I had this problem and it was resolved and here is a summary how:

My original problem was that it didnt boot the PC, No beep, no VGA. The proc fan ran everytime i turned it on but nothing else.

The M2 ATX has a faulty capacitor (#C35). Its a real tiny one. It needs to be half the power of what it currently is. It needs to be 10 NF.

How to fix this:
I called mimi-box and talked to Andrei, They are very co-operative and he sent me a replacement. The replacement has been working flawlessly so far (2 weeks now).