A new firmware for the M 195 android TV is now available and you can use this firmware to perform factory reset and get new features. This M-195 features Realtek 1195 dual core ARM Cortex-A7 processor that integrates a Mali-400 GPU with 1GB RAM, 8GB of storage, WiFi b / g / n and Bluetooth 4.0 with external antenna. You can buy it for 55 euro from most Chinese e-commerce websites.
The Android TV portal androidopinions.com have charted out the instructions which are as follows.
Download the firmware from here and save it on your computer. Now copy the file with IMG extension to a flash drive. Turn the M 195 android TV off and while keeping the reset button pressed, insert the USB flash drive into it.
Now turn the android TV on. The display will show some update information and it will take few minutes for the new firmware to get uploaded onto the box. It will reboot automatically once the process completes.