Sickness in Indian Industries has become grave enough to warrant a special legislation (SICA) and a new institutional set up for its enforcement namely BIFR. The company has been long working with the BIFR there by turning around sick companies to profit making units. We are working to find out the causes of industrial sickness in the country by the analysis of industry level data for the entire country and also the state level data for the major states. This however provides a macro level analysis of the entire industrial scenario. A micro level study of the profitability of industries is also conducted by undergoing the Balance Sheet analysis of selected profit as well as loss making firms. The main objective behind this is to see whether the same trend of performance is executed both at the macro and the micro level.