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PAL Credit & Capital (formerly PAL Hire Purchase) was incorporated in 1962. In Feb. '93, it became a public limited company. The company belongs to the Walchand group and has been promoted by Premier Automobiles. PAL concentrates on hire purchase and lease financing of automobile, plant and machinery, trucks, etc. The company was awarded P1 rating by CRISIL for its commercial paper programme enabling it to place commercial paper worth Rs 20 mln with Canbank Mutual Fund to minimise the cost of funds. The company has been authorised by the SEBI to act as category-1 merchant banker, enabling it to expand its issue management, underwriting, portfolio management, financial consultancy and other activities. Its fixed deposit programme has been upgraded by CRISIL from FAA- to FAA, indicating high safety for timely payment of the principal and interest.