Ilomata International Journal of Tax and Accounting
Vol. 6 No. 2 (2025): April 2025

Analysis Financial Distress of PT Sri Rejeki Isman Tbk: Altman Z-Score, Zmijewski, Zavgren Methods

Parihah, Nurul (Unknown)
Nur'aeni, Neni (Unknown)
Budianto, Erwin (Unknown)



Article Info

Publish Date
08 Jul 2025

Abstract

Globalization that triggers increasingly sharp business competition requires the Company to act more strategically in order to avoid financial distress and bankruptcy. The textile and garment industry has an important role in the Indonesian economy, but faces financial distress due to decreased export demand and weak purchasing power, as experienced by Sritex in PKPU, so this study aims to analyze financial distress at PT Sri Rejeki Isman Tbk for the 2019-2023 period, using the Altman Z Score, Zmijewski and zavgren methods. The type of data in this study is secondary data obtained from the Company's published financial statements. The research method uses descriptive analysis with saturated sample technique in the form of financial statements of PT Sri Rejeki Isman Tbk listed on the Indonesia Stock Exchange (IDX). The results of this study indicate that the three approaches analyzed produce significant differences, especially based on the findings of the Altman Z Score method, which shows that PT Sri Rejeki Isman Tbk is likely to experience bankruptcy between 2021 and 2023. The Zmijewski method shows that in 2019 and 2020, experiencing financial difficulties but in the last three years the company has been in a healthy condition. The calculation results using the Zavgren method show that the company's condition in 2019 is classified as healthy, experiencing finacial distress in 2020 - 2021 and the company is back in a healthy condition in 2022-2023.

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Journal Info

Abbrev

ijtc

Publisher

Subject

Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

Description

Ilomata International Journal of Tax and Accounting serves as the journal that is devoted exclusively to accounting research. Its primary objective is to contribute to the expansion of knowledge related to the theory and practice of accounting in Indonesia, by facilitating the production and ...