While digital equipment and devices are rapidly gaining a considerable share in the film production process flow, it has been a subject for argument whether or not visualized image on a certain display device at any point in digital production process can be interpreted as an image representing the picture quality of finalized film to be projected on screen. We have applied the color management technology of our own development to encoding process of film-captured information. As a result, colors of direct prints from negative films are successfully reproduced on high-end digital projectors. This paper analyzes the densitometric transfer between camera negatives, intermediate and positive films. Then a practical calculation method for printing density, and a color conversion system from printing density to CIE XYZ values are proposed. The paper further discusses an encoding system of printing density as a suitable system to fit in the conventional film production flow, which can develop into a successful digital cinema mastering technique.