• Vikash Saini Research Scholar, Department of ABST, University of Rajasthan, Jaipur, India




Financial Health, Fertilizers, Z-Score Model

Abstract [English]

The evaluation of financial health is very useful for financial managers, investors and other users. In this study it is tried to know whether Z score model is able to evaluate financial health of Chambal Fertilizers and Chemicals ltd for past 10 years (2007-08 to 2016-17). Analysis of this paper shows that the model is useful to know the financial soundness of Chambal Fertilizers. In this paper overall results of Z score model indicating that the financial position of the corporation is on alert to exercise the caution. These result shows that Altman model can give good analysis for fertilizers sector in India. Hence it can be concluded that user of financial statements like financial managers, analysts, investors etc can predict business failure or financial soundness of companies through Altman Z score model.


Download data is not yet available.


Altman, E. I. (1984): “A Further Investigation of Bankruptcy Cost Question”, Journal of Finance, vol. 39, pp.1067-89.

Altman, E. I., Haldeman, R. G. and Narayanan P. (1977): “ZETA Analysis: A New Model to Identify Bankruptcy Risk of Corporations”, Journal of Banking and Finance, vol. 1, pp. 29-54.

Altman, E. I., Narayanan, P. (1997): “An International Survey of Business Failure Classification Models”, Financial Markets, Institutions and Instruments, vol. 6, no.2, pp. 1-57.

Altman, E. I., Marco G. and Varetto, F. (1994): “Corporate Distress Diagnosis: Comparisons using Linear Discriminant Analysis and Neural Networks (the Italian Experience)”, Journal of Banking and Finance, vol.18, pp. 505-529.

Anjum, S. (2012): “Business Bankruptcy Prediction Models: A Significant Study of the Altman’s Z-score Model”, Asian Journal of Management Research, Volume 3, Issue 1. pp. 212-219.

Aziz, M. A. & Dar, H. A. (2006): “Corporate Bankruptcy: Where We Stand?”, Corporate Governance, vol. 6, pp. 18-33.

Bagchi, S. (2004): “Accounting Ratios for Risk Evaluation”, The Management Accountant, vol. 39(7), pp. 571-573.

Barjaktarovic, D. and Barjaktarovic, L. (2010): “Possibilities of Financial Support to Small and Medium Hotel Companies in Serbia”, Journal of Economics, Vol. 1 (1), pp. 1-11.

Diakomihalis, M. (2012): “The Accuracy of Altman’s Models in Predicting Hotel Bankruptcy”, International Journal of Accounting and Financial Reporting, vol. 2, number 2, pp.96-113.

Gowri, M. and Sekar, M. (2014): “Assessing the Financial Health of Select Automobile Companies in India: A Quantitative approach Using the Z-Score Multi-discriminant Financial Analysis Model”, Great Lakes Herald, March, vol. 8, no. 1, pp.32-45.

Hussain F., Ali I., Ullah S., and Ali M. (2014): “Can Altman Z-score Model Predict Business Failures in Pakistan?: Evidence from Textile companies of Pakistan”, Journal of Economics and Sustainable Development, vol. 5, no. 13, pp. 110-115.

Julon, D. D., Ljubljana, Aquafil Group, Slovenia (2013): “Revaluation and Altman’s Z-score –The Case of the Serbian Capital Market”, International Journal of Finance and Accounting, vol. 2(1), pp.13-18.

Kumari, N. (2013): “Evaluation of Financial Health of MMTC of India: A Z Score Model”, European Journal of Accounting Auditing and Finance Research, March, vol.1, no. 1, pp.36-43.

Mizan, A. N. K., and Hossain, M. Md. (2014): “Financial Soundness of Cement Industry of Bangladesh: An Empirical Investigation Using Z-score”, American Journal of Trade and Policy, June, vol. 1, pp.16-22.

Sajjan, R. (2016): “Predicting Bankruptcy of Selected Firms by Applying Altman’s Z-Score Model”, International Journal of Research-Granthaalayah, April, vol.4, pp.152-158.




How to Cite

Saini, V. (2018). EVALUATING FINANCIAL HEALTH OF GUJARAT STATE FERTILIZERS THROUGH ‘Z’ SCORE MODEL. International Journal of Research -GRANTHAALAYAH, 6(7), 115–120. https://doi.org/10.29121/granthaalayah.v6.i7.2018.1289