Emerging Credit Rating Limited (ECRL) has affirmed A+ (Pronounced as single A plus) long term rating and affirmed ST-2 short term rating to Shinepukur Ceramics Limited (hereinafter referred to as SCL or “The Company”). The outlook of the rating is Stable. The rating is based on the audited financial statements from FY2019-FY2022, and Unaudited quarterly financial statements for July-September 2023, and other qualitative factors