Dear All,
I have installed it successfully. If anyone is still facing problem, just follow the steps below.
1. Uninstall existing copy completely, remove all folders and registry entries.
2. Now you need to enable hidden administrator account. (Follow steps 3 to 7. If you have already enabled it, go to step 8)
3. Click start button, then write
cmd in start search.
4. Right click on the cmd returned on the search results pane above, then select Run as Administrator.
5. Now type this command
net user administrator /active:yes
6. You should see a message that the command completed successfully. Log out. Now, you’ll now see the Administrator account as a choice. Login as Administrator.
7. Give a password to new enabled administrator account.
8. Create License file.
9. Start installation with Aspen installer, browse license file created in step 8 when required.
10. When it asks for simulation engine name, password and domain (where there is a check box to "skip this step (not recommended)") type Administrator in name, administrator password (which you created in above steps) in the password field and type your computer name in domain name. Your computer name can be found in the Properties of Computer (right click Computer icon then select properties). Complete the installation.
All done. Let me know, if anyone of you needs further help.
Special thanks to Adnan1 for helping me 
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