Finally managed to download the B006 firmware. Updating it was a breeze - I just copied over the dload folder to the ext SDcard and reboot the phone to install the firmware
You will see a scrolll of yellow lined text showing the installation progress
Took out the ext SDcard and restarted the phone : necessary to avoid reinstallation again as it will detect the dload folder. I rename the folder in the PC
I was prompted to update firmware again , this time to B007. Took the update and similar process started as in B006
After successful boot, I used Root Genius program to root the phablet
I read somewhere some users feedback fonts/or icons too big after the update ?? I don't seemed to notice this . It still looks the same to me
Finally reinstalled back all my stuffs through Titanium Backup. All other 3rd party added stuffs in the internal memory remained intact and only all your apps will be wiped clean only