UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

[x]X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended:JuneSeptember 30, 2010

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

Commission file number:000-53223

SWAVGBS ENTERPRISES LTD.INCORPORATED

(Exact name of registrant as specified in its charter)

Otto-Spesshardt-Str. 16302 North Brooke Drive
Eisenach 99817, Germany
Canton, GA 30014
(Address of principal executive offices)

+49 369 188 7600
(404) 474-7256
Issuer’s telephone number

Securities registered under Section 12(b) of the Act:

Securities registered under Section 12(g) of the Act:

Common Stock, $0.001 par value

(Title of class)

Copies to:
The Sourlis Law Firm
Virginia K. Sourlis, Esq.
214 Broad Street
Red Bank, New Jersey 07701
T: (732) 530-9007
F: (732) 530-9008
www.SourlisLaw.com

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes [   ]    No [X]

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
Yes [   ]    No [X]

Note– Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Exchange Act from their obligations under those Sections.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 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 [   ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 229.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Yes [   ]    No [   ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange ct. (Check one):

Indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
Yes [   ]    No [X]

APPLICABLE ONLY TO REGISTRANTS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.
Yes [   ]    No [   ]

(APPLICABLE ONLY TO CORPORATE REGISTRANTS)REGISTRANTS

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date. As of August 18,November 15, 2010, there were 14,499,910 shares of common stock, par value $0.0001$0.001 per share, of the Registrant were issued and outstanding.

TABLE OF CONTENTS

PART I — FINANCIAL INFORMATION

Item 1.Financial Statements1.

GBS ENTERPRISES INCORPORATED

		June 30,			March 31,
		2010			2010
		Unaudited			Audited
ASSETS
Current
Cash and cash equivalents	$	-		$	507
Accounts receivable		-			744
Inventory		2			4,610
		2			5,861
Intangible assets - goodwill, contracts, licenses and software
Output! Ltd.		14,998			-
Bones HealthCare		35,000			-
Tool Box		115,000			-
		164,998			-
Total Assets	$	165,000		$	5,861
LIABILITIES
Current
Accounts payable and accrued liabilities	$	20,500		$	9,755
Advances from related party		-			28,814
Total Liabilities		20,500			38,569
STOCKHOLDERS' EQUITY
Capital Stock – Note 4
Authorized:                                             25,000,000 common stock with a par value of $0.001
Issued and outstanding                                             14,499,910 common stock                                             (12,234,670 common stock at March 31, 2009)		14,500			12,235
Additional paid in capital		318,530			155,795
Donated capital		41,422			41,422
Accumulated other comprehensive lost		(9,572	)		(9,572	)
Accumulated deficit		(220,380	)		(232,588	)
Total Stockholders' Equity		144,500			(32,708	)
Total Liabilities and Stockholders' Equity	$	165,000		$	5,861
Going Concern - Note 2

(Formerly SWAV ENTERPRISES LTD.)

INTERIM FINANCIAL STATEMENTS
(Unaudited)

SEPTEMBER 30, 2010

GBS Enterprises Incorporated
(Formerly SWAV Enterprises Ltd.)
(A Development Stage Company)
BALANCE SHEETS
As at September 30, 2010 and March 31, 2010
(Unaudited)

See Accompanying Notes

GBS Enterprises Incorporated

SWAV Enterprises Ltd.

STATEMENTS OF OPERATIONS

For the three months ended June 30, 2010 and 2009

(Unaudited)

(Formerly SWAV Enterprises Ltd.)

		For the three months
		ended June 30,
		2010			2009
Sales	$	-		$	960
Cost of sales		-			-
Gross profit		-			960
Consulting revenue		-			3,266
Income before selling and operating expenses		-			4,226
Selling expenses - sales commission		-			173
Income before operating expenses		-			4,053
Expenses
Administration fees		-			643
Office and general		-			1,468
Professional fees		20,500			5,500
Wages		-			2,570
		(20,500	)		(10,181	)
Other Income (expense)
Gain on sale of SWAV Holdings Ltd.		100			-
Debt foregiveness		32,608			-
		32,708			-
Net income (loss) for period		12,208			(6,128	)
Other comprehensive income
Foreign currency adjustment		-			(1,108	)
Comprehensive income (loss) for the period	$	12,208		$	(7,236	)
Basic and diluted income (loss) per share	$	-		$	-
Weighted average number of shares outstanding		13,877,591			12,234,670

(A Development Stage Company)
STATEMENTS OF OPERATIONS
For the the six months ended September 30, 2010 and 2009
and for the period from April 27, 2010 to September 30, 2010
(Unaudited)

See Accompanying Notes

GBSEnterprises Incorporated

SWAV Enterprises Ltd.

STATEMENTS OF CASH FLOWS

For the three months ended June 30, 2010 and 2009

(Unaudited)

(Formerly SWAV Enterprises Ltd.)

