HUBEI PHARMACEUTICAL GROUP, LTD.


                        FILING TYPE:          10-KSB
                        DESCRIPTION:          Annual  Report
                        FILING  DATE:         May  14,  2003
                        PERIOD  END:          January  31,  2003
                        PRIMARY EXCHANGE:     OTC-BB
                        TICKER:               HBEI.OB





                                TABLE OF CONTENTS
                                   FORM 10-KSB


PART  1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1
ITEM  1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1
ITEM  2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3
ITEM  3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3
ITEM  4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3
ITEM  5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4
ITEM  6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5
ITEM  7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8
BALANCE  SHEET. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9
STATEMENT  OF  LOSS  AND  DEFICIT . . . . . . . . . . . . . . . . . . . . . . 10
CASH  FLOW  STATEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
STATEMENT  OF  STOCKHOLDER'S  EQUITY. . . . . . . . . . . . . . . . . . . . . 12
NOTES  TO  FINANCIAL  STATEMENTS. . . . . . . . . . . . . . . . . . . . . . . 13
ITEM  8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
ITEM  9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
ITEM  10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20
ITEM  11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21
ITEM  12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22
ITEM  13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22
ITEM  14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22


<PAGE>
                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, DC  20549

                                  FORM 10-KSB


[X]  ANNUAL  REPORT  UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
     1934

     For  the  fiscal  year  ended:  JANUARY  31,  2003

[ ]  TRANSITION  REPORT  UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT  OF  1934

     For  the  transition  period  from________________  to  ________________


                        HUBEI PHARMACEUTICAL GROUP, LTD.
             -------------------------------------------------------
             (Exact name of registrant as specified in its charter)


              Nevada                    0-25553                 88-0419476
---------------------------------  ---------------------  ----------------------
  (State or other jurisdiction      (Commission File          (IRS Employer
of incorporation or organization)        Number)            Identification No.)



  Suite 1650, 1177 West Hastings Street
    Vancouver, British Columbia, Canada                          V6E 2K3
-----------------------------------------              -------------------------
(Address of principal executive offices)                       (Zip Code)


       Registrant's telephone number
           (including area code)                             (604) 881-2899
                                      _____

Securities registered pursuant to Section 12(b) of the Act:     None

Securities registered pursuant to Section 12(g) of the Act:     Common Stock

Indicate by check mark whether the registrant (1) filed all reports required to
be filed by Section 13 or 15(d) of the Exchange Act of 1934 during the past 12
months (or for such shorter period that the Registrant was required to file such
reports), and (2) has been subject to such filing requirements for the past 90
days.

Yes  [X]  No  [ ]


<PAGE>
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
or Regulation S-K is not contained herein, and no disclosure will be contained,
to the best of the registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-KSB or any
amendment to this Form 10-KSB. [ ]

State issuer's revenues for its' most recent fiscal year.         $0.00

State the aggregate market value of the voting stock held by non-affiliates
computed by reference to the price at which the stock was sold, or the average
bid and asked prices of such stock, as of a specified date within the past 60
days.

May 13, 2003 - $0.30. There are approximately 2,136,008 post-rollback shares of
voting common stock of the Company held by non-affiliates.

    REGISTRANTS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS

                                Not applicable.


                    APPLICABLE ONLY TO CORPORATE REGISTRANTS

Indicate the number of shares outstanding of each of the registrant's classes of
common equity, as of the latest practicable date:

May 13, 2003  -  4,582,884 Common Shares

                      DOCUMENTS INCORPORATED BY REFERENCE

A description of "Documents Incorporated by Reference" is contained in Item 13
of this Report.

Transitional Small Business Registrant Format   Yes  [X]  No  [ ]


<PAGE>
                        HUBEI PHARMACEUTICAL GROUP, LTD.

                                  FORM 10-KSB
                               TABLE OF CONTENTS


Item 1.      DESCRIPTION OF BUSINESS . . . . . . . . . . . . . . . . . . . . . 1

Item 2.      DESCRIPTION OF PROPERTY . . . . . . . . . . . . . . . . . . . . . 3

Item 3.      LEGAL PROCEEDINGS . . . . . . . . . . . . . . . . . . . . . . . . 3

Item 4.      SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS . . . . . . . 3

Item 5.      MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS. . . . . 4

Item 6.      MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION . . . . 5

Item 7.      FINANCIAL STATEMENTS. . . . . . . . . . . . . . . . . . . . . . . 8

Item 8.      CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
             FINANCIAL DISCLOSURE. . . . . . . . . . . . . . . . . . . . . . .18

Item 9.      DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS;
             COMPLIANCE WITH SECTION 16(a) OF THE EXCHANGE ACT . . . . . . . .18

Item 10.     EXECUTIVE COMPENSATION. . . . . . . . . . . . . . . . . . . . . .20

Item 11.     SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT. .21

Item 12.     CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS. . . . . . . . . .22

Item 13.     INDEX TO EXHIBITS . . . . . . . . . . . . . . . . . . . . . . . .22

Item 14      CONTROLS AND PROCEDURES . . . . . . . . . . . . . . . . . . . . .22


<PAGE>
SPECIAL  NOTE  REGARDING  FORWARD-LOOKING  STATEMENTS

Certain statements in this Form 10-K under "Item 1. Business", "Item 2.
Properties", "Item 3. Legal Proceedings", and "Item 7. Management's Discussions
and Analysis of Financial Condition and Results of Operations" and elsewhere
constitute "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 (the "Reform Act"). Such
forward-looking statements involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements of
Hubei Pharmaceutical Group, Ltd. a company organized under the laws of Nevada
(the "Company") to be materially different from any future results, performance
or achievements expressed or implied by such forward-looking statements. Such
factors include, among others, the following: general economic and business
conditions; competition; success of operating initiatives; the Company's ability
to raise capital and the terms thereof; changes in business strategy or
development plans; future rental revenues; the continuity, experience and
quality of the Company's management; changes in or failure to comply with
government regulations or the lack of government authorization to continue the
Company's projects; and other factors referenced in the Form 10-K.

The use in this Form 10-K of such words as "believes", "plans", "anticipates",
"expects", "intends", and similar expressions are intended to identify
forward-looking statements, but are not the exclusive means of identifying such
statements. The success of the Company is dependent on the efforts of the
Company, its employees and many other factors including, primarily, its ability
to raise additional capital

The Registrant cautions readers not to place undue reliance on any such
forward-looking statements, which speak only as of the date made. Such
forward-looking statements are based on the beliefs and estimates of the
Registrant's management as well as on assumptions made by and information
currently available to the Registrant at the time such statements were made.
Forward looking statements are subject to a variety of risks and uncertainties
which could cause actual events or results to differ from those reflected in the
forward looking statements, including, without limitation, the failure to obtain
adequate financing on a timely basis and other risks and uncertainties. Actual
results could differ materially from those projected in the forward-looking
statements, either as a result of the matters set forth or incorporated in this
Report generally and certain economic and business factors, some of which may be
beyond the control of the Registrant.

These factors include, among others, the risk factors discussed in the section
entitled "risk factors." The Registrant disclaims any obligation subsequently to
revise any forward-looking statements to reflect events or circumstances after
the date of such statements or to reflect the occurrence of anticipated or
unanticipated events.


                                     PART 1

ITEM  1.     DESCRIPTION  OF  BUSINESS

GENERAL  INFORMATION

The Company was incorporated in the State of Nevada, U.S.A. on December 18,
1998. The Company was formerly an exploration stage company engaged in the
acquisition, exploration and development of mineral properties. The Company had
intended to carry out exploration work on the Miranda Property in order to
ascertain whether the Miranda Property possessed commercially developable
quantities of gold and other precious minerals. The Company's board of directors
determined that further exploration of the Miranda Property was not commercially
viable and decided on April 25, 2000 to abandon its interest in the Miranda
Property.

