Time format is defined in localization object or in timeFormat parameter. By default(in Russian language) 24 hours format is used. For enabling 12 hours mode you must add aa or AA symbol in timeFormat. After what 'AM' and 'PM' sings will appear in timepicker widget.
Calendar Actions with Time
For setting max/min hours or minutes values use maxHours,minHours,maxMinutes,minMinutes. You also could set time in minDate and maxDate. For setting hours you must use values between 0 and 23,event if 12 hours mode is on.