		For the three months
		ended June 30
		2010			2009
Operating activities
Net income (loss) for period	$	12,208		$	(6,128	)
Non – cash items		-
Administration fee		-			643
Gain on sale of subsidiary		(100	)
Changes in non-cash working capital balances
Accounts receivable		744			-
Inventory		4,610			-
Accounts payable and accrued liabilities		10,745			(5,76	)
Net cash provided by (used in) operating activities		28,207			(6,061	)
Investing Activities
Proceeds from sale of subsidiary		100			-
Net cash provided by Investing Activities		100			-
Financing Activities
Increase (decrease) in related party liability		-			7,258
Decrease (increase) in related party receivable		(28,814	)		(545	)
Net cash provided by Financing Activities		(28,814	)		6,713
Foreign exchange translation		-			(1,108	)
Increase (decrease) in cash and cash equivalents during the period		(507	)		(456	)
Cash and cash equivalents, beginning of the period		507			944
Cash and cash equivalents, end of the period	$	-		$	488
Supplemented disclosure of cash flow information:
Non-cash Financing Activities
Issue of 2,265,240 common shares for the following
- Inventory	$	2		$	-
- OUTPUT! Ltd.		14,998			-
- Bones Health Care		35,000			-
- Tool Box		115,000			-
	$	165,000		$	-
Cash paid for:
Interest	$	-		$	-
Income taxes	$	-		$	-

(A Development Stage Company)
STATEMENT OF STOCKHOLDERS' EQUITY
For the period from inception, March 20, 2007 to September 30, 2010
(Unaudited)

See Accompanying Notes

GBS Enterprises Incorporated

SWAV Enterprises Ltd.

Notes to the Interim Financial Statements

June 30, 2010

(Unaudited)

(Formerly SWAV Enterprises Ltd.)
(A Development Stage Company)
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
For the period from inception, March 20, 2007 to September 30, 2010
(Unaudited)

See Accompanying Notes

GBS Enterprises Incorporated
(Formerly SWAV Enterprises Ltd.)
(A Development Stage Company)
STATEMENTS OF CASH FLOWS
For the the six months ended September 30, 2010 and 2009
and for the period from April 27, 2010 to September 30, 2010
(Unaudited)

See Accompanying Notes

NOTE 1 - OPERATIONS AND RESTRUCTURING

Swav Enterprises Ltd. (“The Company”(the predecessor to GBS Enterprises Incorporated) (the " Company" ) was incorporated in the State of Nevada on March 20, 2007 and did not have any operations until April 1, 2007. On that date, the Company completed an agreement to acquire 100% of the outstanding common shares of SWAV Holdings Inc. for an aggregate of 8,900,000 authorized but heretofore unissued shares of common stock, par value $.001 per share. For accounting purposes, the acquisition was treated as a recapitalization of SWAV Holdings Inc. with SWAV Holdings Inc as the acquirer (reverse take-over). Accordingly, the accompanying consolidated financial statements reflect the historical financial statements of SWAV Holdings Inc., the accounting acquirer, as adjusted for the exchange of shares on its equity accounts, the inclusion of the net liabilities of the accounting subsidiary as of the date of the merger on their historical basis and the inclusion of the accounting subsidiary’ssubsidiary' s results of operations from that date. Althoughdate to the Company was the legal acquirer, SWAV Holdings Inc. was treated as having acquired the Company for accounting purposes and alldate of the operations reported representsale of the historical financial statements of SWAV Holdings Inc.

Thesubsidiary, April 26, 2010. During this period, the company provided management services and imported Chinese manufactured goods.

Effective April 26, 2010, the Company sold its ownership of SWAV Holdings Ltd. for $100. At the same time the Company entered into an Asset Purchase Agreement with Lotus Holdings Limited pursuant to which the Company issued an aggregate of 2,265,240 authorized but heretofore unissued shares of its common stock in consideration for 100% of certain assets of Lotus Holdings Ltd. Simultaneously, the existing shareholders sold 11,984,770 shares to the managing director of Lotus Holdings Ltd. Accordingly, the Asset Purchase Agreement was a non-arms length transaction, and the value of the assets acquired was recorded according the Financial Accounting Standards Board (“FASB”(" FASB" ) Accounting Standards Codification (“Codification”(" Codification" ) topic 845.10Non monetary transactions.That guidance stipulates the value is the carrying value of the vendor when neither the assets received nor the assets relinquished are determinable within reasonable limits.

Subsequent to April 26, 2010, the Company entered the development stage as management has been devoting substantially all its efforts to establishing a new business and planned principal operations have not commenced. According to FASB Codification topic 915,Developing Stage Entities,all operations during this period are appropriately considered as part of the Company' s development stage activities.

On September 6, 2010 the articles of incorporation were amended to change the Company' s name from SWAV Enterprises Ltd. to GBS Enterprises Incorporated.

NOTE 2 –- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

This summary of significant accounting policies is presented to assist in understanding the financial statements. The financial statements and notes are the representations of the Company’sCompany' s management, who is responsible for their integrity and objectivity.

