Most of the internal users as well external users like shareholders, government, bankers, creditors, financial institutions etc. focus on the success and solvency position of the company with whom they are dealing. The absolute figures presented in financial statements and accounts do not serve this object. As there are many accounting tools like ratio analysis, decision theory etc. used for analysis but again they shows absolute result through which the present position can be judged not the future. Edward I Altman, Professor of Finance at New York University was the first person who developed a new model popularly known as "Z-score Model" to predict the financial performance of the business concerns. He considered five ratios and assigned a weight for each ratio and produced a single number which indicates the financial performance of the business concerns. In the present research paper an attempt is made to predict the financial performance of Cement Industry with special reference to Ultratech Cement, JK Cement and Ambuja Cement from 2009-2010 to 2018-2019 for 10 years using Altman's Z-Score model. It is found out that JK cement is in too performance Distress Zones where it is fall bankrupt. Ultratech cement is Grey Zone where it Financial viability is considered to be performance. The failure in this situation is uncertain to predict. Ambuja Cement is Safe Zones where it is successful in its financial performance and not to fall bankrupt.

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Keywords: Financial performance, Z-score Model, EBIT, Safe Zones, Grey Zones, Distress Zones.