Perfect financial health of the company is required to survive in the globalized competitive world. If it is not succeed to maintain it has to face many consequences. Shareholders, Prospective investors, government, creditors, financial institutions, creditors are more focused on the financial position of the companies to with which they deal. Financial statements may not reveal complete financial health of the company. Various tools like comparative statements, common size statements, trend analysis, funds flow statements, cash flow statements, decision tree analysis are helpful to analyze the financial health but absolute result can be provided by the ‘Z Score Model”. It was developed by Edward I Altman to predict solvency position of the company. This model is helpful for early prediction of Industrial sickness. The present paper is an attempt for comparative study on predicts the corporate failure in selected pharma companies i.e. Ankur Drug and Pharma Ltd.and Maneesh Pharma Ltd.