Jayhawk Capital Management, L.L.C. – ‘SC 13D’ on 11/22/96 re: Ceramic International Inc

As of:  Friday, 11/22/96   ·   Accession #:  935836-96-40   ·   File #:  5-47453

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General Statement of Beneficial Ownership   —   Schedule 13D
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: SC 13D      General Statement of Beneficial Ownership             10     40K 

Document Table of Contents

SC 13D
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            OMB APPROVAL

          OMB Number:3235-0145
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UNITED STATES       
SECURITIES AND EXCHANGE COMMISSION      
Washington, D.C. 20549        

SCHEDULE 13D        

Under the Securities Exchange Act of 1934         
(Amendment No. *)             

          Internacionale de Ceramica, S.A. de C.V.
(Name of Issuer)    

American Depository Receipt   

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

(Title of Class of Securities)          

458847506       
(CUSIP Number)      

Eric M. Sippel, Esq.          
Shartsis Friese & Ginsburg, LLP     
One Maritime Plaza, 18th Floor      
San Francisco, CA 94111       
(415) 421-6500      
---------------------------------------------------------------------------     
(Name, Address and Telephone Number of Person Authorized to Receive Notices     
and Communications)                                                             

April 9, 1996       
(Date of Event which Requires Filing of this Statement)     

If the filing person has previously filed a statement on Schedule 13G to        
report the acquisition which is the subject of this Schedule 13D, and is        
filing this schedule because of Rule 13d-1(b)(3) or (4), check the following    
box / /.                                                                        

Check the following box if a fee is being paid with the statement / /.  (A      
fee is not required only if the reporting person: (1) has a previous            
statement on file reporting beneficial ownership of more than five percent of   
the class of securities described in Item 1; and (2) has filed no amendment     
subsequent thereto reporting beneficial ownership of five percent or less of    
such class.)  (See Rule 13d-7.)                                                 

Note:  Six copies of this statement, including all exhibits, should be filed    
with the Commission.  See Rule 13d-1(a) for other parties to whom copies are    
to be sent.                                                                     

* The remainder of this cover page shall be filled out for a reporting          
person's initial filing on this form with respect to the subject class of       
securities, and for any subsequent amendment containing information which       
would alter disclosures provided in a prior cover page.                         

The information required on the remainder of this cover page shall not be       
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange   
Act of 1934 ("Act") or otherwise subject to the liabilities of that section     
of the Act but shall be subject to all other provisions of the Act (however,    
see the Notes).                                                                 

                                    SEC 1746 (12-91)

SC 13D
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SCHEDULE 13D                                                                    

CUSIP No. 458847506                                    Page 2 of 10 Pages       

---------------------------------------------------------------------------     
1    NAME OF REPORTING PERSON                                                   
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON                          

Jayhawk Investments, L.P.                                             
---------------------------------------------------------------------------     
2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*      (a)       / X/      
                                                      (b)       /  /
---------------------------------------------------------------------------     
3    SEC USE ONLY                                                               
---------------------------------------------------------------------------     
4    SOURCE OF FUNDS*                                                           

WC                                                                    
---------------------------------------------------------------------------     
5    CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO       
ITEMS 2(d) or 2(e)                                               / /  
---------------------------------------------------------------------------     
6    CITIZENSHIP OR PLACE OF ORGANIZATION                                       

Delaware                                                              
---------------------------------------------------------------------------     
NUMBER OF           7    SOLE VOTING POWER                            
SHARES                  0                                           
BENEFICIALLY          --------------------------------------------------  
OWNED BY            8    SHARED VOTING POWER                          
EACH                   401,600                                    
REPORTING            -------------------------------------------------- 
PERSON             9    SOLE DISPOSITIVE POWER                      
WITH                   0                                          
                    --------------------------------------------------
10   SHARED DISPOSITIVE POWER 
401,600             
---------------------------------------------------------------------------     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON               
401,600                                                               
---------------------------------------------------------------------------     
12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*     
                                                               / /
---------------------------------------------------------------------------     
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)                         
11.26                                                                 
---------------------------------------------------------------------------     
14   TYPE OF REPORTING PERSON*                                                  
PN                                                                    
---------------------------------------------------------------------------     
*SEE INSTRUCTIONS BEFORE FILLING OUT!   
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.  

