To answer your questions:
1.
"Can you please tell me why is the system files not visible in the drive"
A: You shouldn't see any system files, they are all stored on the board of the player.
2.
"If i format the system files will be deleted also"
A: Format is fine. Your player should function normally after a format.
3.
"How do i load the firmware that i have downloaded"
A: You don't need to update the firmware. I wouldn't suggest it either because if you put the wrong firmware on your player, you risk making your player 'dead'.
4.
"How to remove the *.chk files that are generated in the drive"
A: If you see *.chk files, you can delete these safely. If you want to, you can always copy them onto your computer but they are not needed.
5.
"Where can i get the latest mp3 utilities software"
A: All Tools are downloadable from our "
Downloads" section on the main menu bar you see to the left of this page.
Hope this helps and answers your questions.
Please also check out our Knowledge Base here -
http://www.mympxplayer.com/viewforum.php?f=13 - it will help you more as well.