Hi Para,
If you look at the link below and see Table 7-10 it will show you all the minimum hardware needed for the upgrade.
http://www.cisco.com/c/en/us/td/docs/unified_computing/ucs/release/notes/CiscoUCSManager-RN-3-1.html#reference_84EA387AE8974C88909991A498D03E1F
The B200 M1 is not supported on 3.1(1e) unfortunately. You can try to use the new Java but issues with KVM might arise from that version.
Please mark all correct answers so other users may find helpful posts.
Regards,
Qiese Dides