SC 13D
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SCHEDULE 13D                                                                    

CUSIP No. 458847506                                    Page 3 of 10 Pages       

---------------------------------------------------------------------------     
1    NAME OF REPORTING PERSON                                                   
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON                          

Jayhawk Institutional Partners, L.P.                                  
---------------------------------------------------------------------------     
2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*      (a)       / X/      
                                                      (b)       /  /
---------------------------------------------------------------------------     
3    SEC USE ONLY                                                               
---------------------------------------------------------------------------     
4    SOURCE OF FUNDS*                                                           

WC                                                                    
---------------------------------------------------------------------------     
5    CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO       
ITEMS 2(d) or 2(e)                                               / /  
---------------------------------------------------------------------------     
6    CITIZENSHIP OR PLACE OF ORGANIZATION                                       

Delaware                                                              
---------------------------------------------------------------------------     
NUMBER OF           7    SOLE VOTING POWER                            
SHARES                                                              
BENEFICIALLY          --------------------------------------------------  
OWNED BY            8    SHARED VOTING POWER                          
EACH                   57,300                                     
REPORTING            -------------------------------------------------- 
PERSON             9    SOLE DISPOSITIVE POWER                      
WITH                                                              
                    --------------------------------------------------
10   SHARED DISPOSITIVE POWER 
57,300              
---------------------------------------------------------------------------     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON               
57,300                                                                
---------------------------------------------------------------------------     
12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*     
                                                               / /
---------------------------------------------------------------------------     
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)                         
1.6                                                                   
---------------------------------------------------------------------------     
14   TYPE OF REPORTING PERSON*                                                  
PN                                                                    
---------------------------------------------------------------------------     
*SEE INSTRUCTIONS BEFORE FILLING OUT!   
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.  

SC 13D
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SCHEDULE 13D                                                                    

CUSIP No. 458847506                                    Page 4 of 10 Pages       

---------------------------------------------------------------------------     
1    NAME OF REPORTING PERSON                                                   
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON                          

Jayhawk Capital Management, L.L.C.                                    
---------------------------------------------------------------------------     
2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*      (a)       / X/      
                                                      (b)       /  /
---------------------------------------------------------------------------     
3    SEC USE ONLY                                                               
---------------------------------------------------------------------------     
4    SOURCE OF FUNDS*                                                           

AF                                                                    
---------------------------------------------------------------------------     
5    CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO       
ITEMS 2(d) or 2(e)                                               / /  
---------------------------------------------------------------------------     
6    CITIZENSHIP OR PLACE OF ORGANIZATION                                       

Delaware                                                              
---------------------------------------------------------------------------     
NUMBER OF           7    SOLE VOTING POWER                            
SHARES                                                              
BENEFICIALLY          --------------------------------------------------  
OWNED BY            8    SHARED VOTING POWER                          
EACH                   458,900                                    
REPORTING            -------------------------------------------------- 
PERSON             9    SOLE DISPOSITIVE POWER                      
WITH                                                              
                    --------------------------------------------------
10   SHARED DISPOSITIVE POWER 
458,900             
---------------------------------------------------------------------------     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON               
458,900                                                               
---------------------------------------------------------------------------     
12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*     
                                                               / /
---------------------------------------------------------------------------     
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)                         
12.9                                                                  
---------------------------------------------------------------------------     
14   TYPE OF REPORTING PERSON*                                                  
00 IA                                                                 
---------------------------------------------------------------------------     
*SEE INSTRUCTIONS BEFORE FILLING OUT!   
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.  

SC 13D
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SCHEDULE 13D                                                                    

CUSIP No. 458847506                                    Page 5 of 10 Pages       

---------------------------------------------------------------------------     
1    NAME OF REPORTING PERSON                                                   
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON                          

Kent C. McCarthy                                                      
---------------------------------------------------------------------------     
2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*      (a)       / X/      
                                                      (b)       /  /
---------------------------------------------------------------------------     
3    SEC USE ONLY                                                               
---------------------------------------------------------------------------     
4    SOURCE OF FUNDS*                                                           

AF                                                                    
---------------------------------------------------------------------------     
5    CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO       
ITEMS 2(d) or 2(e)                                               / /  
---------------------------------------------------------------------------     
6    CITIZENSHIP OR PLACE OF ORGANIZATION                                       

United States                                                         
---------------------------------------------------------------------------     
NUMBER OF           7    SOLE VOTING POWER                            
SHARES                                                              
BENEFICIALLY          --------------------------------------------------  
OWNED BY            8    SHARED VOTING POWER                          
EACH                   458,900                                    
REPORTING            -------------------------------------------------- 
PERSON             9    SOLE DISPOSITIVE POWER                      
WITH                                                              
                    --------------------------------------------------
10   SHARED DISPOSITIVE POWER 
458,900             
---------------------------------------------------------------------------     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON               
458,900                                                               
---------------------------------------------------------------------------     
12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*     
                                                               / /
---------------------------------------------------------------------------     
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)                         
12.9                                                                  
---------------------------------------------------------------------------     
14   TYPE OF REPORTING PERSON*                                                  
IN                                                                    
---------------------------------------------------------------------------     
*SEE INSTRUCTIONS BEFORE FILLING OUT!   
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.  