Interim reporting

The accompanying unaudited interim financial statements have been prepared in accordance with generally accepted accounting principles for interim financial statements. They do not include all information and footnotes required by generally accepted accounting principles for complete financial statements. However, except as disclosed herein, they include all adjustments, which are, in the opinion of management, necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in accordance with accounting principles generally accepted in the United States of America. These interim financial statements follow the same accounting policies and methods of their application as the Company’sCompany' s audited March 31, 2009 financial statements. All adjustments are of a normal recurring nature. It is suggested that these interim financial statements be read in conjunction with the Company’sCompany' s March 31, 2010 financial statements.

Operating results for the three months ended June 30, 2010 are not necessarily indicative of the results that can be expected for the year ending March31, 2011.

NOTE 2 –- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued

Interim reporting - continued

Operating results for the six months ended September 30, 2010 are not necessarily indicative of the results that can be expected for the year ending March31, 2011.

Basis of Presentation

The Company’sCompany' s financial statements included herein are prepared under the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America

Going concern

These financial statements have been prepared on the going concern basis, which presumes that the Company will continue operations for the foreseeable future and will be able to realize assets and discharge liabilities in the normal course of business. The Company has accumulated losses of $220,380$236,530 as at JuneSeptember 30, 2010 and has not generated sufficient cash flow from operations to fund its activities. There can be no assurance that a self-supporting level of operation will ever be achieved. Further, it requires additional capital in order to continue. The continuation of the Company is dependent on its ability to obtain the necessary capital to achieve profitability and to meet the requirements, from time to time, of lenders, if any, who are willing to provide this financing. Management believes that as a result of the asset purchased, it will generate additional funds and that it will be able to obtain additional capital as required to meet projected operational requirements.

These financial statements do not reflect the adjustments or reclassifications to the assets and liabilities which would be necessary if the Company was unable to continue its operations.

Cash and Cash Equivalents

For purposes of the Statement of Cash Flows, management considers liquid investments with an original maturity of three months or less to be cash equivalents. As at June 30, 2010, the Company did not have any cash equivalents ($nil – 2009).

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The financial statements above reflect all of the costs of doing business.

Comprehensive Income (Loss)

The Company adopted FASB Codification topic 220,Reporting Comprehensive Income, which establishes standards for the reporting and display of comprehensive income and its components in the financial statements. Comprehensive income consists of net income and other gains and losses affecting stockholder's equity that are excluded from net income, such as unrealized gains and losses on investments available for sale, foreign currency translation gains and losses and minimum pension liability. Since inception, the Company’sCompany' s other comprehensive income represents foreign currency translation adjustments.adjustments

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued

Cash and Cash Equivalents

For purposes of the Statement of Cash Flows, management considers liquid investments with an original maturity of three months or less to be cash equivalents. As at September 30, 2010, the Company did not have any cash equivalents ($nil - 2009).

Net Income per Common Share

FASB Codification topic 260,Earnings per share, requires dual presentation of basic and diluted earnings per share (EPS) with a reconciliation of the numerator and denominator of the EPS computations. Basic earnings per share amounts are based on the weighted average shares of common stock outstanding. If applicable, diluted earnings per share would assume the conversion, exercise or issuance of all potential common stock instruments such as options, warrants and convertible securities, unless the effect is to reduce a loss or increase earnings per share. Diluted net income (loss) per share on the potential exercise of the equity-based financial instruments is not presented where anti-dilutive. There were no adjustments required to net income for the period presented in the computation of diluted earnings per share.

Financial Instruments

The fair value of financial instruments consisting of accounts payable and accrued liabilities and due to related parties were estimated to approximate their carrying values based on the short-term maturity of these instruments. Unless otherwise noted, it is management' s opinion that the Company is not exposed to significant interest or credit risks arising from these financial instruments.

Fair Value Measurements

The Company follows FASB Codification topic 820,Fair Value Measurements and Disclosures,for all financial instruments and non-financial instruments accounted for at fair value on a recurring basis. This new accounting standard establishes a single definition of fair value and a framework for measuring fair value, sets out a fair value hierarchy to be used to classify the source of information used in fair value measurement and expands disclosures about fair value measurements required under other accounting pronouncements. It does not change existing guidance as to whether or not an instrument is carried at fair value. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities, which are required to be recorded at fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions and credit risk.

The Company has adopted FASB Codification topic 825,Financial Instruments,which allows companies to choose to measure eligible financial instruments and certain other items at fair value that are not required to be measured at fair value.The Company has not elected the fair value option for any eligible financial instruments.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued

Revenue Recognition

The Company recognizes revenue in accordance with SEC Staff Accounting Bulletin (SAB) No. 104,Revenue Recognition. Under these guidelines, revenue is recognized when persuasive evidence of an arrangement exists, shipment has occurred or services rendered, the price is fixed or determinable and payment is reasonably assured. Customers take ownership at point of sale and bear the costs and risks of delivery.

Impairment of Long-Lived Assets

The Company evaluates the recoverability of its fixed assets and other assets in accordance with FASB Codification topic, 360.10,Property, Plant and Equipment, Impairment or Disposal of Long-Lived Assets.This guidance requires recognition of impairment of long-lived assets in the event the net book value of such assets exceeds its expected cash flows, it is considered to be impaired and is written down to fair value, which is determined based on either discounted future cash flows or appraised values. No impairment has been recognized in the accounts.

