ALTMAN Z-SCORE

2013 2014 2015

A 0.348861002 0.258847314 0.233964791
B 0.67147646 0.66047204 0.657970357
C 0.231569079 0.212896112 0.118304983
D 0.003941483 0.003792627 0.003770474
E 0.385278508 0.408560268 0.296168995
Z-Score 2.51 2.35 1.89
Forecast Probably safe from Probably safe from Probably safe from

bankruptcy, but this bankruptcy, but this bankruptcy, but this

is in the grey area and is in the grey area and is in the grey area and

caution should be caution should be caution should be

taken. taken. taken.

Z-Score Forecast

Above 2.9 Bankruptcy is not likely

1.23 to 2.9 Probably safe from bankruptcy, but this is in the grey area and caution should be

taken.

Below 1.23 Bankruptcy is likely

COMPUTATIONS:

A= Working Capital/Total Assets

2013: (6,575,499,100- 733,790,742)/ 16,745,088,476 = 0.348861002

2014: (4,955,088,378- 812,457,229)/ 16,158,680,892= 0.258847314

2015: (4,348,466,469- 618,320,526)/ 15,943,193,526= 0.233964791

B= Retained Earnings/Total Assets

2013: 11,243,932,747/ 16,745,088,476= 0.67147646

2014: 10,672,356,943/ 16,158,680,892= 0.66047204

2015: 10,490,148,748)/ 15,943,193,526 = 0.657970357

C= Earnings before Interest and Taxes/Total Assets

2013: 3,877,644,718/ 16,745,088,476= 0.231569079

2014: 3,440,120,349/ 16,158,680,892= 0.212896112

2015: 1,886,159,245/15,943,193,526 = 0.118304983

D= Market Value of Equity/Total Liabilities

2013: (6.67*2,002,004,265)/1000]/3,387,904,232= 0.003941483

2014: [(6.39*2,002,004,265)/1000]/3,373,072,452 = 0.003792627

2015: [(6.29*2,002,004,265)/1000]/3,339,793,281 = 0.003770474

E= Sales/Total Assets

2013: 6,451,522,709/ 16,745,088,476 = 0.385278508

2014: 6,601,795,006)/ 16,158,680,892= 0.408560268

2015: 4,721,879,617/ 15,943,193,526 = 0.296168995

Z-score= 1.2A + 1.4B + 3.3C + 0.6D + 1.0E

2013: Z= 1.2(0.348861002) + 1.4(0.67147646) + 3.3(0.231569079) + 0.6(0.003941483) +

1.0(0.385278508)

Z= 2.51 (Probably safe from bankruptcy, but this is in the grey area and caution should be

taken.)

2014: Z= 1.2(0.258847314) + 1.4(0.66047204) + 3.3(0.212896112) + 0.6(0.003792627) +

1.0(0.408560268)

Z= 2.35 (Probably safe from bankruptcy, but this is in the grey area and caution should be

taken.)
2015: Z= 1.2(0.233964791) + 1.4(0.657970357) + 3.3(0.118304983) + 0.6(0.003770474) +

1.0(0.296168995)

Z= 1.89 (Probably safe from bankruptcy, but this is in the grey area and caution should be

taken.)