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Now a day many large companies at national and international level face the problems of bankruptcy. So, it is required to identify tools for prediction of bankruptcy of companies. One of these tools is bankruptcy prediction model. Investors, Managers, Suppliers and Financial Institutions all are interested in prediction of financial condition of companies. The primary aim of this study is to determine financial health of selected PSUs of India and to check the efficacy of models in prediction of bankruptcy; for this various financial criterion are used, like working capital, total assets, current liabilities, current assets, EBIT, net profit etc. as per the formula of prediction models. For this study, total 10 PSUs are selected for the period of 05 years from 2014-15 to 2018-19. The present research is helpful to the investors, financial institutions and suppliers for investments, loans and supplying raw materials. Result of this study reveals that Springate model is fit for prediction of financial health of selected PSUs of India as compared to Zmijewski model.

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