Intangible Assets and Amortization

The Company has capitalized intangible assets in accordance with accounting policies described in Note 1. The Company follows FASB Codification topic 985.20,software, costs of software to be sold, leased or marketed,on the basis that the assets have finite lives and will be amortized, once the assets are ready for general release. As this has not yet eventuated, no amortization has been recorded in the accounts.

Foreign Currency Translation

As a result of the Asset Purchase Agreement and the shares issued thereon, the functional currency of the Company has changed from Canadian dollars to US dollars Previous to this event, for financial reporting purposes, the financial statements of the Company were translated into US dollars. Assets and liabilities were translated at the exchange rates at the balance sheet dates and revenue and expenses were translated at the average exchange rates and stockholders’ equity was translated at historical exchange rates. Any translation adjustments resulting are not included in determining net income but are included in foreign exchange adjustment to other comprehensive income, a component of stockholders’ equity.

Deferred Taxes

Income taxes are provided in accordance with FASB Codification topic 740,Accounting for Income Taxes.A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss-carry forwards.

Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that, some portion or all of the deferred tax asset will not be realized. Deferred tax assets and liabilities are adjusted for the effect of changes in tax laws and rates on the date of enactment.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued

Recent Accounting Pronouncements

The Company adopts new pronouncements relating to generally accepted accounting principles applicable to the Company as they are issued, which may be in advance of their effective date. Management does not believe that any recently issued, but not yet effective accounting standards, if currently adopted, would have a material effect on the accompanying financial statements.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued

Net Income per Common Share

FASB Codification topic 260,Earnings per share,requires dual presentation of basic and diluted earnings per share (EPS) with a reconciliation of the numerator and denominator of the EPS computations. Basic earnings per share amounts are based on the weighted average shares of common stock outstanding. If applicable, diluted earnings per share would assume the conversion, exercise or issuance of all potential common stock instruments such as options, warrants and convertible securities, unless the effect is to reduce a loss or increase earnings per share. Diluted net income (loss) per share on the potential exercise of the equity-based financial instruments is not presented where anti-dilutive. There were no adjustments required to net income for the period presented in the computation of diluted earnings per share.

Financial Instruments

The fair value of financial instruments consisting of accounts payable and accrued liabilities were estimated to approximate their carrying values based on the short-term maturity of these instruments. Unless otherwise noted, it is management’s opinion that the Company is not exposed to significant interest or credit risks arising from these financial instruments.

Fair Value Measurements

The Company follows FASB Codification topic 820,Fair Value Measurements and Disclosures, for all financial instruments and non-financial instruments accounted for at fair value on a recurring basis. This new accounting standard establishes a single definition of fair value and a framework for measuring fair value, sets out a fair value hierarchy to be used to classify the source of information used in fair value measurement and expands disclosures about fair value measurements required under other accounting pronouncements. It does not change existing guidance as to whether or not an instrument is carried at fair value. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities, which are required to be recorded at fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions and credit risk.

The Company has adopted FASB Codification topic 825,Financial Instruments,which allows companies to choose to measure eligible financial instruments and certain other items at fair value that are not required to be measured at fair value. The Company has not elected the fair value option for any eligible financial instruments.

Impairment of Long-Lived Assets

The Company evaluates the recoverability of its fixed assets and other assets in accordance with FASB Codification topic, 360.10,Property, Plant and Equipment, Impairment or Disposal of Long-Lived Assets.This guidance requires recognition of impairment of long-lived assets in the event the net book value of such assets exceeds its expected cash flows, it is considered to be impaired and is written down to fair value, which is determined based on either discounted future cash flows or appraised values. No impairment has been recognized in the accounts.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued

Revenue Recognition

The Company recognizes revenue in accordance with SEC Staff Accounting Bulletin (SAB) No. 104,Revenue Recognition.Under these guidelines, revenue is recognized when persuasive evidence of an arrangement exists, shipment has occurred or services rendered, the price is fixed or determinable and payment is reasonably assured. Customers take ownership at point of sale and bear the costs and risks of delivery.

Foreign currency translation

As a result of the Asset Purchase Agreement and the shares issued thereon, the functional currency of the Company has changed from Canadian dollars to US dollars Previous to this event, for financial reporting purposes, the financial statements of the Company were translated into US dollars. Assets and liabilities were translated at the exchange rates at the balance sheet dates and revenue and expenses were translated at the average exchange rates and stockholders’ equity was translated at historical exchange rates. Any translation adjustments resulting are not included in determining net income but are included in foreign exchange adjustment to other comprehensive income, a component of stockholders’ equity (deficit).

Deferred Taxes

Income taxes are provided in accordance with FASB Codification topic 740,Accounting for Income Taxes.A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss-carry forwards.

Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that, some portion or all of the deferred tax asset will not be realized. Deferred tax assets and liabilities are adjusted for the effect of changes in tax laws and rates on the date of enactment.

