This profile sheet is exactly the same as the one SPJIMR has been using for quite some years now. I tried filling the Word version available on SPJIMR website a couple of days back and from various threads on Pagalguy and some other websites, I got this information which I think will be useful to you.
1. Specific distinctiveness: When they say "A statement of 5 sentences of 1 line each, indicating five" they mean 1 line sentences for each of the 5 text boxes, for a total of 5 sentences. Don't put more than one sentence in any of the text boxes.
2. Adversity faced in life: You can talk about financial problems, some event which affected your studies at a crucial stage (Like a death in family while giving final exams but you still doing well), health issues, or even smaller events which you think affected the outcome.
3. Contribution to society: If you have been part of NSS or some NGO, good enough, otherwise if you teached a student, or taken some community initiative, or web initiative.
4. Formative years: Talk about your childhood, schooling. How it affected your career choices and your path leading up till this date.
For 2-4, please note there is a 50 word limit for your answers. And this is a hard limit - you cant even overshoot by 1 word.
5. Part of group process which failed, your role and learnings: This one should not be difficult. For people who are in a job, they must have had some experiences like this. For people who are in college and those who organize events, they will find it easier to fill. Otherwise try to think of a event where your intended outcome could not be achieved (even if it did not fail)
6. Strongest stand of value system: This is the toughest question of the lot and for me and other Puys (in history) it took up the most time to fill. It can be things like you didn't give bribes for license/passport, you were asked to do an unfair thing in college/workex but you refused even if it meant that you could lose out on a position or get fired from your job. What values you upheld and why?
7. Improvement: How you have brought about an improvement in yourself through some incident (from workex/college), how you took an initiative at work and it has reformed/affected way the things are done, or how you have benefitted the society at large through some initiative/community program.
Again for 5-7, there was a 200 word "Hard Limit". Also a 300 word limit for Roles and responsibilities for Workex junta.