B.Com

For MBA, based on the entrance exams and the marks you score, you'll be able to decide which college you want to opt for. IBS as a college is good. The faculty, the infrastructure, the facilities and the placements are pretty decent. Also, you can try for Narsee Monji, Symbiosis, Xavier's and other few colleges while applying.

The minimum qualifying percentage requirement for MBA is 50% at graduation level. Since you have scored 40% you can explore the following:
1. Reappear for your graduation exam & try to score more than 50% marks
2. Pick up a work assignment & after gaining 3 years of work experience enrol for a part time MBA, distance MBA or Executive MBA
3. Enrol for M.Com and score more than 50% marks in it and then explore MBA based on your M.Com score.

You can go for various courses like Masters in Commerce, Masters in Business Administration according to your interest as there are various different streams like finance, marketing, human resource, operations etc.

It is quite difficult to get a good reputed college under the rank you have got but maybe you can get some of the colleges. You can try hard and wait for the cutoffs. All the best.

You should go for Aurobindo College, because of the faculty of the college. The faculty of Aurobindo is better than KJ Somaiya. Even the crowd of students is also better, if we compare the both of the colleges. So, if you want to prefer two things, crowd and faculty you should go for Aurobindo College.

The admission procedure for it's flagship B.Com (Hons.) is rigorous with the percentile cut offs basis. 55% marks are required in class 12th.

Although every college says that they provide placements, but it is up to you to get marks in your graduation and how you give your interviews.