Recent Accounting Pronouncements

The Company adopts new pronouncements relating to generally accepted accounting principles applicable to the Company as they are issued, which may be in advance of their effective date. Management does not believe that any recently issued, but not yet effective accounting standards, if currently adopted, would have a material effect on the accompanying financial statements.

NOTE 3 – RELATED PARTY TRANSACTIONS AND BALANCES

Advances from (to) related parties represented advances from (to) a shareholder, advances from a company with common management and advances from a party related to a shareholder. The advances were without interest and had no specified repayment terms.payable on demand but interest.

The Company had the following transactions with related parties for the threesix months ending JuneSeptember 30, 2010 and 2009:

NOTE 3 – RELATED PARTY TRANSACTIONS AND BALANCES - continued

The transactions between the Company and the parties were consummated at the price agreed upon between the parties.

NOTE 4 - CAPITAL STOCK

On March 20, 2007 the Company issued 8,900,000 shares in aggregate for $75,462 of debt.

On May 4, 2007, the Company completed a private placement, issuing 2,500,000 shares for $67,757 in cash.

On June 30, 2008, the Company completed a private placement, issuing 834,670 shares for $25,040 in cash.

On April 26, 2010, the Company issued 2,265,240 shares in aggregate for goodwill, inventory, licenses, customer lists and computer software valued at $165,000.

As at JuneSeptember 30, 2010, there were no shares subject to options, warrants or other agreements.

NOTE 5 – DISCONTINUED OPERATIONS

On April 26, 2010, the Company sold its operating subsidiary, SWAV Holdings Inc. for $100. The Company has neither continuing liabilities nor potential contingent liabilities as a result of the sale. Discontinued operations and their results of operations, financial position and cash flows are shown separately for all periods presented. Summarized financial information for discontinued operations is set forth below:

Summarized Balance Sheets:

Summarized Statements of Operations:

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

General

We were incorporated on March 20, 2007, in the State of Nevada.Nevada under the name “SWAV Enterprises Ltd.”

Name and Trading Symbol Change

As reported on Form 8-K filed with the Securities and Exchange Commission on August 30, 2010, on August 20, 2010, SWAV Enterprises Ltd. filed a Certificate of Amendment to its Certificate of Incorporation with the Secretary of State of Nevada therein changing its name from SWAV Enterprises Ltd. to GBS Enterprises Incorporated, effective September 6, 2010.

On October 14, 2010, the trading symbol of the Company’s common stock on the OTC Bulletin Board was changed from “SWAV” to “GBSX.”

Acquisition of Lotus Holdings Limited

As previously reported on a Form 8-K filed on April 26, 2010 and as amended on May 7, 2010 and July 12, 2010, on April 26, 2010, the Company entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”) with Lotus Holdings Limited (“Lotus”) pursuant to which the Company issued an aggregate of 2,265,240 shares of SWAV’s common stock to Lotus in consideration for 100% of certain assets of the Lotus (the “Acquisition”).

Lotus is a holding company specializing in software technology and training services, particularly in the areas of advanced software development tools, innovative point-of-care electronic health record (EHR) software, and sales training.

Simultaneously with the consummation of the Acquisition, the Selling Stockholders named in those certain Stock Purchase Agreements, dated April 26, 2010, sold an aggregate of 11,984,770 shares of their common stock of the Company for an aggregate purchase price of $370,000.

Also, on April 26, 2010, the Company consummated the sale of 100% of SWAV Holdings, Inc., a wholly-owned subsidiary of the Company, to Pui Shan Lam, the former Chief Executive Officer and Director of the Company, pursuant to a Subsidiary Stock Purchase Agreement, dated April 26, 2010, for a purchase price of $100.

List of Lotus’ Assets Acquired by SWAV Enterprises Ltd.

The following is a description of the Lotus assets purchased by SWAV:

Tool Box Assets

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“Bones” Health Care

‘Bones’ Health Care is a electronic health recording (EHR) technology designed to be used at point-of-care, such as a hospital, clinic, or physician’s office. Based around a sophisticated touch sensitive interface, it allows the patient and physician to securely enter data (HIPPA / CCHIT compliant), interact with patient history information, and various data bases (such as prescription drug information) and in parallel, will automatically codes and bills the encounter to the appropriate insurance provider. ‘Bones’ provides a multitude of advantages including increasing physician efficiency, and where the product is a self contained technology, it reduces or eliminates the need for IT support.

OUTPUT! Ltd.

OUTPUT! Ltd (Professional Trainers for Sales) provides uniquely customized sales, negotiation, CRM utilization, customer care and sales management training to companies and individuals across the U.S. and the EU to help sales organizations become more productive in their sales communication with their customers. Through the quick & easy implementation of our unique sales methodology and systems, we help our clients’ entire sales staff to increase sales effectiveness which has proven to increase top line revenue while lowering costs and increasing margins. OUTPUT! focuses on Telecommunications, Telemarketing and Software Sales Organizations. OUTPUT! is currently working with 65 customers in Europe and the US.

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officer; Compensatory Arrangements of Certain Officers.

