i also had the same problem with Xcode 5.1.1
you have to update your Application loader for resolve this problem because today onwards Apple accept APP Binary only from applications loader,
for latest version of application loader.
go to iTune Connect login with your Apple credential
Go to --> Manage Your Apps
from the bottom links goto Download Application Loader . its 82 MB .dmg
open your project with XCODE 5.1.1
now set your app deployment target to 7.1 or 7.0 (minimum)
now try to upload your binary with latest Application Loader
Thanks