During the year ended January, 31, 2002 the Company consolidated its' issued and
outstanding common shares on a 10-old; 1-new basis.


                                      -1-
<PAGE>
BUSINESS  DEVELOPMENT

In April 2002, the Company identified a business opportunity and acquired the
issued and outstanding shares of Access Network Limited ("Access") a British
Virgin Island Company, and certain assets associated with the operations of
Access. Access was in the business of supplying long distance telephone
connection to Asian users.

On May 15th 2002, the Company issued 12,598,500 shares of common stock to
creditors of Access in settlement of debt of $629,925.

On June 5th 2002, the Company issued 5,950,000 shares of common stock at a
deemed price of $0.09 per share, to consultants for a number of agreements for
the provision of customer research, technology support and financial services
related to the business acquired from Access.

The Company was unable to raise the capital necessary to pursue the development
of Access and on September 3rd 2002, the Company entered into an agreement to
rescind the Access agreement dated May 15th 2002 and to return 14,000,000 shares
issued, to treasury.

Effective October 30th 2002, the Company cancelled and returned to treasury
14,000,000 acquisition shares. In addition, the Company has cancelled 9,272,880
shares issued in respect of the acquisition of Access from the 12,598,500 common
shares issued to creditors of Access. The balance of the shares (3,325,620
shares) were deposited by two creditors as collateral and are not available for
physical return to the Company. The Company has given notice to the Transfer
agent not to transfer the aforesaid balance of shares should they be presented
for transfer.

The Company has cancelled all agreements for services from consultants and other
agents effective (September 3rd 2002) with the rescission of the acquisition of
Access. No shares will be returned to treasury.

SUBSEQUENT EVENTS

On February 26th 2003, the Company identified a new business opportunity and
entered into an Acquisition Agreement on March 18th 2003 with Red Dot Capital
Inc. ("Red Dot") to acquire 100% of Red Dot's right to acquire, on certain terms
and conditions, a 57.1% joint venture interest with Hubei Zenith Airbeck
Pharmaceutical Co. Ltd. ("Airbeck") in Hubei Pharmaceutical Company Ltd.
("Hubei"), a private Chinese company to be involved in research, development,
production and sale of certain pharmaceutical products that Airbeck will
contribute to Hubei.

Terms of the Agreement were as follows:

     (a)  Issuing 22,000,000 post-consolidation, restricted shares of common
          stock in its capital (the "Shares") to Red Dot, or Red Dot's nominees,
          appointed in writing; to be issued on the following terms and
          conditions

          i)   3,000,000 on closing
          ii)  19,000,000 at the time the Airbeck assets are vended into the
               Joint Venture

     (b)  Issuing 2,000,000 post-consolidation, restricted shares of common
          stock in its capital as a finder's fee due and payable at such time as
          Airbeck assets are vended into the joint venture as referred to above.

     (c)  Assuming all of Red Dot's obligations pursuant to the Joint Venture
          Agreement.

In further consideration of Red Dot's assignment of the interest in the Company,
the Company agrees to issue the following number of post-consolidation,
restricted shares of common stock in its capital to Red Dot, or Red Dot's
nominees appointed in writing, upon Hubei attaining the following cumulative,
gross sales revenue levels:


                                      -2-
<PAGE>
            GROSS SALES AMOUNT                    ADDITIONAL SHARES TO BE ISSUED

               US$5,000,000                                  5,000,000
               US$7,500,000                                  2,500,000
               US$10,000,000                                 2,500,000
               US$12,500,000                                 2,500,000
               US$15,000,000                                 2,500,000

The Company resolved, on March 17th 2003, to change the corporation's name from
Pan Asia Communications Corp. to Hubei Pharmaceutical Group, Ltd. The Company
also resolved to consolidate its' issued and outstanding common shares on a
10-old;1-new basis. Following the rollback, the Company's authorized capital was
increased back to ONE HUNDRED MILLION (100,000,000) shares.

On April 2nd 2003, the Company announced that that the name change and share
consolidation (reverse split) had been approved by the OTC Bulletin Board(R).

The Hubei Pharmaceutical Group, Ltd.'s common shares commenced trading on the
OTC Bulletin Board on a post-consolidation basis on Thursday, April 3rd 2003
under the new symbol HBEI.

The new CUSIP number for the company's post-consolidated common shares is 44352P
10 6.


ITEM  2.     DESCRIPTION  OF  PROPERTY

The Company leases an office at Suite 1650, 1177 West Hastings Street,
Vancouver, British Columbia.


ITEM  3.     LEGAL  PROCEEDINGS

On March 26th 2003, O'Neill & Company filed a civil Complaint against the
Company with the District Court, Clark County in Nevada for unpaid legal
services in the amounts of US$30,960.26 and US$3,630.25.


ITEM  4.     SUBMISSION  OF  MATTERS  TO  A  VOTE  OF  SECURITY  HOLDERS

During this period covered by the Form 10-KSB, the Company held a meeting of
their security holders on May 2nd 2002, to vote on the Company's acquisition of
100% of Access Network Ltd.'s issued and outstanding shares. The acquisition
price reflected the issuance of Company common stock under the terms of Rule 144
in the amount of 12,000,000 shares for the acquisition and for such shares as
may be required to assume such debts that are to be transferred with ownership
of the company. Operating debt share issuance would require common shares issued
under Rule 144 of up to 32,000,000 shares for creditors and debtors, finders
fees of 2,000,000 and issuance of an S-8 filing for 5,950,000 shares.

At the time of the meeting of shareholders there were 1,522,500 issued and
outstanding shares in the Company, all of which were entitled to vote on the
proposal. On May 2nd 2002, 917,514 (60.26%) shareholders voted for the proposal
and zero voted against.


                                      -3-
<PAGE>
                                     PART 11

ITEM  5.     MARKET  FOR  COMMON  EQUITY  AND  RELATED  STOCKHOLDER  MATTERS

MARKET  INFORMATION

The Company trades on the OTC-BB under the symbol HBEI. The Company was first
quoted on the Bulletin Board on October 19th 1999. The high and low bid price
for the Company's common stock as quoted on the OTC-BB is as follows:

There is no "established trading market" for shares of our common stock. As of
October 19, 1999, our common stock was quoted on the over-the-counter on the
Bulletin Board operated by the National Association of Securities Dealers, Inc.
under the symbol "PNAC". No assurance can be given that any "established trading
market" for our common stock will develop or be maintained.

The range of high and low closing bid quotations for our common stock during
each quarter of the calendar year ended January 31 2003 is shown below, as
quoted by Bloomberg, Inc. Prices are inter-dealer quotations, without retail
mark-up, markdown or commissions and may not represent actual transactions.


               QUARTER ENDING  HIGH BID   LOW BID
               -----------------------------------
               April 2002      $    0.10  $   0.09

               July 2002       $    0.48  $   0.25

               October 2002    $    0.07  $   0.03

               January 2003    $    0.04  $   0.02

The future sale of our presently outstanding "unregistered" and "restricted"
common stock by present members of management and persons who own more than five
percent of our outstanding voting securities may have an adverse effect on any
"established trading market" that may develop in the shares of our common stock.

HOLDERS

As of January 31, 2003 we had 31 shareholders of record of common stock,
including shares held by brokerage clearing houses, depositories or otherwise in
unregistered form. We do not know the beneficial owners of such shares.

