An improved method for concentrating/enriching the polyphenolic contents from the dried, unripe fruit rinds of Terminalia belerica is disclosed. The present invention also discloses a light colored, enriched/concentrated (85%-100%) polyphenolic extract from the dried, unripe fruit rinds of Terminalia belerica which, by virtue of its excellent skin lightening, anti-aging, anti-inflammatory, anti-oxidant, UV protective, anti-microbial, sebum control, anti-acne and safety properties shows tremendous nutra-cosmetic potential as topical/oral "skin care" and "hair care" formulations. Additionally, the oral nutra-cosmetic formulations containing the light colored, enriched/concentrated (85%-100%), polyphenolic extract from the dried, unripe fruit rinds of Terminalia belerica, in view of their excellent 5-alpha-reductase activity, provide a natural therapeutic alternative to the problems of Benign prostatic hyperplasia (BPH), prostate cancer, and prostatitis.