Finally success!!
Thanks to all in the forum who has provided the ideas and suggestions!!
I admit I made a mistake. I used the incorrect MiFlash Tool instead of the MiFlash Beta (Note to other 1st timers...
use MiFlash Beta!!!) .....main reason is because I couldn't download it initially from all the websites..then I re-read the instructions again, noticed the screenshots were not exactly the same (but quite similar)..so Google for it and found it from another website who hosted it on Mediafire.
Ran with that and everything worked!
Re-booted and the Updater prompted to download MIUI V7.5.4.1MBCMIDE Stable
Downloaded that and rebooted ok!
Now to setup my phone again