Need help in choosing an institute!

Well friends I am a person who has decided to learn some management at PG level very recently, and decided to take CAT and XAT just around August 2012. And I need some solid advice from the senior PUYians who have been through Management education…

Well friends I am a person who has decided to learn some management at PG level very recently, and decided to take CAT and XAT just around August 2012. And I need some solid advice from the senior PUYians who have been through Management education, and knowledgable about the scenario at various institutes pan India, considering the unique need I have.(Mods please excuse this new thread, as my problems are a bit complicated and covers multiple areas)
To start with, I'm an entrepreneur, partner in an IT firm, still in its early days of operation. Our team had started framing the company during final year of our engineering course, and registered as an LLP in a few months after graduation in 2011 June. In our team of four, all technocrats, I am designated as the COO, and hence i'm supposed to handle all the operational, legal and financial aspects of our company. For this, I need to be educated at the next level, and hence, I feel I need an MBA. I want to do it as a full time program itself, as my role in the company shall be adjusted meantime. And with the two years, what I expect is to acquire essential knowledge and skills to operate a firm; financial, administrational and all such aspects. I wish to know about courses and institutes I shall target for. Looking at the fact that many colleges are inviting applications already, I need the kowledge to choose the best for my needs, and for that I look forward to enlightment from all the experienced people out here. I hear a lot of names; PGP, PGDM, MBA and so many other. What's the difference between all these. And what all are the titles of exact specializations as per my requirements stated above?
I am strictly a non mugger, and I've had enough with schemes made for muggers during my engineering course, where they valued the weight of answer sheets more than content. I don't want that again as I go for post graduation. MBA is popularly known to be a mugger's course in all those low ranked colleges, I wish to know if its any different at the so called 'Top B-schools' starting from the IIMs to the likes of private B-schools inside top 50 or 100, where I aim to be in.
I am taking only CAT and XAT this time, aiming for one of those colleges inside Top 50 in the Pagalguy Rankings, I aim no less. I shall consider the ones from 50-100 only if they are good in future prospect, i:e like IIT or NIT DMS's. Also, being a late starter I dont have any huge expectations as I try my hand with CAT and XAT, but I find even possibility for my score to fall anywhere between 0 to 100, as it will all depend on the test day. I hope for the best (the IIMs itself) and yet I'm prepared for the worst(trying CAT 2013 and XAT 2014). I haven't taken any mocks, and the only practice match I'd given was MAT Sept-2012, where I scored 90.38%ile, where I had made a lot of strategic and tactical mistakes, and wont be repeating any of them again.
My acads till date are as follows:
10th - 91.97% (Kerala State Board - 2005)
12th - 86.00% (CBSE - 2007)
UG - 67.76% (B. Tech CSE - Mahatma Gandhi University - Kottayam, Kerala - 2011)
I've added work experience from the date of registration (Nov-2011) of our company in CAT and XAT applications, but I'm doubtful what role should I produce when I'm I have to attend a selection process. As COO if I should get an experience certificate on our company letterhead, it would mean that I will have to sign on my own experience certificate So instead of that should I be displaying my role as designated partner, producing partnership agreement and company registration certificate? Gosh! I have a lot more things to worry about than preparing for the exams.
The weightage for acads, qualifying exam score and Work Ex differ at various institutes and I wish to sort out which all to consider, based on my acads and various options to choose from for different ranges of score I may get at CAT/XAT. I don't really plan to waste money on applications before the results, but it would be great if someone can suggest instis that are worth it, if I make an early investment.
In a nutshell, my concerns are:
* The best courses, institutes and specializations that would let me "learn" management and administration, instead of mugging.
* Possible range of CAT/XAT scores to get in there.
* Any of the instis in PG top 50 B-schools that I must avoid (those considering CAT and XAT only)
* Any instis that are worth applying in advance.
* Lastly, how should I produce my Work Ex on the instance of a call

hello malayaliyanoo...peruu entha?

@thomaschandy Malayaali aaneey... kottayamkaaranaa.. :D

CAT Results:

OA: 88.63
QA: 85.05
VA: 88.18

Looking around for choices
XAT-2013 was a disaster; no hopes.
10- 75.8%(CBSE)
Graduation- 62%(Panjab University)
What colleges to apply ?

Took admission at NITK Surathkal after considering the macro and micro aspects and successfully completed first semester... Thanks for everyone who helped me during admission process..