SC 13D
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SCHEDULE 13D                                                                    

CUSIP No. 458847506                                    Page 6 of 10 Pages       

ITEM 1.   SECURITY AND ISSUER.                                                  

This statement relates to American Depository Receipts of Internacionale de     
Ceramica, S.A. de C.V. ("ICM").  The principal executive office of ICM is       
located at Prol. Ave. Pacheco, y Vias del FFCC, Ch-P, Chihuahua, Chih.,         
Mexico.                                                                         

ITEM 2.   IDENTITY AND BACKGROUND.                                              

The persons filing this statement and the persons enumerated in Instruction     
C of Schedule 13D and, where applicable, their respective places of             
organization, general partners, directors, executive officers and controlling   
persons, and the information regarding them, are as follows:                    

(a)  The persons filing this statement are Jayhawk Investments, L.P.  
("JILP"), Kent McCarthy ("McCarthy"), Jayhawk Institutional Partners, L.P.      
("JIPLP") and Jayhawk Capital Management, L.L.C. ("JCM").  JILP, JIPLP and      
JCM are organized in Delaware.                                                  

(b)  The address for the principal office and principal business of   
JILP, McCarthy, JIPLP and JCM is 8201 Mission Road, Suite 110, Prairie          
Village, KS 66208.                                                              

(c)  McCarthy is the manager of JCM which serves as the investment    
adviser to and general partner of both JIPLP and JILP, investment limited       
partnerships.                                                                   

  (d)  During the last five years, none of such persons has been convicted
in a criminal proceeding (excluding traffic violations or similar               
misdemeanors).                                                                  

 (e)  During the last five years, none of such persons has been party to
a civil proceeding of a judicial or administrative body of competent            
jurisdiction and as a result of such proceeding was or is subject to a          
judgment, decree or final order enjoining future violations of, or              
prohibiting or mandating activities subject to, federal or state securities     
laws or finding any violation with respect to such laws.                        

(f)  McCarthy is a citizen of the United States.                      

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SCHEDULE 13D                                                                    

CUSIP No. 458847506                                    Page 7 of 10 Pages       

ITEM 3.   SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.                    

The source and amount of funds used in purchasing the ADRs were as follows:     

Purchaser           Source of Funds               Amount                        

JILP                Working Capital               $2,573,711.45                 
JIPLP               Working Capital               $  380,008.32                 

ITEM 4.   PURPOSE OF TRANSACTION.                                               

The principal purpose of the acquisition of these ADRs is investment.  The      
persons named in Item 2 of this statement have no plans or proposals that       
relate to or would result in:                                                   

(a)  The acquisition by any person of additional securities of ICM, or
the disposition of securities of ICM;                                           

(b)  An extraordinary corporate transaction, such as a merger,        
reorganization or liquidation, involving ICM or any of its subsidiaries;        

 (c)  A sale or transfer of a material amount of assets of ICM or of any
of its subsidiaries;                                                            

 (d)  Any change in the present board of directors or management of ICM,
including any plans or proposals to change the number or term of directors or   
to fill any existing vacancies on the board;                                    

(e)  Any material change in the present capitalization or dividend    
policy of ICM;                                                                  

  (f)  Any other material change in ICM's business or corporate structure;

(g)  Changes in ICM's charter, by-laws or instruments corresponding   
thereto or other actions which may impede the acquisition of control of ICM     
by any person;                                                                  

  (h)  Causing a class of securities of ICM to be delisted from a national
securities exchange or to cease to be authorized to be quoted in an inter-      
dealer quotation system of a registered national securities association;        

(i)  A class of equity securities of ICM becoming eligible for        
termination of registration pursuant to Section 12(g)(4) of the Act; or         

(j)  Any action similar to any of those enumerated above.             

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SCHEDULE 13D                                                                    

CUSIP No. 458847506                                    Page 8 of 10 Pages       

ITEM 5.   INTEREST IN SECURITIES OF THE ISSUER.                                 

The beneficial ownership of the ADRs of the person named in Item 2 of this      
statement is as follows at the date hereof:                                     

Aggregate                                                   
Beneficially                                                
       Owned                         Voting Power        Dispositive Power
Name      Number    Percent*  Sole      Shared         Sole      Shared         

McCarthy  458,900   12.9      0         458,900        0         458,900        
JILP      401,600   11.6      0         401,600        0         401,600        
JIPLP      57,300    1.6      0          57,300        0          57,300        
JCM       458,900   12.9      0         458,900        0         458,900        

The persons filing this statement effected the following transactions in the    
ADRs on the dates indicated, and such transactions are the only transactions    
in the ADRs by the persons filing this statement since September 1, 1996:       

Purchase                 Number         Price     Broker              
Name  or Sale  Date           of ADRs        Per ADR   Used                     

