Asansol-Durgapur Industrial Belt situated in the district of Burdwan is a major industrial hub, not only of West Bengal, but also of the entire country. The existence of vast coal mines in the district has invited a large number of big industrial units of various types, which have consolidated the base for industrial development and made the Asansol - Durgapur zone an industrial complex. The area was aptly nicknamed the Ruhr of Bengal. The vast expanse covering the Rurh of Bengal had been the centre of heavy industrial enterprises. With the passage of time, however a lot of factories and units in the Asansol - Durgapur had to be unfortunately closed down and quite a few others are on the verge of closure. Moreover, prior to the decade of 1990, almost all big industries of the region were under Public sector and there was very little presence of the private sector. To give impetus to the cause of industrial infrastructure , Asansol Durgapur Development Authority (ADDA) was set up in the year 1980. Since its formation in 1980, the ADDA has been spearheading the cause of industrial infrastructure within 1615.9 sq. km. of rural and urban area to provide succor to a population of around three million. ADDA set up three industrial complexes in Durgapur, Mangalpur and Jamuria to promote industrialisation. The liberal industrial policy pursued by the central Government in 1991 proved to be the necessary catalyst. These efforts began to bear fruits and the last few decades or so saw rapid industrial initiatives in the region. Most of these initiatives were in the Iron and Steel sector because of the Region's close proximity to coal, iron and power producing zones. Incentives provided by the WBIDC and other development agencies and the boom in the steel market internationally helped these industries to prosper. Of late, however, some of these industries, especially the ones in the business of producing sponge iron, are struggling to stay afloat. This paper seeks to have a closer look at the financial health of the largest sponge iron producing unit of the the Mangalpur Industrial Estate - Jai Balajee Industries Limited identify the problems faced by the sponge iron producing units of the Estate and to suggest some remedial measures.