DIVIDENDS

We have not declared any cash dividends with respect to our common stock and do
not intend to declare dividends in the foreseeable future. There are no material
restrictions or limiting that are likely to limit the Company's ability to pay
dividends in its' common stock.

RECENT SALES OF UNREGISTERED SECURITIES

Set forth below is information related to the securities we sold during the last
three fiscal years ended January 31, 2003, without registration under the
Securities Act of 1933, as amended.


                                      -4-
<PAGE>
---------------------------------------------------------
Name       Date Acquired  Number of Shares    Aggregate
                                            Consideration
---------  -------------  ----------------  -------------
NIL
---------  -------------  ----------------  -------------

---------  -------------  ----------------  -------------

---------  -------------  ----------------  -------------

---------------------------------------------------------

ITEM  6.     MANAGEMENT'S  DISCUSSION  AND  ANALYSIS  OF FINANCIAL CONDITION AND
RESULT  OF  OPERATIONS

You should read the following discussion and analysis in conjunction with the
audited consolidated financial statements and notes thereto appearing elsewhere
in this annual report on Form 10-KSB.

OVERVIEW

The audited consolidated financial statements at January 31, 2003 have been
prepared assuming the Company will continue as a going concern. Since inception,
the Company has suffered recurring losses, net cash outflows from operations
and, at January 31, 2003, has a working capital deficiency of $141,411. The
Company expects to continue to incur substantial losses in its efforts to
establish a new business. Since its inception, the Company has funded operations
through common stock issuances and related party loans in order to meet its
strategic objectives. Management believes that sufficient funding will be
available to meet its business objectives, including anticipated cash needs for
working capital, and is currently evaluating several financing options. However,
there can be no assurance that the Company will be able to obtain sufficient
funds to continue with its efforts to establish a new business. As a result of
the foregoing, there exists substantial doubt about the Company's ability to
continue as a going concern. The consolidated financial statements do not
include any adjustments that might result from the outcome of this uncertainty.

PLAN  OF  OPERATIONS

As previously mentioned under the heading "Subsequent Events", the Company
identified a new business opportunity with the pharmaceutical companies Hubei
Zenith Airbeck Pharmaceutical Co. Ltd. ("Airbeck") and Hubei Pharmaceutical
Company Ltd. ("Hubei").

Airbeck is located in Xiangfan City, Hubei Province, China and owns
manufacturing and processing equipment, leasehold improvements and licenses to
produce a range of prescriptions and over-the-counter pharmaceutical products in
a variety of forms including injectables, tablets, capsules, ointments and
granules. These pharmaceutical products are sold domestically as well as
internationally through export to European, American and South-East Asian
markets.

Red Dot Capital Inc. ("Red Dot") entered into an assignable agreement with
Airbeck under which a joint venture, Hubei, has been incorporated in which Red
Dot owns a controlling interest of 57.1 percent and Airbeck owns 42.9 percent.
Under the terms of the agreement, Red Dot will endeavor to raise capital for
plant modernization and expansion and Airbeck will contribute their
pharmaceutical dosage division.

The Company entered into an Acquisition Agreement with Red Dot on March 18th
2003, to acquire 100% of Red Dot's 57.1% joint venture interest in Hubei. The
Company has subsequently taken over the responsibility of raising capital for
plant modernization and expansion.

The successful completion of the Company's development program and its ultimate
transition into profitability is dependent upon obtaining adequate financing to
fulfill its development activities and achieving a level of sales adequate to
support the Company's cost structure. All losses accumulated since inception has
been considered as part of the Company's development stage activities.


                                      -5-
<PAGE>
The Company anticipates that additional funding will be in the form of equity
financing from the sale of the Company's common stock. There is no assurance
that the Company will be able to achieve additional sales of its' common stock.
The Company proposes to file a private placement request for raising capital.

The Company will require additional funding in order to finance its continuing
obligations as a reporting issuer under the Securities Exchange Act of 1934. The
Company anticipates that it will require funds of approximately $100,000 over
the next twelve months to fund these obligations.

RESULTS OF OPERATIONS

TWELVE MONTHS ENDED JANUARY 31, 2002 AND TWELVE MONTHS ENDED JANUARY 31, 2003

Revenue: The Company had no revenue for the twelve months ended January, 31,2002
nor for the twelve months ended January 31, 2003.

General and Administrative Operating Expenses: The Company's general and
administrative expenses were $182,772 for the period ending January 31st 2003,
compared to $16,989 in fiscal 2002, an increase of $165,783. These expenses were
mainly attributed to management fees and the costs associated with being an
Exchange Issuer under the Securities Exchange Act of 1934.

The following general and administrative expenses increased significantly in
2002 compared to 2001:

                                  2003    Compare to   2002   Compare to
                                             Total               Total
                                           Expenses            Expenses

Management fees                  135,000      74%     6,000       35%

LIQUIDITY AND CAPITAL RESOURCES

During the year ended January 31st 2003, the Company used cash in operating
activities of $3,870 and cash in investing activities of $0.00.

The Company has no long-term debt obligations nor have they entered into any
derivative financial instrument arrangements as of January 31st 2003.

The Company's primary source of funds since incorporation has been through the
issue of its common stock and loans to the Company by certain shareholders.

CRITICAL ACCOUNTING POLICIES

The discussions and analysis of the Company's financial condition and results of
operations, including the discussion on liquidity and capital resources, are
based upon the financial statements, which have been prepared in accordance with
US GAAP. The preparation of these financial statements requires us to make
estimates and judgments that affect the reported amounts of assets, liabilities,
revenues and expenses, and related disclosure of contingent assets and
liabilities. On an ongoing basis, management re-evaluates its' estimates and
judgments, particularly those related to the determination of the impairment of
its intangible assets. Actual results could differ from the estimates. The
Company believes the following are the critical accounting policies used in the
preparation of the consolidated financial statements.

The consolidated financial statements have been prepared on the going concern
basis, which assumes that the Company will be able to realize their assets and
discharge their obligations in the normal course of business. If the Company
were not to continue as a going concern, it would likely not be able to realize
its assets at values comparable to the carrying value or the fair value
estimates reflected in the balances set out in the preparation of the
consolidated financial statements.


                                      -6-
<PAGE>
In January 2002, the Financial Accounting Standards Board issued SFAS No. 142
"Goodwill and Other Intangible Assets". Under SFAS No. 142, goodwill and
indefinite life intangible assets are no longer amortized. Separate intangible
assets that are not deemed to have indefinite life will continue to be amortized
over their useful lives. SFAS No. 142 also establishes a new method of testing
goodwill and other intangible assets for impairment on an annual basis or on an
interim basis if an event occurs or circumstances change that would reduce the
fair value of that goodwill or other intangible asset below its carrying value.
The non-amortization provision of SFAS No. 142 applying to goodwill and other
tangible assets acquired has been adopted at January 1, 2002.



                                      -7-
<PAGE>
ITEM  7.     FINANCIAL  STATEMENTS


HUBEI  PHARMACEUTICAL  GROUP,  LTD.

CONSOLIDATED  FINANCIAL  STATEMENTS
JANUARY  31,  2003  AND  2002
(U.S.  DOLLARS)

                                                             MORGAN & COMPANY
                                                           CHARTERED ACCOUNTANTS



                                AUDITORS' REPORT


To  the  Shareholders
Hubei  Pharmaceutical  Group,  Ltd.
(Formerly  Pan  Asia  Communications  Corp.)
(A  Development  Stage  Company)

We have audited the balance sheets of Hubei Pharmaceutical Group, Ltd. (formerly
Pan Asia Communications Corp.) (a development stage company) as at January 31,
2003 and 2002, and the statements of loss and deficit accumulated during the
development stage, cash flows and stockholders' equity for the years ended
January 31, 2003 and 2002, and the period from date of inception, December 18,
1998 to January 31, 2003. These financial statements are the responsibility of
the Company's management. Our responsibility is to express an opinion on these
financial statements based on our audits.

