CONCENTRATIONS OF RISK

12 Months Ended

Mar. 31, 2023

Risks and Uncertainties [Abstract]

CONCENTRATIONS OF RISK

NOTE – 11 CONCENTRATIONS OF RISK

The Company is exposed to the following concentrations of risk:

(a) Major customers

For the year ended March 31, 2023, there was a customer exceeding 10% of the Company’s revenue. This customer is located in Hong Kong, and accounted for 80% of the Company’s revenue amounting to $159,471 with $0 accounts receivable at March 31, 2023.

For the year ended March 31, 2022, there was a customer exceeding 10% of the Company’s revenue. This customer is located in the PRC, and accounted for 100% of the Company’s revenue amounting to $385,406 with $0 accounts receivable at March 31, 2022.

(b) Major vendors

For the year ended March 31, 2023, there were three vendors exceeding 10% of the Company’s cost of revenue. These vendors accounted for 61% of the Company’s cost of revenue amounting to $70,275 with $0 accounts payable at March 31, 2023.

For the year ended March 31, 2022, there was no single vendor exceeding 10% of the Company’s cost of revenue.

(c) Economic and political risk

The Company’s major operations are conducted in Hong Kong. Accordingly, the political, economic, and legal environments in Hong Kong, as well as the general state of Hong Kong’s economy may influence the Company’s business, financial condition, and results of operations. The Company may also be exposed to the broader global economic conditions.

(d) Exchange rate risk

The Company cannot guarantee that the current exchange rate will remain steady; therefore, there is a possibility that the Company could post the same amount of profit for two comparable periods and because of the fluctuating exchange rate actually post higher or lower profit depending on exchange rate of HKD converted to US$ on that date. The exchange rate could fluctuate depending on changes in political and economic environments without notice.

(e) Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company’s policy is to ensure that it has sufficient cash to meet its liabilities when they become due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company’s reputation. A key risk in managing liquidity is the degree of uncertainty in the cash flow projections. This is presently managed through shareholder financial support. If future cash flows are fairly uncertain, the liquidity risk increases.