Dear Avinash_Tyagi,
The rigor and competitiveness of your undergraduate institution is considered in your evaluation as an MBA applicant. However, your 4.0 indicates academic achievement and aptitude, which is always a strength in your application. Going to a school that does not have a recognized name or prestigious reputation will not result in an automatic shuffling to the waitlist or reject stack. It just means your school is not viewed the same as those that do have the reputation. This is why your MBA application is evaluated holistically, to give the admissions committee a well-rounded view of your background and experiences. Likewise, having taken business courses previously is also not an advantage (or disadvantage) in and of itself. What having this coursework does convey is that you are familiar with the subject matter, and if you earned high marks in those courses, then it further conveys an aptitude for business.
Good luck,
Lisa