We conducted our audits in accordance with United States generally accepted
auditing standards. Those standards require that we plan and perform an audit to
obtain reasonable assurance whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our
opinion.

In our opinion, these financial statements present fairly, in all material
respects, the financial position of the Company as at January 31, 2003 and 2002,
and the results of its operations and cash flows for the years ended January 31,
2003 and 2002, and the period from date of inception, December 18, 1998, to
January 31, 2003 in accordance with United States generally accepted accounting
principles applied on a consistent basis.

The accompanying financial statements have been prepared assuming the Company
will continue as a going concern. As discussed in Note 1 to the financial
statements, the Company has suffered recurring losses and net cash outflows from
operations since inception. These factors raise substantial doubt that the
Company will be able to continue as a going concern. The financial statements do
not include any adjustments that might result from the outcome of this
uncertainty.




Vancouver, Canada                                           /s/ Morgan & Company

April 29, 2003                                             Chartered Accountants


                               [GRAPHIC  OMITTED]


                                      -8-
<PAGE>
<TABLE>
<CAPTION>
HUBEI  PHARMACEUTICAL  GROUP,  LTD.

CONSOLIDATED  FINANCIAL  STATEMENTS
JANUARY  31,  2003  AND  2002
(U.S.  DOLLARS)


                                      BALANCE SHEETS
                                 (Stated in U.S. Dollars)

-----------------------------------------------------------------------------------------
                                                                        JANUARY 31
                                                                     2003         2002
-----------------------------------------------------------------------------------------
<S>                                                              <C>           <C>
ASSETS

Current
Cash                                                             $        66   $     217
=========================================================================================

LIABILITIES

Current
Accounts payable                                                 $   124,422   $  80,981
Advances payable                                                      17,055      13,336
                                                                 ------------------------
                                                                     141,477      94,317
                                                                 ------------------------

SHAREHOLDERS' DEFICIENCY

SHARE CAPITAL
Authorized:
100,000,000 (2002 - 25,000,000) Common shares, par value $0.001
per share

Issued and Outstanding:
15,828,762 (2002 - 1,522,506) Common shares                           15,829       1,523

Additional paid in capital                                         1,345,163     522,227

DEFICIT ACCUMULATED DURING THE DEVELOPMENT STAGE                  (1,502,403)   (617,850)
                                                                 ------------------------
                                                                    (141,411)    (94,100)
                                                                 ------------------------

                                                                 $        66   $     217
=========================================================================================
</TABLE>


                                      -9-
<PAGE>
<TABLE>
<CAPTION>
HUBEI  PHARMACEUTICAL  GROUP,  LTD.

CONSOLIDATED  FINANCIAL  STATEMENTS
JANUARY  31,  2003  AND  2002
(U.S.  DOLLARS)


                            STATEMENTS OF LOSS AND DEFICIT
                               (Stated in U.S. Dollars)

-------------------------------------------------------------------------------------
                                                                            INCEPTION
                                                                           DECEMBER 18
                                                                             1998 TO
                                             YEARS ENDED JANUARY 31        JANUARY 31
                                         2003        2002         2001        2003
-------------------------------------------------------------------------------------
<S>                                   <C>         <C>          <C>         <C>
EXPENSES
Bank charges                          $       80  $      126   $      787  $    1,283
Interest                                  12,197           -      104,806     117,003
Office and sundry                         17,771           -        2,981      31,488
Professional fees                          9,872       4,395       22,499      68,362
Stock transfer and filing fees             6,072       7,450       12,616      26,138
Travel and promotion                           -         600        8,215       8,815
Foreign exchange (gain) loss               1,780      (1,582)           -         198
Mineral property maintenance and
exploration expenditures                       -           -            -      11,201
Management fees                          135,000       6,000            -     141,000
                                      -----------------------------------------------

LOSS BEFORE THE FOLLOWING                182,772      16,989      151,904     405,488

LOSS ON TERMINATED ACQUISITION           701,781           -      357,634   1,059,415

ABANDONMENT OF MINERAL PROPERTY                -           -        3,500       3,500
CONTRACT CANCELLATION                          -           -       34,000      34,000
                                      -----------------------------------------------

NET LOSS FOR THE YEAR                    884,553      16,989      547,038  $1,502,403
                                                                           ==========

DEFICIT ACCUMULATED DURING THE
EXPLORATION STAGE, BEGINNING OF YEAR     617,850     600,861       53,823
                                      -----------------------------------

DEFICIT ACCUMULATED DURING THE
EXPLORATION STAGE, END OF YEAR        $1,502,403  $  617,850   $  600,861
=========================================================================

NET LOSS PER SHARE                    $     0.10  $     0.01   $     0.04
=========================================================================


WEIGHTED AVERAGE NUMBER OF COMMON
SHARES OUTSTANDING                     9,038,241   1,522,500    1,293,125
=========================================================================
</TABLE>


                                      -10-
<PAGE>
<TABLE>
<CAPTION>
HUBEI  PHARMACEUTICAL  GROUP,  LTD.

CONSOLIDATED  FINANCIAL  STATEMENTS
JANUARY  31,  2003  AND  2002
(U.S.  DOLLARS)


                             STATEMENTS OF CASH FLOWS
                             (Stated in U.S. Dollars)

---------------------------------------------------------------------------------
                                                                      INCEPTION
                                                                     DECEMBER 18
                                                                        1998 TO
                                        YEARS ENDED JANUARY 31        JANUARY 31
                                     2003       2002        2001         2003
---------------------------------------------------------------------------------
<S>                               <C>         <C>        <C>         <C>

CASH FLOWS FROM OPERATING
     ACTIVITIES
  Net loss for the year           $(884,553)  $(16,989)  $(547,038)  $(1,502,403)

ADJUSTMENTS TO RECONCILE NET
  LOSS TO NET CASH USED BY
    OPERATING ACTIVITIES

Stock issued for other than cash    837,240          -      91,750       928,990
        Loss on advances                  -          -     357,634       357,634
    Abandonment of mineral
           property                       -          -       3,500         3,500
  Change in accounts payable         43,443      5,026      74,030       124,424
                                  -----------------------------------------------
                                     (3,870)   (11,963)    (20,124)      (87,855)
                                  -----------------------------------------------

 CASH FLOWS FROM INVESTING
       ACTIVITIES
   Acquisition advances                   -          -    (357,634)     (357,634)
      Mineral property                    -          -           -        (3,500)
                                  -----------------------------------------------
                                          -          -    (357,634)     (361,134)
                                  -----------------------------------------------

 CASH FLOWS FROM FINANCING
       ACTIVITIES
    Share capital issued                  -          -           -        65,000
      Convertible debt                    -          -     367,000       367,000
          Advances                    3,719     11,336       2,000        17,055
                                  -----------------------------------------------
                                      3,719     11,336     369,000       449,055
                                  -----------------------------------------------

INCREASE (DECREASE) IN CASH            (151)      (627)     (8,758)           66

   CASH, BEGINNING OF YEAR              217        844       9,602             -
                                  -----------------------------------------------

      CASH, END OF YEAR           $      66   $    217   $     844   $        66
=================================================================================
</TABLE>


                                      -11-
<PAGE>
<TABLE>
<CAPTION>
HUBEI  PHARMACEUTICAL  GROUP,  LTD.

