Alright  after some thinking,surveying,hearing opinions,

this is my final build.

Mobo - Asrock H81m-VG4
Proc - Intel i3 4130
GPU - Gainward GTX 750 2GB
RAM - Corsair Value Ram 4GB 1600Mhz
PSU - Seasonic M12-II 520 520W 80Plus Bronze
Storage - WD 500GB SATA III (will later upgrade to ssd when budget allows)
Casing - Corsair Carbide Spec-01
ODD - reuse old one
LCD Monitor - reuse old one



Thanks to all suggestions and recommendations earlier.
Any comments and opinion are warmly welcome