Hi Rahul,
the best way to replace value mapping in 7.31 is to use a dbLookup. A table in Java stack can store all information. you can retrive relevant information from the table as well as update it directly from MDM using a JDBC interface.
you can have a look at following links which will provide you more information.
http://help.sap.com/saphelp_nw73ehp1/helpdata/en/2A/107E72FFFC4B7E96730D2903B17A15/frameset.htm
Please let me know if I understood your question wrong.
Hope it helps.
Regards,
Gavaksh Saxeba