Emerging Credit Rating Limited (hereinafter referred to as ECRL) has upgraded AA- (Pronounced as Double A minus) long term rating and affirmed ST-2 short term rating to Shinepukur Ceramics Limited . The outlook of the rating is Stable.The rating is based on the audited financial statements from FY2020-FY2023, and Unaudited quarterly financial statements for July-September 2023, and other quantitative and qualitative factors available upto the date of rating.