CONSOLIDATED  FINANCIAL  STATEMENTS
JANUARY  31,  2003  AND  2002
(U.S.  DOLLARS)


                            STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIENCY)

                                           JANUARY 31, 2003
                                       (Stated in U.S. Dollars)


                                                COMMON STOCK
                                    -------------------------------------
                                                              ADDITIONAL
                                                               PAID-IN
                                       SHARES      AMOUNT      CAPITAL       DEFICIT        TOTAL
                                    -----------------------------------------------------------------
<S>                                 <C>           <C>        <C>           <C>           <C>

Shares issued for cash at $0.01         600,006   $    600   $    59,400   $         -   $    60,000
Shares issued for cash at $0.10           5,000          5         4,995             -         5,000
Net loss for the period                       -          -             -        (7,401)       (7,401)
                                    -----------------------------------------------------------------

Balance, January 31, 1999               605,006        605        64,395        (7,401)       57,599

Net loss for the year                         -          -             -       (46,422)      (46,422)
                                    -----------------------------------------------------------------

Balance, January 31, 2000               605,006        605        64,395       (53,823)       11,177

Shares issued for convertible debt      917,500        918       457,832             -       458,750

Net loss for the year                         -          -             -      (547,038)     (547,038)
                                    -----------------------------------------------------------------

Balance, January 31, 2001             1,522,506      1,523       522,227      (600,861)      (77,111)

Net loss for the year                         -          -             -       (16,989)      (16,989)
                                    -----------------------------------------------------------------

Balance, January 31, 2002             1,522,506      1,523       522,227      (617,850)      (94,100)

Shares issued for acquisition of
  business                           14,000,000     14,000     1,246,000             -     1,260,000
Shares issued for debt               17,629,136     17,629       747,756             -       765,385
Shares issued for services            5,950,000      5,950       529,550             -       535,500
Shares cancelled on rescission of
  acquisition agreement             (23,272,880)   (23,273)   (1,700,370)            -    (1,723,643)
Net loss for the year                         -          -             -      (884,553)     (884,553)
                                    -----------------------------------------------------------------

Balance, January 31, 2003            15,828,762   $ 15,829   $ 1,345,163   $(1,502,403)  $  (141,411)
                                    =================================================================
</TABLE>


                                      -12-
<PAGE>
HUBEI  PHARMACEUTICAL  GROUP,  LTD.

CONSOLIDATED  FINANCIAL  STATEMENTS
JANUARY  31,  2003  AND  2002
(U.S.  DOLLARS)


                          NOTES TO FINANCIAL STATEMENTS

                            JANUARY 31, 2003 AND 2002
                            (Stated in U.S. Dollars)


1.   ORGANIZATION

     The Company was incorporated in the State of Nevada, U.S.A. on December 18,
     1998.


2.   DEVELOPMENT STAGE ACTIVITIES AND GOING CONCERN

     The Company is a development stage company as defined in the Statements of
     Financial Accounting Standards No.7. The Company is devoting substantially
     all of its present efforts to establish a new business and none of its
     planned principal operations have commenced. All losses accumulated since
     inception have been considered as part of the Company's development stage
     activities.

     Since inception, the Company has suffered recurring losses, net cash
     outflows from operations and, at January 31, 2003, has a working capital
     deficiency of $141,411. The Company expects to continue to incur
     substantial losses in its efforts to establish a new business. Since its
     inception, the Company has funded operations through common stock issuances
     and related party loans in order to meet its strategic objectives.
     Management believes that sufficient funding will be available to meet its
     business objectives, including anticipated cash needs for working capital,
     and is currently evaluating several financing options. However, there can
     be no assurance that the Company will be able to obtain sufficient funds to
     continue with its efforts to establish a new business. As a result of the
     foregoing, there exists substantial doubt about the Company's ability to
     continue as a going concern. These financial statements do not include any
     adjustments that might result from the outcome of this uncertainty.


3.   SIGNIFICANT ACCOUNTING POLICIES

     The financial statements of the Company have been prepared in accordance
     with generally accepted accounting principles in the United States. Because
     a precise determination of many assets and liabilities is dependent upon
     future events, the preparation of financial statements for a period
     necessarily involves the use of estimates which have been made using
     careful judgement.

     The financial statements have, in management's opinion, been properly
     prepared within reasonable limits of materiality and within the framework
     of the significant accounting policies summarized below:


                                      -13-
<PAGE>
HUBEI  PHARMACEUTICAL  GROUP,  LTD.

CONSOLIDATED  FINANCIAL  STATEMENTS
JANUARY  31,  2003  AND  2002
(U.S.  DOLLARS)


                          NOTES TO FINANCIAL STATEMENTS

                            JANUARY 31, 2003 AND 2002
                            (Stated in U.S. Dollars)


3.   SIGNIFICANT ACCOUNTING POLICIES (Continued)

     a)   Financial Instruments

          The Company's financial instruments consist of cash, accounts payable
          and advances payable. Unless otherwise noted, it is management's
          opinion that this Company is not exposed to significant interest or
          credit risks arising from these financial instruments. The fair value
          of these financial instruments approximate their carrying values,
          unless otherwise noted.

     b)   Income Taxes

          The Company has adopted Statement of Financial Accounting Standards
          No. 109 - "Accounting for Income Taxes" (SFAS 109). This standard
          requires the use of an asset and liability approach for financial
          accounting and reporting on income taxes. If it is more likely than
          not that some portion or all of a deferred tax asset will not be
          realized, a valuation allowance is recognized.

     c)   Stock Based Compensation

          The Company accounts for employee stock based compensation using the
          intrinsic value method prescribed in Accounting Principles Board
          Opinion No. 25 - "Accounting for Stock Issued to Employees" and
          related interpretations. Accordingly, compensation cost for stock
          options is measured as the excess, if any, of the fair value of the
          Company's common stock at the date of the grant over the amount an
          employee must pay to acquire the common stock. Non-employee stock
          based compensation is accounted for using the fair value method in
          accordance with SFAS No. 123 - "Accounting for Stock Based
          Compensation".

     d)   Use of Estimates

          The preparation of financial statements in accordance with generally
          accepted accounting principles requires management to make estimates
          and assumptions that affect the reported amounts of assets and
          liabilities at the date of the financial statements, and the reported
          amounts of revenues and expenses during the reporting period. Actual
          results could differ from management's best estimate as additional
          information becomes available in the future.


                                      -14-
<PAGE>
HUBEI  PHARMACEUTICAL  GROUP,  LTD.

CONSOLIDATED  FINANCIAL  STATEMENTS
JANUARY  31,  2003  AND  2002
(U.S.  DOLLARS)


                          NOTES TO FINANCIAL STATEMENTS

                            JANUARY 31, 2003 AND 2002
                            (Stated in U.S. Dollars)


3.   SIGNIFICANT ACCOUNTING POLICIES (Continued)

     e)   Loss Per Share

          Basic loss per share is computed by dividing the net loss attributable
          to common stock by the weighted average number of common shares
          outstanding. Diluted loss per share is computed similar to basic loss
          per share except that the denominator is increased to include the
          number of additional common shares that would have been outstanding if
          potential common shares had been issued and if the additional common
          shares were dilutive.


4.   SHARE CAPITAL

     On May 15, 2002, the Company acquired 100% of the issued and outstanding
     common stock of Access Network Limited ("Access"), a British virgin Island
     corporation, and certain net assets associated with the operations of
     Access, by the issue of 12,000,000 shares of common stock of the Company.
     In addition, the Company issued 2,000,000 shares of common stock as a
     finder's fee.

     On May 15, 2002, the Company issued 12,598,500 shares of common stock to
     creditors of Access in settlement of debt of $629,925.