Upon the consummation of the Acquisition, Pui Shan Lam and Vanleo Y.W. Fung resigned from their respective positions with the Company, effective immediately. Prior to her resignation, Pui Shan Lam had served as the President, Chief Executive Officer and Director of the Company. Prior to his resignation, Vanleo Y.W. Fung had served as the Chief Financial Officer, Secretary and Director of the Company. There were no disagreements on any matter relating to the Company’s operations, policies or practices nor was the director removed for cause from the Board of Directors.

Effective on the closing of the Acquisition, the Company’s directors appointed Joerg Ott to serve as the sole director of the Company and to serve as the Chief Executive Officer of the Company. Mr. Ott does not have a familial relationship with any director or executive officer of the Company.

Directors hold office until the next annual meeting of the stockholders or until their successors have been elected and qualified. The officers of the Company are appointed by the board of directors and hold office until their death, resignation or removal from office.

Liquidity & Capital Resources

Our financial condition as at JuneSeptember 30, 2010 and March 31, 2010 and the changes between those periods for the respective items are summarized as follows:

Working Capital

As of June 30, 2010, we had working capital deficiency of $20,498. As of June 30, 2010, our total current assets were $165,000, which consist of $0 in cash and cash equivalents, $0 in accounts receivable and $2 in inventory. We also had long term assets of $164,998 in intangible assets (goodwill, contracts, licenses and software).

Management believes that our company’sCompany’s cash will not be sufficient to meet our working capital requirements for the next twelve month period. Should this prove to not be the case, our companyCompany plans to raise the capital required to satisfy our immediate short-term needs and additional capital required to meet our estimated funding requirements for the next twelve months primarily through the private placement of our equity securities. There is no assurance that our companyCompany will be able to obtain further funds required for our continued working capital requirements.

There is substantial doubt about our ability to continue as aGoing concern

The financial statements included in this report have been prepared on the going concern basis, which presumes that the Company will continue operations for the foreseeable future and will be able to realize assets and discharge liabilities in the normal course of business. The Company has accumulated losses of $236,530 as theat September 30, 2010 and has not generated sufficient cash flow from operations to fund its activities. There can be no assurance that a self-supporting level of operation will ever be achieved. Further, it requires additional capital in order to continue. The continuation of our businessthe Company is dependent upon the continued financial support from our shareholders, ouron its ability to obtain the necessary equity financingcapital to achieve profitability and to meet the requirements, from time to time, of lenders, if any, who are willing to provide this financing. Management believes that as a result of the asset purchased, it will generate additional funds and that it will be able to obtain additional capital as required to meet projected operational requirements.

These financial statements do not reflect the adjustments or reclassifications to the assets and liabilities which would be necessary if the Company was unable to continue operations, and achieving a profitable level ofits operations. The issuance of additional equity securities by us could result in a significant dilution in the equity interests of our current stockholders. Obtaining commercial loans, assuming those loans would be available, will increase our liabilities and future cash commitments.

Cash Flows

Cash Provided by Financing Activities

Due to the uncertainty of our ability to meet our current operating and capital expenses, in their report on our audited consolidated financial statements for the year ended March 31, 2010, our independent auditors included an explanatory paragraph regarding substantial doubt about our ability to continue as a going concern. Our financial statements contain additional note disclosures describing the circumstances that led to this disclosure by our independent auditors.

Results of Operations

Three Months Ended September 30, 2010 Compared to Three Months Ended September 30, 2009

Revenues

During the three months ended JuneSeptember 30, 2010, we generated $0 in sales revenue, compared to $960$1,021 generated in the three months ended JuneSeptember 30, 2009. The cost of sales for the three months ended JuneSeptember 30, 2010 was $0, compared to $0 for the three months ended JuneSeptember 30, 2009. During the three months ended June 30, 2010, weWe also generated $0 in consulting revenue compared to $3,266and had $0 in selling commissions for the three months ended JuneSeptember 30, 2009.2010, compared to $6,344 in consulting revenue and $184 in selling expenses for the three months ended September 30, 2009

Expenses

Our expenses for the three months ended JuneSeptember 30, 2010 and 2009 were as follows:

We had a net incomeloss of $12,208$(16,150) for the three months ended JuneSeptember 30, 2010, compared to a net loss of $6,128$(8,854) for the three months September 30, 2009.

Six Months Ended September 30, 2010 Compared to Six Months Ended September 30, 2009

Revenues

During the six months ended September 30, 2010, we generated $0 in sales revenue, compared to $1,981 for the six months ended September 30, 2009. The cost of sales for the six months ended September 30, 2010 was $0 compared to $0 for the three months ended JuneSeptember 30, 2009.

For . We also generated $0 in consulting revenue and had $0 in selling commissions for the threesix months ended JuneSeptember 30, 2010, compared to $9,610 in consulting revenue and $357 in selling expenses for the six months ended September 30, 2009

Expenses

Our expenses for the six months ended September 30, 2010 and 2009 wewere as follows:

We had $32,608 in debt forgiveness. The forgiveness arose whena net loss of $(36,650) for the Selling Stockholders named in those certain Stock Purchase Agreements, dated April 26,six months ended September 30, 2010, sold an aggregatecompared to a net loss of 11,984,770 shares of their common stock of$(14,982) for the Company for an aggregate purchase price of $370,000 and forgave the balance of their debt owing from the Company.six months September 30, 2009.

