ANALISIS SPRINGATE UNTUK MEMPREDIKSI FINANCIAL DISTRESS PERUSAHAAN KOSMETIK YANG TERDAFTAR DI BEI

Abstract

This research aimed to predict the potency of financial distress on some cosmetics companies which were listed on
Indonesia Stock Exchange, with S-Score analysis. While, the data secondary which in the form of companies
financial statment 2015-2018. The data collection technique used purposive sampling, Meanwhile, the population
was 5 companies namely PT Kino Indonesia Tb, PT Martina Berto Tbk, PT Mustika Ratu Tbk, PT Mandom
Indonesia Tbk, and PT Unilever Indonesia Tbk. Moreover, S-Score was calculated by using 4 ratio, i.e. working
capital on total asset, profit before interest and tax on total asset, profit before tax on current asset, and sales on
total asset. The research result, from Springate, concluded there were 2 companies which enter the distress zone.
They were PT Kino Indonesia Tbk and PT Mustika Ratu Tbk. Furthermore, one company which belong to alert
zone, that was PT. Martina Berti Tbk. On the other hand, there were two companies categorized safe, namely PT.
Mandom Indonesia Tbk and PT. Unilever Indonesia Tbk.
Keywords: Springate, Financial Distress, Cosmetic Company