     On June 5, 2002, the Company issued 5,950,000 shares of common stock, at a
     price of $0.09 per share, to consultants for a number of agreements for the
     provision of customer research, technology support and financial services
     related to the business acquired from Access.

     On September 3, 2002, the Company entered into an agreement to rescind the
     agreement dated May 15, 2002, as a result of which 23,272,880 common shares
     were returned to treasury and cancelled. The value of the remaining
     9,775,720 common shares issued and not returned has been expensed as a loss
     on failed acquisition.

     On October 1, 2002, the Company issued 4,000,000 shares of common stock to
     a creditor for settlement of debt totalling $120,000. On January 21, 2003,
     the Company issued 1,030,636 shares of common stock to a company controlled
     by a director in settlement of debt totalling $15,460.

     As at January 31, 2003, options to purchase 20,000 shares at a price of
     $0.20 are outstanding. There is no expiry date on the options. No new
     options were granted during the year ended January 31, 2003.


                                      -15-
<PAGE>
HUBEI  PHARMACEUTICAL  GROUP,  LTD.

CONSOLIDATED  FINANCIAL  STATEMENTS
JANUARY  31,  2003  AND  2002
(U.S.  DOLLARS)


                          NOTES TO FINANCIAL STATEMENTS

                            JANUARY 31, 2003 AND 2002
                            (Stated in U.S. Dollars)


4.   SHARE CAPITAL (Continued)

     Had the stock based compensation been determined under the method
     prescribed by SFAS No. 123, the Company's loss for the period would have
     been as follows:

                                                          2003       2002
                                                       ---------------------

     Loss for the year                                 $(884,553)  $(16,989)
     Additional compensation expense                           -     (3,602)
                                                       ---------------------

     Pro-forma loss for the year                       $(884,553)  $(20,591)
                                                       =====================

     Pro-forma basic and fully diluted loss per share  $   (0.10)  $  (0.01)
                                                       =====================

     The pro-forma compensation expense is estimated using the Black Scholes
     option-pricing model assuming no dividend yield and the following weighted
     average assumptions for options granted:


                                                             2003   2002
                                                             -----------

     Risk free interest rate                                 N/A   5.25%
     Expected life (in years)                                2.0    3.0
     Expected volatility                                     N/A    186%

5.   INCOME TAX

     Actual income tax expense differs from income tax expense computed by
     applying the U.S. federal statutory corporate rate of 35% to pretax income
     as follows:


                                                            2003        2002
                                                         ----------------------

     Provision (Benefit) at the statutory tax rate       $(309,594)  $(191,463)
     Non-Deductible items                                  245,623     138,297
     Increase in valuation allowance                        63,971      53,166
                                                         ----------------------

     Income tax provision                                $       -   $       -
                                                         ======================


                                      -16-
<PAGE>
HUBEI  PHARMACEUTICAL  GROUP,  LTD.

CONSOLIDATED  FINANCIAL  STATEMENTS
JANUARY  31,  2003  AND  2002
(U.S.  DOLLARS)


                          NOTES TO FINANCIAL STATEMENTS

                            JANUARY 31, 2003 AND 2002
                            (Stated in U.S. Dollars)


5.   INCOME TAX (Continued)

     The net deferred income tax asset is comprised of the following:

                                                         2003       2002
                                                      ---------------------

     Deferred income tax asset
     Net operating loss carryforwards                 $ 140,000   $ 76,029
     Valuation allowance                               (140,000)   (76,029)
                                                      ---------------------

     Net deferred income tax asset                    $       -   $      -
                                                      =====================

     Realization of the net deferred tax asset is dependent on the Company's
     ability to generate taxable earnings in the future. The Company has net
     operating loss carryforwards totalling approximately $400,000 that commence
     to expire in 2018.


6.   SUBSEQUENT EVENTS

     In March 2003, the Company issued 1,500,000 shares of common stock to
     consultants for the provision of consulting services to be provided over
     the period to January 2004.

     In March 2003, the Company issued 1,000,000 shares of common stock to its
     president as a signing bonus.

     In March 2003, the Company paid $50,000 cash on return and cancellation of
     4,000,000 shares of common stock. These shares were issued in 2002 in
     settlement of debt totalling $120,000.

     On April 2, 2003, the Company consolidated its issued capital on the basis
     of one new for ten old shares.

     On March 18, 2003, the Company entered into an agreement to acquire a 57.1%
     in a joint venture interest located in China. The joint venture is involved
     in research, development, production and sale of certain pharmaceutical
     products. To acquire its interest, the Company will issue, to the vendor, a
     total of 24,000,000 shares of common stock. In addition, up to 15,000,000
     shares will be issued to the vendor upon the joint venture achieving
     various levels of gross revenue up to $15,000,000.

     On April 3, 2003, the Company issued 3,000,000 of the shares. The remaining
     21,000,000 shares will be issued upon the co-venturer vending in certain
     assets to the joint venture.


                                      -17-
<PAGE>
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
        FINANCIAL DISCLOSURE

There have been no disagreements on accounting and financial disclosures from
the inception of the Company through the date of this Form 10-KSB. Our financial
statements for the last two fiscal years ended January 31, 2003 and 2002,
included in this report have been audited by Morgan and Company, of Vancouver,
British Columbia, Canada, as set forth in their report included herein.


ITEM 9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS;
        COMPLIANCE WITH SECTION 16(A) OF THE EXCHANGE ACT

The directors and officers of the Company, their ages and term of service is as
follows:

          -------------------------------------------------------------------
                NAME                 AGE                 TITLE
          -----------------------  -------  ---------------------------------
          Rod Jao (1)                 31       Director / President
          -----------------------  -------  ---------------------------------
          Mark Glusing (2)            32       Director / President
          -----------------------  -------  ---------------------------------
          Cecil Morris (3)            72       Director / Corporate Secretary
          -----------------------  -------  ---------------------------------
          Reid H. Y. Li (4)           39       Director / President
          -----------------------  -------  ---------------------------------
          E. H. (Eric) Fletcher (5)   48       Director / Corporate Secretary
          -------------------------------------------------------------------

          (1)  Mr. Jao resigned his offices and as a director on December 4,
               2002.
          (2)  Mr. Glusing resigned his offices and as a director on April 2,
               2003.
          (3)  Mr. Morris resigned his offices and as a director on April 2,
               2003.
          (4)  Mr. Li was appointed as a Director and President on April 2,
               2003.
          (5)  Mr. Fletcher was appointed as a Director and Corporate Secretary
               on April 2, 2003.

BACKGROUND OF OFFICERS AND DIRECTORS

Mr. Jao is an entrepreneur with extensive experience in providing broad-based
strategic direction to start-up technology companies. Most recently, Mr. Jao has
provided effective leadership at several conferences on international business
development. He continues to be a sought-after speaker in the private franchise
industry and speaks to thousands of potential entrepreneurs around the world.
His experience has led to the formation of several successful companies. Mr. Jao
has developed numerous business plans and overseen the implementation of the
administrative, logistic and operational plans, including support to the
research and development efforts. He has strong business contacts, research and
development contacts in both North America and Asia. Mr. Jao is the principal of
his own consulting company, Rykel Development Inc., which offers project
management services, private franchise business development, and advice on
investment strategy.

Mr. Glusing has a strong background in international business management and
finance and until recently was a director and the Chief Operating Officer of
Immune Network Ltd., a publicly traded biotech company. Mr. Glusing is currently
a director of FITaccess Technologies Inc., AbNovo Pharma Inc. and is a former
director of BC Research Inc. Mr. Glusing is currently President and Director of
Poker.com Inc. trading on the OTC.B.B.

