I have downloaded qt-windows-opensource-5.0.1-mingw47_32-x86-offline.exe and installed on my system, after that i launched QT Creator and tried to run a QML based example (shipped example is "QtQuick Examples - MouseArea" which tried, and below problem comes with any example i try to run) which was supplied with along with the whole package.
When i try to run the project i get below log...
13:00:20: Running steps for project mousearea...
13:00:20: Configuration unchanged, skipping qmake step.
13:00:20: Starting: "mingw32-make.exe"
qtcreator_ctrlc_stub: Command line failed: mingw32-make.exe
13:00:20: The process "mingw32-make.exe" crashed.
Error while building/deploying project mousearea (kit: Desktop Qt 5.0.1 MinGW 32bit)
When executing step 'Make'
The problem was resolved later on, I installed qt-windows-opensource-5.0.1-mingw47_32-x86-offline.exe on 64bit system and that's why mingw32-make.exe crashed, downloading appropriate QT for 64bit system solve the problem.