Plan of Operations and Cash Requirements

All project obligations for calendar year 2010 have been satisfied.

Off-Balance Sheet Arrangements

As of JuneSeptember 30, 2010, we had no off-balance sheet arrangements, including any outstanding derivative financial statements, off-balance sheet guarantees, interest rate swap transactions or foreign currency contracts. We do not engage in trading activities involving non-exchange traded contracts.

Critical Accounting Policies and Estimates

Financial Reporting Release No. 60 recommends that all companies include a discussionUse of critical accounting policies used in the preparation of their financial statements. The Securities and Exchange Commission (“SEC”) defines critical accounting policies as those that are, in management's view, most important to the portrayal of our financial condition and results of operations and those that require significant judgments and estimates.Estimates

The preparation of these financial statements in conformity with accounting principles generally accepted in the United States of America requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities revenues and expenses, as well as the disclosuredisclosures of contingent assets and liabilities at the date of ourfinancial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The financial statements above reflect all of the costs of doing business.

Comprehensive Income (Loss)

The Company adopted FASB Codification topic 220,Reporting Comprehensive Income, which establishes standards for the reporting and display of comprehensive income and its components in the financial statements. We base our estimatesComprehensive income consists of net income and other gains and losses affecting stockholder's equity that are excluded from net income, such as unrealized gains and losses on historical experience, actuarial valuationsinvestments available for sale, foreign currency translation gains and variouslosses and minimum pension liability. Since inception, the Company’s other factorscomprehensive income represents foreign currency translation adjustments.

Net Income per Common Share

FASB Codification topic 260,Earnings per share, requires dual presentation of basic and diluted earnings per share (EPS) with a reconciliation of the numerator and denominator of the EPS computations. Basic earnings per share amounts are based on the weighted average shares of common stock outstanding. If applicable, diluted earnings per share would assume the conversion, exercise or issuance of all potential common stock instruments such as options, warrants and convertible securities, unless the effect is to reduce a loss or increase earnings per share. Diluted net income (loss) per share on the potential exercise of the equity-based financial instruments is not presented where anti-dilutive. There were no adjustments required to net income for the period presented in the computation of diluted earnings per share.

Financial Instruments

The fair value of financial instruments consisting of accounts payable and accrued liabilities and due to related parties were estimated to approximate their carrying values based on the short-term maturity of these instruments. Unless otherwise noted, it is management’s opinion that we believethe Company is not exposed to significant interest or credit risks arising from these financial instruments.

Fair Value Measurements

The Company follows FASB Codification topic 820,Fair Value Measurements and Disclosures,for all financial instruments and non-financial instruments accounted for at fair value on a recurring basis. This new accounting standard establishes a single definition of fair value and a framework for measuring fair value, sets out a fair value hierarchy to be reasonableused to classify the source of information used in fair value measurement and expands disclosures about fair value measurements required under other accounting pronouncements. It does not change existing guidance as to whether or not an instrument is carried at fair value. The Company defines fair value as the circumstances,price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the results of which formmeasurement date. When determining the basisfair value measurements for making judgments about the carrying value of assets and liabilities, which are required to be recorded at fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions and credit risk.

The Company has adopted FASB Codification topic 825,Financial Instruments,which allows companies to choose to measure eligible financial instruments and certain other items at fair value that are not readily apparent from other sources. Some of those judgments canrequired to be subjective and complex and, consequently, actual results may differ from these estimates under different assumptions or conditions. Whilemeasured at fair value.The Company has not elected the fair value option for any given estimateeligible financial instruments.

Impairment of Long-Lived Assets

The Company evaluates the recoverability of its fixed assets and other assets in accordance with FASB Codification topic, 360.10,Property, Plant and Equipment, Impairment or assumption made by our management there may be other estimates or assumptions that are reasonable, we believe that, givenDisposal of Long-Lived Assets.This guidance requires recognition of impairment of long-lived assets in the current facts and circumstances,event the net book value of such assets exceeds its expected cash flows, it is unlikely that applying any such other reasonable estimateconsidered to be impaired and is written down to fair value, which is determined based on either discounted future cash flows or assumption would materially impactappraised values. No impairment has been recognized in the accounts.

Revenue Recognition

The Company recognizes revenue in accordance with SEC Staff Accounting Bulletin (SAB) No. 104,Revenue Recognition. Under these guidelines, revenue is recognized when persuasive evidence of an arrangement exists, shipment has occurred or services rendered, the price is fixed or determinable and payment is reasonably assured. Customers take ownership at point of sale and bear the costs and risks of delivery.

