Bro I just changed mine. Dunlop SP Sport J5 - 185/60R14 - RM130 including Alignment + Balancing + Nitrogen Air for all tyres + GST. - at Citicars. Their contact no: 011-26182498.

Usually original rim is quite strong, if you change to China/Taiwan made rim, you have to becareful as it might not be strong/solid and easily dent or breakoff unless you go for very good Japanese/Germany rim starting from RM4-5K for new RIM.
Furthermore, when you going towards low profile tyre, then you will start spending money on either changing rim more often or repair dented rim more often.
Of course, you will feel to more confident to attack corner while driving fast when using low profile tyre.
Pros and Cons. You decide the best option.

Yes, your friend is right. You may tried Ecopia EP200 for more towards good rolling resistance & low noise and Dunlop J5 for decent wet & dry grip & quite low noise. Other brands/models like XM2 (branded but still very expensive but 2 big longkang only) and C Drive 2 (aquaplan resistance should be very good due to 4 big longkang vs normal 3 longkang) never tried before but you may give a try.

jz go to the next door shop. forgot the name. but the tire cheaper 

Where did u get the price for Michelin? I'm interested to change as well.