Cecil Morris is a retired, freelance business consultant based in Cape Town,
South Africa with expertise in software programming and electronics development.
Mr. Morris assisted a number of technology companies based in South Africa and
internationally during his career.

Mr. Reid H.Y. Li. is an established corporate finance executive whose career has
focused on value enhancement of large or government-controlled industry through
privatization or strategic joint ventures. Mr. Li is currently the Chairman of
Hubei Pharmaceutical Company Ltd. and serves as a strategic financial consultant
to a major diversified energy corporation registered in China. Mr. Li holds a
Bachelors degree in Economics and a Masters degree in Finance and Management.


                                      -18-
<PAGE>
Mr. Eric Fletcher has over 25 years of experience at the senior management
level, with an extensive multi-national background in marketing and
distribution. He has worked as a college instructor with a focus on managerial
accounting and is a published author in the information technology and
communications fields. He currently owns an IT business serving the needs of
medical and research professionals in addition to several other vertically
integrated small to mid-sized companies in various industries. All directors are
elected annually by the shareholders and hold office until the next Annual
Meeting of Shareholders. Each officer of the Company holds office at the
pleasure of the Board of Directors.

FAMILY RELATIONSHIPS

No director or officer of the Company has any family relationship with any other
officer or director of the Company.

SIGNIFICANT EMPLOYEES

The Company does not have any significant employees, other than its officers and
directors, at this time.

INVOLVEMENT IN CERTAIN LEGAL PROCEEDINGS

To the best of the registrant's knowledge, during the past five years, no
director, executive officer, promoter or control person of the Company:

     (1)  has filed a petition under the federal bankruptcy laws or any state
          insolvency law, nor had a receiver, fiscal agent or similar officer
          appointed by a court for the business or present of such a person, or
          any partnership in which he was a general partner at or within two
          years before the time of such filing, or any corporation or business
          association of which he was an executive officer within two years
          before the time of such filing;

     (2)  were convicted in a criminal proceeding or named subject to a pending
          criminal proceeding (excluding traffic violations and other minor
          offenses);

     (3)  were the subject to any order, judgment or decree, not subsequently
          reversed, suspended or vacated, of any court of competent
          jurisdiction, permanently or temporarily enjoining, barring,
          suspending or otherwise limiting his involvement in any type of the
          following activities:

               (i)  acting as a futures commission merchant, introducing broker,
                    commodity trading advisor, commodity pool operator, floor
                    broker, leverage transaction merchant, associated person of
                    any of the foregoing, or as an investment advisor,
                    underwriter, broker or dealer in securities, or as an
                    affiliated person, director of any investment company, or
                    engaging in or continuing any conduct or practice in
                    connection with such activity;

               (ii) engaging in any type of business practice;

               (iii) engaging in any activity in connection with the purchase or
                    sale of any security or commodity or in connection with any
                    violation of federal or state securities laws or federal
                    commodity laws.

     (4)  were the subject of any order, judgment or decree, not subsequently
          reversed, suspended or vacated, of any federal or state authority
          barring, suspending or otherwise limiting for more than 60 days the
          right of such person to engage in any activity described above under
          this Item, or to be associated with persons engaged in any such
          activity;

     (5)  were found by a court of competent jurisdiction in a civil action or
          by the Securities and Exchange Commission to have violated any federal
          or state securities law and the judgment in such


                                      -19-
<PAGE>
          civil finding or find by the Securities and Exchange Commission has
          not been subsequently reversed, suspended or vacated;

     (6)  were found by a court of competent jurisdiction in a civil action or
          by the Commodity Futures Trading Commission to have violated any
          federal commodities law, and the judgment in such civil action or
          finding by the Commodity Futures Trading Commission has not been
          subsequently reversed, suspended or vacated.

COMPLIANCE WITH SECTION 16(A) OF THE EXCHANGE ACT

To the best of our knowledge all directors, officers and persons who
beneficially owned more than ten percent of our common stock filed timely
reports in compliance with Section 16(a), except as follows: (state any
exceptions for late filings of forms)

ITEM 10. EXECUTIVE COMPENSATION

OFFICERS AND DIRECTORS

The Company paid $3,000 in director's fees for the latest fiscal year ended
January 31, 2003. No other remuneration was paid to its officers or directors
during the period from its incorporation to January 31, 2001. The Company may,
during the course of the current year, decide to compensate its officers and
directors for their services.

INCENTIVE STOCK OPTIONS

The following table sets forth information with respect to compensation paid by
the Company to the President and the other highest paid executive officers (the
"Named Executive Officer") during the three most recent fiscal years.

<TABLE>
<CAPTION>
                                       SUMMARY COMPENSATION TABLE

--------------------------------------------------------------------------------------------------------------
                                                                   Long Term Compensation
                                                                   -----------------------
                                    Annual Compensation                    Awards           Payouts
-----------------------  ----------------------------------------  -----------------------  -------
          (a)               (b)        (c)       (d)       (e)         (f)         (g)        (h)       (i)
-----------------------  ----------  --------  --------  --------  -----------  ----------  -------  ---------
Name and Principal          Year      Salary    Bonus     Other    Restricted   Securities   LTIP    All Other
Position                               ($)       ($)      Annual     Stock      Underlying   Pay      Compen-
                                                          Compen-    Awards      Options/  outs ($)  sation ($)
                                                        sation ($)               SARS (#)
-----------------------  ----------  --------  --------  --------  -----------  ----------  -------  ---------
<S>                      <C>         <C>       <C>       <C>       <C>          <C>         <C>      <C>
Rod Jao (1)                    2000         0
                               2001     3,000
                               2002         0
-----------------------  ----------  --------  --------  --------  -----------  ----------  -------  ---------
Cecil Morris (2)               2001         0                                      20,000
                               2002     3,000
                               2003     3,000
-----------------------  ----------  --------  --------  --------  -----------  ----------  -------  ---------
Mark Glusing (3)               2002         0
                               2003         0
-----------------------  ----------  --------  --------  --------  -----------  ----------  -------  ---------
Reid H.Y. Li (4)               2003         0
-----------------------  ----------  --------  --------  --------  -----------  ----------  -------  ---------
E.H (Eric) Fletcher (5)        2003         0
-----------------------  ----------  --------  --------  --------  -----------  ----------  -------  ---------
<FN>
(1) Mr. Jao resigned his offices and as a director on December 4, 2002
(2) Mr. Morris resigned his offices and as a director on April 2, 2003.
(3) Mr. Glusing resigned his offices and as a director on April 2, 2003.
(4) Mr. Li was appointed as a Director and President on April 2, 2003.
(5) Mr. Fletcher was appointed as a Director and Corporate Secretary on April 2,
2003.
</TABLE>


                                      -20-
<PAGE>
OPTIONS/SAR GRANTS

The Company did not issue any options or SARs during the year ended January 31,
2003.

LONG-TERM INCENTIVE PLAN AWARDS

The Company does not have any long-term incentive plans that provide
compensation intended to serve as incentive for performance to occur over a
period longer than one fiscal year, whether such performance is measured by
reference to our financial performance, stock price or any other measure.

COMPENSATION OF DIRECTORS

There are no standard arrangements pursuant to which our directors are
compensated for services provided as director. No additional amounts are payable
to our directors for committee participation or special assignments.

REPORT ON REPRICING OF OPTIONS/SAR

The Company did not reprice any options or SARs during the year ended January
31, 2003.


