newunitpunct}{\addcomma\space}

To deal with name formatting, we need the package loading options firstinits=true and terseinits=true, the latter gets rid of spaces and punctuations for initials. We also need

\DeclareNameAlias{sortname}{last-first}
\renewcommand*{\finalnamedelim}{\addspace\&\space}

To always have a "last first" name order and the ampersand before the last name.

To get the bare year without any parentheses, we add

\renewbibmacro*{date+extrayear}{%
  \iffieldundef{\thefield{datelabelsource}year}
    {}
    {\iffieldsequal{year}{\thefield{datelabelsource}year}
      {\printdateextralabel}%
      {\printfield{labelyear}%
       \printfield{extrayear}}}}%

Finally,

\newbibmacro*{in:}{%
  \ifentrytype{article}
    {}
    {\printtext{%
     \bibstring{in}\intitlepunct}}}

\DeclareFieldFormat[article,periodical]{volume}{\bibstring{volume}~#1}% volume of a journal
\DeclareFieldFormat[article,periodical]{number}{\bibstring{number}~#1}% number of a journal

\renewbibmacro*{volume+number+eid}{%
  \printfield{volume}%
  \setunit{\addcomma\space}%
  \printfield{number}%
  \setunit{\addcomma\space}%
  \printfield{eid}}

Takes care of the "in" for articles (I suppose you don't like that) and the volume and number field formats.

I recommend also loading csquotes and babel with british as language option, to get the right quotation marks.

MWE

\documentclass[british,a4paper]{article}
\usepackage{babel}
\usepackage{csquotes}
\usepackage[style=authoryear, natbib=true, minnames=1, maxnames=2, maxbibnames=11, firstinits=true, terseinits=true, backend=biber]{biblatex}
\usepackage{filecontents}
\begin{filecontents*}{\jobname.bib}
@article{allwin_drilling_2009,
    title = {Drilling of fibers},
    volume = {18},
    number = {2},
    journal = {Journal of Materials},
    author = {Allwin, A. K. and Maria, P. K. and Ruby, J. L.},
    year = {2007},
    pages = {1--7},
    }
@article{suraj_solid_2007,
    title = {Solid-tool machining},
    volume = {10},
    shorttitle = {Solid-tool machining handbook},
    number = {1},
    journal = {International Composite Committee},
    author = {Suraj, J. K. and Chandran, M. P.},
    year = {2007},
    pages = {66--72},   
}
@article{jayakumar_mech_2011,
  title={Mechanical  behaviors of polyester composite},
  author={Jayakumar, S. G.},
  journal={Polymers and Fibers},
  volume={15},
  number={11},
  pages={155--164},
  year={2011},
 }

 @article{waldron2003generalized,
  title={Generalized Welch bound equality sequences are tight frames},
  author={Waldron, Shayne},
  journal={Information Theory, IEEE Transactions on},
  volume={49},
  number={9},
  pages={2307--2309},
  year={2003},
  publisher={IEEE}
}

@article{conley1998nativity,
  title={Nativity and wealth in mid-nineteenth-century cities},
  author={Conley, Timothy G and Galenson, David W},
  journal={Journal of Economic History},
  volume={58},
  pages={468--493},
  year={1998},
  publisher={Cambridge Univ Press}
}

@article{alishahi2009bounds,
  title={Bounds on the sum capacity of synchronous binary CDMA channels},
  author={Alishahi, Kasra and Marvasti, Farokh and Aref, Vahid and Pad, Pedram},
  journal={Information Theory, IEEE Transactions on},
  volume={55},
  number={8},
  pages={3577--3593},
  year={2009},
  publisher={IEEE}
}
\end{filecontents*}
\addbibresource{\jobname.bib}

\renewcommand*{\newunitpunct}{\addcomma\space}
\DeclareNameAlias{sortname}{last-first}
\renewcommand*{\finalnamedelim}{\addspace\&\space}
\renewbibmacro*{date+extrayear}{%
  \iffieldundef{\thefield{datelabelsource}year}
    {}
    {\iffieldsequal{year}{\thefield{datelabelsource}year}
      {\printdateextralabel}%
      {\printfield{labelyear}%
       \printfield{extrayear}}}}%
\newbibmacro*{in:}{%
  \ifentrytype{article}
    {}
    {\printtext{%
     \bibstring{in}\intitlepunct}}}
\DeclareFieldFormat[article,periodical]{volume}{\bibstring{volume}~#1}% volume of a journal
\DeclareFieldFormat[article,periodical]{number}{\bibstring{number}~#1}% number of a journal
\renewbibmacro*{volume+number+eid}{%
  \printfield{volume}%
  \setunit{\addcomma\space}%
  \printfield{number}%
  \setunit{\addcomma\space}%
  \printfield{eid}}
\begin{document}
\nocite{*}
\printbibliography[title=REFERENCES]
\end{document}

gives

If you insist on no punctuation between names, also add

\renewcommand*{\multinamedelim}{\space}