The Application Process

Hello,

I am planning on applying to Mays MBA and found that their deadlines are as follows:

Round 1 - September 16, 2013 (early decision)
Round 2 - November 1, 2013
Round 3 - January 15, 2014
Round 4 - March 1, 2014
Round 5 - April 15, 2014

I am an international candidate (from India).

Most schools have their round 2 deadlines in dec or Jan. I was surprised to notice that i missed the 2nd deadline for Mays already (I recently added Mays to my list).

Here's a brief overview of my profile:

Indian IT Male - 30 yrs

GMAT: 690 (Math 48, Verbal 37 IR 7)
Experience:
7.5yrs in IT company (6yrs in US)
Project/ Program Manager at a software company, managing a team of 55 associates.
Also have experience in Business consulting, enabling process optimizations and process outsourcing.

Do you think it is worth applying round 3? There seems to be a stigma around applying late in the game, especially when i come from one of the over represented groups.
Also the batch size for Mays is quite small. Should I take the risk or pick another college?

Your thoughts are appreciated. Please chime in!