JILP      P    9-9-96          18,000        6.000     GOLDMAN, SACHS & C0.     
JIPLP     P    9-9-96           2,000        6.000     GOLDMAN, SACHS & C0.     
JILP      P    9-11-96         90,000        6.125     GOLDMAN, SACHS & C0.     
JIPLP     P    9-11-96         10,000        6.125     GOLDMAN, SACHS & C0.     
JILP      P    10-2-96          9,000        6.125     GOLDMAN, SACHS & C0.     
JIPLP     P    10-2-96          1,000        6.125     GOLDMAN, SACHS & C0.     
JILP      P    10-4-96          9,000        6.000     GOLDMAN, SACHS & C0.     
JIPLP     P    10-4-96          1,000        6.000     GOLDMAN, SACHS & C0.     
JILP      P    10-7-96         22,500        5.750     U.S.CLEARING             
JIPLP     P    10-7-96          2,500        5.750     U.S.CLEARING             
JILP      P    10-8-96         40,500        5.778     U.S.CLEARING             
JIPLP     P    10-8-96          4,500        5.778     U.S.CLEARING             

*    Percentage of outstanding ULD units beneficially owned.  Each ADR          
represents 5 ULD units.                                               

ITEM. 6.  CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH         
RESPECT TO SECURITIES OF THE ISSUER.                        

JCM serves as general partner to both JILP and JIPLP pursuant to limited        
partnership agreements which provide JCM with the authority to purchase, vote   
and dispose of securities for JILP and JIPLP.  JCM is entitled to fees based    
on assets under management and special profit allocations based on realized     
and unrealized gains and losses, if certain conditions are met.                 

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SCHEDULE 13D                                                                    

CUSIP No. 458847506                                    Page 9 of 10 Pages       

ITEM 7.   MATERIAL TO BE FILED AS EXHIBITS.                                     

A.   Agreement Regarding Joint Filing of Statement on Schedule 13D or 13G.      

SIGNATURES                                                                      

After reasonable inquiry and to the best of my knowledge and belief I 
certify that the information set forth in this statement is true, complete      
and correct.                                                                    

DATED:    November 19, 1996.                                                    

Jayhawk Capital Management, L.L.C.      Jayhawk Investments, L.P.               

By:  /s/ Kent C. McCarthy               By:  Jayhawk Capital Management,        
Kent C. McCarthy, Manager               L.L.C.                        

                                   By:  /s/ Kent C. McCarthy
                                    Kent C. McCarthy
/s/ Kent C. McCarthy                              Manager                       
Kent C. McCarthy                                                                
                               Jayhawk Institutional Partners,
    L.P.

                                By:  Jayhawk Capital Management,
                L.L.C.

                                   By:  /s/ Kent C. McCarthy
                                    Kent C. McCarthy
                           Manager

SC 13D
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SCHEDULE 13D                                                                    

CUSIP No. 458847506                                    Page 10 of 10 Pages      

                                                 EXHIBIT A

AGREEMENT REGARDING JOINT FILING                                                
OF STATEMENT ON SCHEDULE 13D OR 13G                                             

The undersigned agree to file jointly with the Securities and Exchange          
Commission (the "SEC") any and all statements on Schedule 13D or Schedule 13G   
(and any amendments or supplements thereto) required under section 13(d) of     
the Securities Exchange Act of 1934, as amended, in connection with purchases   
by the undersigned of American depository receipts of Internacionale de         
Ceramica, S.A. de C.V.  For that purpose, the undersigned hereby constitute     
and appoint Jayhawk Capital Management, L.L.C., a Delaware limited liability    
company, as their true and lawful agent and attorney-in-fact, with full power   
and authority for and on behalf of the undersigned to prepare or cause to be    
prepared, sign, file with the SEC and furnish to any other person all           
certificates, instruments, agreements and documents necessary to comply with    
section 13(d) and section 16(a) of the Securities Exchange Act of 1934, as      
amended, in connection with said purchases, and to do and perform every act     
necessary and proper to be done incident to the exercise of the foregoing       
power, as fully as the undersigned might or could do if personally present.     

DATED:  November 19, 1996.                                                      

Jayhawk Capital Management, L.L.C.      Jayhawk Investments, L.P.               

By:  /s/ Kent C. McCarthy               By:  Jayhawk Capital Management,        
Kent C. McCarthy, Manager               L.L.C.                        

                                   By:  /s/ Kent C. McCarthy
                                    Kent C. McCarthy
/s/ Kent C. McCarthy                              Manager                       
Kent C. McCarthy                                                                
                               Jayhawk Institutional Partners,
    L.P.

                                By:  Jayhawk Capital Management,
                L.L.C.

                                   By:  /s/ Kent C. McCarthy
                                    Kent C. McCarthy
                           Manager

F:\DMS\4525\003\0185328.02                                                      

Dates Referenced Herein   and   Documents Incorporated by Reference

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Filed on:		11/22/96
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		4/9/96		1
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