A module board includes a base substrate. Electronic components are mounted on a first principal surface of the base substrate. The mounted electronic components are sealed by a sealing resin containing an SiO2 filler. A top surface and side surfaces of the sealing resin are covered with a shield layer containing a carbon filler, which is flat powder, as a conductive component. A terminal electrode is formed on a second principal surface of the base substrate that is disposed opposite to the first principal surface of the base substrate.