Foreign currency translation

As a result of the Asset Purchase Agreement and the shares issued thereon, the functional currency of the Company has changed from Canadian dollars to US dollars Previous to this event, for financial reporting purposes, the financial statements.statements of the Company were translated into US dollars. Assets and liabilities were translated at the exchange rates at the balance sheet dates and revenue and expenses were translated at the average exchange rates and stockholders’ equity was translated at historical exchange rates. Any translation adjustments resulting are not included in determining net income but are included in foreign exchange adjustment to other comprehensive income, a component of stockholders’ equity.

Deferred Taxes

Accounts subject to significant accounting estimatesIncome taxes are donated capitalprovided in accordance with FASB Codification topic 740,Accounting for Income Taxes.A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss-carry forwards.

Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that, some portion or all of the deferred tax asset will not be realized. Deferred tax assets and liabilities are adjusted for income taxes. Donated capital has been basedthe effect of changes in tax laws and rates on the estimated fair value that would have been paid to third parties to perform the services during the periods when no cash outlay was made for those services. The income tax valuation is based on the fact that the Company does not have a stable earnings history and has a significant accumulated deficit.date of enactment.

Recent Accounting Pronouncements

The accounting principles we utilized in preparing our financial statements conform in all material respectsCompany adopts new pronouncements relating to generally accepted accounting principles applicable to the Company as they are issued, which may be in advance of their effective date. Management does not believe that any recently issued, but not yet effective accounting standards, if currently adopted, would have a material effect on the United States of America.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

The disclosure required under this item is not required to be reported by small reporting companies; as such term is defined by Item 305(e) of Regulation S-K.

Item 4T. Controls and Procedures.

Evaluation of Controls and Procedures.

In accordance with Exchange Act Rules 13a-15 and 15d-15, our management is required to perform an evaluation under the supervision and with the participation of the Company’s management, including the Company’s principal executive officer and principalaccompanying financial officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures as of the end of the period.statements.

Evaluation of Disclosure Controls and Procedures

Based on their evaluation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of June 30, 2010, our Principal Executive Officer and Principal Financial Officer have concluded that our disclosure controls and procedures were not effective to ensure that the information required to be disclosed by us in this Report was (i) recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and instructions for Form 10-Q.

Our Principal Executive Officer and Principal Financial Officer have concluded that our disclosure controls and procedures had the following deficiency:

(i) lack of segregation of incompatible duties;
(ii) Insufficient Board of Directors representation.
(iii) Excessive unrecorded adjustments

Though no material misstatements have resulted, our management has determined that until such time as sufficient representation on our Board of Directors can be achieved, the Company’s inability to formulate an audit committee represents a significant risk.

Changes in Internal Controls.

No change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) occurred during the fiscal quarter ended June 30, 2010 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II—OTHER INFORMATION

Item 1. Legal Proceedings.

The Company presently is not a party to, nor is management aware of, any pending, legal proceedings.

Item 1A. Risk Factors.

The disclosure required under this item is not required to be reported by small reporting companies; as such term is defined by Item 503(e) of Regulation S-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

None.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Submission of Matters to a Vote of Security Holders.

On August 3, 2010, the Company filed a Preliminary Schedule 14C Information Statement with the Securities and Exchange Commission therein reporting that the Company had attained majority stockholder approval to amend the Company’s Certificate of Incorporation to change the name (the “Name Change Amendment”) of the Company from Swav Enterprises Ltd. to GBS Enterprises Incorporated. On August 16, 2010, the Company filed a Definitive Schedule 14C Information Statement with the Securities and Exchange Commission and commenced the mailing of the Definitive Information Statement to stockholders of record as of the close of business on August 2, 2010.

The approval of the Name Change Amendment by the written consent of the Company’s stockholders required the consent of the holders of at least a majority of the Company’s outstanding shares of common stock as of August 2, 2010 (the “Record Date”). As of the Record Date, 15,000,000 shares of our Common Stock were issued and outstanding. Each share of the Company’s common stock was entitled to one vote. The holders of 9,021,963 shares of the Company’s Common Stock, representing approximately 60% of the shares entitled to vote on the Record Date, executed the Action by Written Consent of the Stockholders in Lieu of a Special Meeting. Consequently, and no additional votes are required to approve the Name Change Amendment.

As reported on Form 8-K filed with the Securities and Exchange Commission on August 30, 2010, on August 20, 2010, SWAV Enterprises Ltd. filed a Certificate of Amendment to its Certificate of Incorporation with the Secretary of State of Nevada therein changing its name from SWAV Enterprises Ltd. to GBS Enterprises Incorporated, effective September 6, 2010.

Item 5. Other Information.

The Company has applied to the Financial Industry Regulatory Authority (FINRA) to change the Company’s trading symbol to “GBSE” effective upon the Company’s filing the name change amendment to its Certificate of Incorporation with the Secretary of State of the State of Nevada, anticipated to be on or around September 6, 2010.None

Item 6. Exhibits.

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.

GBS ENTERPRISES INCORPORATED

By:/s/ Joerg Ott
            Joerg Ott 
            President, Chief Executive Officer and Director
            (Principal Executive Officer 
            Principal Financial/Accounting Officer)
Date:   November 15, 2010