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On my Android 4.0.4 (ICS) Xperia ray, they are stored in /mnt/asec/XXX-1/pkg.apk. XXX is the Google Play ID of the application.
For example, Firefox is found at /mnt/asec/org.mozilla.firefox-1/pkg.apk and Skype is found at /mnt/asec/com.skype.raider-1/pkg.apk.

Following zuul's comment I took these screenshots from my phone to confirm my answer.

##[**Firefox**][2] [![Firefox][1]][6]
##[**Stopwatch & Countdown Timer**][4] [![Stopwatch][3]][7]

And these are my phone's details:

On my Android 4.0.4 (ICS) Xperia ray, they are stored in /mnt/asec/XXX-1/pkg.apk. XXX is the Google Play ID of the application.
For example, Firefox is found at /mnt/asec/org.mozilla.firefox-1/pkg.apk and Skype is found at /mnt/asec/com.skype.raider-1/pkg.apk.

Following zuul's comment I took these screenshots from my phone to confirm my answer.

Firefox

Stopwatch & Countdown Timer

And these are my phone's details:

On my Android 4.0.4 (ICS) Xperia ray, they are stored in /mnt/asec/XXX-1/pkg.apk. XXX is the Google Play ID of the application.
For example, Firefox is found at /mnt/asec/org.mozilla.firefox-1/pkg.apk and Skype is found at /mnt/asec/com.skype.raider-1/pkg.apk.

Following zuul's comment I took these screenshots from my phone to confirm my answer.

##[**Firefox**][2] [![Firefox][1]][6]
##[**Stopwatch & Countdown Timer**][4] [![Stopwatch][3]][7]

And these are my phone's details:

On my Android 4.0.4 (ICS) Xperia ray, they are stored in /mnt/asec/XXX-1/pkg.apk. XXX is the Google Play ID of the application.
For example, Firefox is found at /mnt/asec/org.mozilla.firefox-1/pkg.apk and Skype is found at /mnt/asec/com.skype.raider-1/pkg.apk.

Following zuul's comment I took these screenshots from my phone to confirm my answer.

##[**Firefox**][2] [![Firefox][1]][6]
##[**Stopwatch & Countdown Timer**][4] [![Stopwatch][3]][7]

And these are my phone's details:

On my Android 4.0.4 (ICS) Xperia ray, they are stored in /mnt/asec/XXX-1/pkg.apk. XXX is the Google Play ID of the application.
For example, Firefox is found at /mnt/asec/org.mozilla.firefox-1/pkg.apk and Skype is found at /mnt/asec/com.skype.raider-1/pkg.apk.

Following zuul's comment I took these screenshots from my phone to confirm my answer.

##[**Firefox**][2] [![Firefox][1]][2]
##[**Stopwatch & Countdown Timer**][4] [![Stopwatch][3]][4]

And these are my phone's details:

On my Android 4.0.4 (ICS) Xperia ray, they are stored in /mnt/asec/XXX-1/pkg.apk. XXX is the Google Play ID of the application.
For example, Firefox is found at /mnt/asec/org.mozilla.firefox-1/pkg.apk and Skype is found at /mnt/asec/com.skype.raider-1/pkg.apk.

Following zuul's comment I took these screenshots from my phone to confirm my answer.

##[**Firefox**][2] [![Firefox][1]][6]
##[**Stopwatch & Countdown Timer**][4] [![Stopwatch][3]][7]

And these are my phone's details: