EXHIBIT 12.01
 
                            PORTOLA PACKAGING, INC.
               COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
                                 (IN THOUSANDS)
 


                                                                                              SIX MONTHS ENDED
                                               YEAR ENDED AUGUST 31,                     --------------------------
                            -----------------------------------------------------------  FEBRUARY 28,  FEBRUARY 29,
                              1991       1992       1993          1994          1995         1995          1996
                            ---------  ---------  ---------  ---------------  ---------  ------------  ------------
                                                                                  
Fixed charges:
  Interest expense........  $   3,972  $   3,200  $   3,128     $   3,996     $   8,658   $    4,003    $    6,380
  Debt financing costs....        418        969        479         1,058           447          269           261
  Rent expense............        269        284        295           465           499          240           344
                            ---------  ---------  ---------       -------     ---------  ------------  ------------
    Total interest........      4,659      4,453      3,902         5,519         9,604        4,512         6,985
Total fixed charges.......      4,659      4,453      3,902         5,519         9,604        4,512         6,985
Less: Capitalized
 interest.................         --         --         --            --            --           --            --
                            ---------  ---------  ---------       -------     ---------  ------------  ------------
  Net fixed charges.......  $   4,659  $   4,453  $   3,902     $   5,519     $   9,604   $    4,512    $    6,985
                            ---------  ---------  ---------       -------     ---------  ------------  ------------
                            ---------  ---------  ---------       -------     ---------  ------------  ------------
Earnings:
  Net income (loss).......  $     455  $     663  $     309     $     225     $     140   $      231    $   (1,465)
  Income tax benefit from
   extraordinary item.....         --         --       (592)         (539)           --           --          (844)
  Cumulative effect of
   adopting SFAS No.
   109....................         --         --         --            85            --           --            --
  Provision for taxes.....      1,301      1,287      1,521         1,095         1,294          730           755
  Net fixed charges.......      4,659      4,453      3,902         5,519         9,604        4,512         6,985
                            ---------  ---------  ---------       -------     ---------  ------------  ------------
  Total earnings..........  $   6,415  $   6,403  $   5,140     $   6,385     $  11,038   $    5,473    $    5,431
                            ---------  ---------  ---------       -------     ---------  ------------  ------------
                            ---------  ---------  ---------       -------     ---------  ------------  ------------
Calculation of ratio of
 earnings to fixed
 charges:
  Total earnings..........  $   6,415  $   6,403  $   5,140     $   6,385     $  11,038   $    5,473    $    5,431
  Total fixed charges.....      4,659      4,453      3,902         5,519         9,604        4,512         6,985
  Ratio of earnings to
   fixed charges..........       1.38       1.44       1.32          1.16          1.15         1.21
  Deficiency of earnings
   to fixed charges.......                                                                                  (1,554)