Contract is valid for one year and will be review-able afterwards.
As you are mentioning about "employment offer" and "probation", this rather sounds like, the "terms and conditions" of your employment is valid for one year and will be eligible for review after a period of one year. The terms and conditions include your remuneration.
You have to serve a probationary period of 3 months, where usually there are relaxed clauses for leaving / firing (shorter notice period, for example) and partial entitlement of some other benefits (medical, transport etc.). Upon completion of the probation period, you will be considered a full-time employee and you'll be receiving all the benefits of a full-time employee, as mentioned in the contract.
However, a salary revision is not something that happens at the end of probation, it's a result of a performance review cycle, which , appears to be the "one year" timeline as per your contract.
Will there be a automatic raise after probation period(If I performs satisfactorily or even well)?
Not likely, as it is not mentioned in the contract.
Or Will I have to ask for raise myself? And will it even be ethical to ask for raise as they have mentioned contract is reviewable after one year?
You can ask now, even before joining, there's no problem in asking, however,the answer is very much likely to be on negative side.