ITEM 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

The following table sets forth, as of February 1st 2003, the number of Common
Stock and the corresponding percentage ownership of (i) each person who held of
record, or was known by the Company to own beneficially, more than five percent
of the Company's Common Stock, (ii) each director and executive officer of the
Company, and (iii) all directors and executive officers of the Company as a
group. The computation is based upon 15,828,762 shares of common stock being
outstanding.

Unless otherwise indicated, the Company believes the following persons have sole
voting and investment power with respect to the number of shares set forth
opposite their names.

<TABLE>
<CAPTION>
                                    NUMBER OF SHARES BENEFICIALLY  PERCENTAGE OF
NAME AND ADDRESS                                OWNED                  CLASS
----------------------------------  -----------------------------  --------------
<S>                                 <C>                            <C>
CEDE & Co.
PO Box 222 Bowling Green Station
New York, NY  10274                                     6,040,787          38.16%
----------------------------------  -----------------------------  --------------
EuroCapital Holdings AVV
7 Abraham Veerstraat
PO Box 840
Curacao, Netherlands Antilles                           4,074,063          25.74%
----------------------------------  -----------------------------  --------------
Michael Tan (1)                                         2,207,660          13.95%
----------------------------------  -----------------------------  --------------
Steven Sek Toh Tan (2)                                  1,117,960           7.06%
----------------------------------  -----------------------------  --------------
Uninet Technologies Inc.
Suite 202, 1166 Alberni Street
Vancouver, BC V6E 3Z3                                   1,030,636           6.51%
----------------------------------  -----------------------------  --------------
Directors and Officers as a Group                          69,063           0.44%
----------------------------------  -----------------------------  --------------
TOTAL:                                                 14,540,169          91.86%
----------------------------------  -----------------------------  --------------
<FN>
(1)  These shares were given as collateral and are not available for physical
     return to the Company. The Company has given notice to the Transfer agent
     not to transfer the aforesaid balance of shares should they be presented
     for transfer.

(2)  Same as above.
</TABLE>


                                      -21-
<PAGE>
ITEM  12.     CERTAIN  RELATIONSHIPS  AND  RELATED  TRANSACTIONS

Nothing reportable.

The Company's policy regarding related transactions requires that any director
or officer who has an interest in any transaction to be approved by the Board of
Directors of the Company disclose the presence and the nature of the interest to
the Board of Directors prior to any approval of the transaction by the Board of
Directors. The transaction may then be approved by a majority of the
disinterested directors, provided that an interested director may be counted in
the determining the presence of a quorum at the meeting of the Board of
Directors to approve the transaction. The Company's policy regarding
compensation for directors and officers is that the Board of Directors may,
without regard to personal interest, establish the compensation of directors for
services in any capacity.


ITEM  13.     EXHIBITS  AND  REPORTS  ON  FORM  8-K

<TABLE>
<CAPTION>
Exhibit Number  Description
<S>             <C>
2.1*            8K Agreement to Acquire Access Network Limited subsidiary VOIP Telecom Inc.
2.2*            8K Access Network Limited - Rescission Agreement
2.3*            8K Resignation and Appointment of Directors and Officers
2.4*            8K Debt Settlement Agreement with EuroCapital Holdings
2.5*            8K Debt Settlement Agreement with Uninet Technologies Inc.

99.1              Sarbanes Oxley Section 902 Certificate of President
</TABLE>

DOCUMENTS  INCORPORATED  BY  REFERENCE

*  Previously  filed.

Subsequent to January 31st 2003, on March 12th 2003, the Company filed a current
report on Form 8-K regarding the issuance of a Prospectus as part of a
Registration Statement, which registers an aggregate 1,500,000 shares of common
stock at $0.01 par value.

On April 30th 2003, the Company filed a current report on Form 8-K regarding the
Company's acquisition of Red Dot Capital's joint venture interest in Hubei
Pharmaceutical Co. Ltd.; the resignation and appointment of directors and
officers; the rollback of issued and outstanding shares and subsequent increase
in authorized capital; and the change in the Company's name and related CUSIP
and trading symbol.


ITEM 14. CONTROLS AND PROCEDURES

The Company maintains disclosure controls and procedures that are designed to
ensure that information that is required to be disclosed in the Securities
Exchange Act of 1934 reports are recorded, processed, summarized and reported
within the time periods specified in the SEC's rules and forms, and that such
information is accumulated and communicated to the Company's management to allow
timely decisions regarding required disclosure.

Within 90 days prior to the date of this report, the Company's management
carried out an evaluation, under the supervision and with the participation of
the management on the effectiveness of the design and operation of the Company's
disclosure controls and procedures pursuant to Exchange Act Rule 13a-14. Based
upon the foregoing, the Company's President concluded that our disclosure
controls and procedures are effective in connection with the filing of this
Annual Report on Form 10-KSB for the year ended January 31, 2003.


                                      -22-
<PAGE>
There were no significant changes in the Company's internal controls or in other
factors that could significantly affect these controls subsequent to the date of
their evaluation, including any significant deficiencies or material weaknesses
of internal controls that would require corrective action.


SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.

HUBEI PHARMACEUTICAL GROUP, LTD.
(Registrant)


/s/ Reid H. Y. Li                    Date: May 13, 2003
----------------------------
Reid H. Y. Li
President / Director


Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following persons on behalf of the registrant and
in the capacities and on the dated indicated.


/s/ Reid H. Y. Li                    Date: May 13, 2003
----------------------------
Reid H. Y. Li
President / Director


/s/ Eric Fletcher                    Date: May 13, 2003
----------------------------
E. H. (Eric) Fletcher
Secretary / Director


                                      -23-
<PAGE>
                            SECTION 302 CERTIFICATION


I,  Reid  H.  Y.  Li,  certify  that:

1.   I have reviewed this annual report on Form 10-KSB of HUBEI PHARMACEUTICAL
     GROUP, LTD.;

2.   Based on my knowledge, this annual report does not contain any untrue
     statement of a material fact or omit to state a material fact necessary to
     make the statements made, in light of the circumstances under which such
     statements were made, not misleading with respect to the period covered by
     this annual report;

3.   Based on my knowledge, the financial statement, and other financial
     information included in this annual report, fairly present in all material
     respects the financial condition, results of operations and cash flows of
     the registrant as of, and for, the periods presented in this annual report;

4.   The registrant's other certifying officers and I are responsible for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

     (a)  designed such disclosure controls and procedures to ensure that
          material information relating to the registrant, including its
          consolidated subsidiaries, is made known to us by others within those
          entities, particularly during the period in which the annual report is
          being prepared;

     (b)  evaluated the effectiveness of the registrant's disclosure controls
          and procedures as of a date within 90 days prior to the filing date of
          this annual report (the "Evaluation Date"); and

     (c)  presented in this annual report our conclusions about the
          effectiveness of the disclosure controls and procedures based on our
          evaluation of the Evaluation Date;

5.   The registrant's other certifying officers and I have disclosed, based on
     our most recent evaluation, to the registrant's auditors and the audit
     committee of registrant's board of directors (or persons performing the
     equivalent function):

     (a)  all significant deficiencies in the design or operation of internal
          controls which could adversely affect the registrant's ability to
          record, process, summarize and report financial data and have
          identified for the registrant's auditors any material weakness in
          internal controls; and

     (b)  any fraud, whether or not material, that involves management or other
          employees who have a significant role in the registrant's internal
          controls; and


The registrant's other certifying officers and I have indicated in this annual
report whether there were significant changes in internal controls or in other
factors that could significantly affect internal controls subsequent to the date
of our most recent evaluation, including any corrective actions with regard to
significant deficiencies and material weaknesses.


/s/ Reid H. Y. Li                         Date: May 13, 2003
----------------------------
Reid H. Y. Li
President / Director


                                      -24-
<PAGE>