MIRA INFORM REPORT

Report No. :	306508
Report Date :	09.02.2015

IDENTIFICATION DETAILS

Name :	EMEIS COSMETICS PTY LTD
Registered Office :	25 Smith Street, Fitzroy Victoria, VIC 3065
Country :	Australia
Financials (as on) :	30.09.2014
Date of Incorporation :	21-05-1990
Com. Reg. No.:	007409001
Legal Form :	Australian Proprietary Company
Line of Business :	Manufactures and markets cosmetics
No of Employees :	7,000 (NATURA COSMÉTICOS Group)

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
Australia	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	D

AUSTRALIA ECONOMIC OVERVIEW

The Australian economy has experienced continuous growth and features low unemployment, contained inflation, very low public debt, and a strong and stable financial system. By 2012, Australia had experienced more than 20 years of continued economic growth, averaging 3.5% a year. Demand for resources and energy from Asia and especially China has grown rapidly, creating a channel for resources investments and growth in commodity exports. The high Australian dollar has hurt the manufacturing sector, while the services sector is the largest part of the Australian economy, accounting for about 70% of GDP and 75% of jobs. Australia was comparatively unaffected by the global financial crisis as the banking system has remained strong and inflation is under control. Australia has benefited from a dramatic surge in its terms of trade in recent years, stemming from rising global commodity prices. Australia is a significant exporter of natural resources, energy, and food. Australia's abundant and diverse natural resources attract high levels of foreign investment and include extensive reserves of coal, iron, copper, gold, natural gas, uranium, and renewable energy sources. A series of major investments, such as the US$40 billion Gorgon Liquid Natural Gas project, will significantly expand the resources sector. Australia is an open market with minimal restrictions on imports of goods and services. The process of opening up has increased productivity, stimulated growth, and made the economy more flexible and dynamic. Australia plays an active role in the World Trade Organization, APEC, the G20, and other trade forums. Australia has bilateral free trade agreements (FTAs) with Chile, Malaysia, New Zealand, Singapore, Thailand, and the US, has a regional FTA with ASEAN and New Zealand, is negotiating agreements with China, India, Indonesia, Japan, and the Republic of Korea, as well as with its Pacific neighbors and the Gulf Cooperation Council countries, and is also working on the Trans-Pacific Partnership Agreement with Brunei Darussalam, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, the US, and Vietnam.

