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                                                                   EXHIBIT 10.27

This expresses the agreement of Think Laboratory Co. LTD (Think) and Multi-Color
Corporation (MCC) to form a joint venture to supply rotogravure engravings to
the United States market. Both parties have agreed to the following:

         1. The joint venture will be 80% owned by MCC and 20% owned by Think
         Laboratory. The venture will have total capital of $3,000,000. Each
         party may make a cash contribution 50% of its investment in the form of
         cash or may make its investment in the form of equipment. The remaining
         50% will be in the form of leases or bank borrowings. Capital will be
         invested into the project as necessary to fund the project.

         2. The project will proceed in 2 phases. The initial selling effort
         will be to develop 1 or 2 customers who can be supplied using MCC's
         existing Boomerang Line and a new Laserstream and Coating Machine
         capable of handling Shafted Bases. This will demonstrate the projects
         feasibility. In addition, MCC will install an upgraded Barco system to
         provide the prepress capability to handle the increased volume. Costs
         and expenses for sales, production, administration and installation
         (working capital) during this period will be the responsibility of MCC
         and will be considered a capital contribution by Multi-Color.

         3. The next phase of the project will be to expand the building and
         install the Batten Boomerang line. Costs and expenses during this phase
         of the project will be shared on a prorata basis by the two companies
         based on their respective equity contributions.

         4. Think agrees to not sell its Laserstream and Boomerang Line to trade
         engravers (service houses) or to any U.S. based printers during the
         term of this agreement. MCC and Think agree to discuss opportunities
         for Think to sell equipment in the United States and MCC agrees
         permission to sell equipment in the United States to U.S. printers will
         not be unreasonably withheld.

         5. Listed as Attachment A. is the capital required by the joint venture
         to establish the joint venture.

         6. A royalty of 5% will be paid beginning after 12 months or when the
         operation becomes profitable whichever comes sooner.

         7. The term of this agreement will be for five years. The agreement may
         be terminated by either party by providing 90 days notice prior to the
         end of the original contract term or any extensions. By mutual
         agreement, this agreement may be extended for additional 3 year
         periods.

Agreed                                 Agreed

By /s/ JOHN C. COURT                   By /s/ T. SLEIGETON
   --------------------------            -------------------------------
Multi-Color Corporation                Think Laboratory Co. LTD.


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                              Capital Requirements

Phase 1.                                  YEN                     $
                                                           
         Laserstream                  68,000,000             600,000
         Coater 1.                     9,000,000              80,000
         Proof Press                  13,000,000             120,000
         Grinder                      12,000,000             110,000
         Prepress                     20,000,000             180,000
         Working Capital &            25,500,000             250,000
         Installation Costs

Phase 2

         Building Expansion           55,000,000             500,000
         Batten Line                 100,000,000           1,000,000
         Coater 2                      9,000,000              80,000