Source : CIA

IDENTIFICATION
Given
Subject name:	Emeis Cosmetics Pty Ltd
Address:	25 Smith Street, Fitroy
Town:	Malbourne
State/province:	Vic
Zip/postal code:	3065
Country:	Australia
Verified
Subject name:	EMEIS COSMETICS PTY. LTD.
Address:	25 Smith Street
Town:	Fitzroy
State/province:	Victoria
Zip/postal code:	VIC 3065
Country:	Australia
Telephone:	+61 (3) 94128900
Fax:	+61 (3) 93473466
EXECUTIVE SUMMARY
Date registered:	21-05-1990
Legal form:	Australian Proprietary Company
Share capital	AUD 5
Sales turnover:	BRL 7,010,311,000 (Group consolidated 12 months, 31-12-2013)
Main activities:	Manufactures and markets cosmetics.
Employees:	7,000 (NATURA COSMÉTICOS Group)
REGISTRY DATA
Key Facts
Date registered:	21-05-1990
Legal form:	Australian Proprietary Company
Registration no:	ACN: 007409001
Registry auth.	Australian Securities and Investments Commission
Tax number:	ABN: 56007409001
Registry status:	Live/Active
Previous names:	The Subject initially operated under the name of TWENTY-FOURTH WARINA PTY. LTD. and changed to the present style on 18-06-1990.
LEGAL FILINGS
Bankruptcy filings:	None
Court judgements:	None
Tax liens:	None
Other:	None
MANAGEMENT & STAFF
Key Managers
Name:	Jose Vicente Marino
Job title:	Director
Name:	Michael Anthony o''Keeffe
Job title:	Director
Name:	Robert Claus Chatwin
Job title:	Director
Name:	Roger Schmid
Job title:	Director
Name:	Kieran James Rivett
Job title:	Company Secretary
Staff
No of employees	7,000 (NATURA COSMÉTICOS Group)
BOARD OF DIRECTORS / OTHER APPOINTMENTS
Appointments
Name:	Jose Vicente Marino
Board function:	Director
Date appointed:	28/02/2013
Address:	Rua Sansao Alves dos Santos 56 Apt.912 B 0 Rooklin Sao Paulo Cep 04571-09 Brazil
Biography:	Born: 11/02/1966 Birth Place: Sao Paulo, Brazil
Name:	Michael Anthony O'Keeffe
Board function:	Director
Date appointed:	04/04/2012
Address:	47 Streeton Crescent Ivanhoe East, VIC 3079 Australia
Biography:	Born: 15/03/1970 Birth Place: Melbourne,, Victoria
Name:	Robert Claus Chatwin
Board function:	Director
Date appointed:	28/02/2013
Address:	Alameda Colibri 124 Residencial Morada D Os Passaros Aldeia da Serra Sao Paulo Ba Rueri Cep 06428-120 Brazil
Biography:	Born: 16/05/1970 Birth Place: Sao Paulo, Brazil
Name:	Roger Schmid
Board function:	Director
Date appointed:	25/04/2013
Address:	115 Pine Grove Avenue Summit, NJ 07901 USA
Biography:	Born: 02/01/1948 Birth Place: Sierre, Switzerland
SHARE CAPITAL
Composition
Authorised:	AUD 5
Number/type:	5 ordinary shares
Share value:	AUD 1
Issued:	AUD 5
Paid-up:	AUD 5
Shareholders/Owners
How Listed	Full List
Composition
Name:	EMEIS HOLDINGS PTY LTD
No. of shares:	5 ordinary shares
% of shares:	100%
Address:	37 Park Street South Melbourne, VIC 3205 Australia
CORPORATE AFFILIATIONS
Structure
Name:	NATURA COSMÉTICOS S.A.
Affiliation type:	Ultimate Holding Company
Address:	Alexandre Colares Avenue, 1188 Vila Jaguara, São Paulo SP 05106-000 Brazil
Name:	EMEIS HOLDINGS PTY LTD
Affiliation type:	Parent Company
Address:	37 Park Street South Melbourne, VIC 3205 Australia
Comments	Other companies of the NATURA COSMÉTICOS Group should also be considered as affiliates of the Subject. A list of major affiliated companies is attached to this report.
FINANCIAL ACCOUNTS
Description
Required to file:	No
Source:	Group Consolidated Statements
Presentation:	Attached to this report / Summarised below
Date of accounts:	30-09-2014
Type of accounts:	Full audited (Unaudited - 9 months Group Consolidated)
Currency:	Brazilian Real (BRL)
Exchange rate:	USD 1 = BRL 2.73 as of 04-02-2015
Summarised
	30-09-2014		31-12-2013	31-12-2012
Consolidation:	Group consolidated		Group consolidated	Group consolidated
Period:	9 months		12 months	12 months
Sales turnover:	5,226,162,000		7,010,311,000	6,345,669,000
Gross profit:	3,647,850,000		4,920,526,000	4,477,624,000
Operating profit:	918,642,000		1,415,996,000	415,996,000
Profit before tax:	741,923,000		1,257,746,000	257,746,000
Profit after tax:	508,217,000		842,608,000	874,376,000
Non-current assets:	3,064,998,000		2,735,388,000	1,978,401,000
Current assets:	3,707,589,000		3,512,933,000	3,378,317,000
Inventories:	1,073,999,000		799,521,000	700,665,000
Total assets:	6,772,587,000		6,248,321,000	5,356,718,000
Current liabilities:	2,592,416,000		2,326,840,000	2,414,712,000
Non-cur liabilities:	3,243,461,000		2,753,231,000	1,654,570,000
Total liabilities:	5,835,877,000		5,080,071,000	4,069,282,000
Shareholders' equity:	936,710,000		1,168,250,000	1,287,436,000
Comments	The above group consolidated figures relate to the Subject's Ultimate Holding Company NATURA COSMÉTICOS S.A and its subsidiaries.
OPERATIONS & HISTORY
Activities
Full description:	The Subject manufactures and markets cosmetics. It offers products for the skin, hair and body, using both plant-based and laboratory-made ingredients.
PROPERTY & ASSETS
Premises	The Subject principally operates from premises located at the heading address, consisting of administrative offices.
PAYMENTS
Purchase Terms
Local:	Cash Credits 14-30 days
Imports:	L/Cs Credits 30 days net
Sales Terms
Local:	Cash Credits 14-30 days
Exports:	L/Cs Credits 30 days net
Debt Collections / Judgements	No negative information was found.
Payment Experience
Payment behaviour:	As trade references were not supplied, the Subject's payment track record history CANNOT BE ACCURATELY DETERMINED, but payments are believed to be PROMPT.
INVESTIGATIVE NOTES
Sources:		Interviews and material provided by the Subject Other official and local business sources
ATTACHMENTS
Attachments:		Group consolidated financial statements List of affiliated companies

Group Consolidated Financial Statements

List of Affiliated Companies

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 61.73
UK Pound	1	Rs. 94.65
Euro	1	Rs. 70.78

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	DPT

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.