Nagarjuna Oil refinery Ltd. (NORL): AVOID

Dear Mahesh ji, I am a regular reader of your Blog, let me know your thoughts on Nagarjuna Oil refinery Ltd. (NORL). , This refinery is under construction now and scheduled to be commissioned in April 2014.so what is your view to invest in this stock for long term 2-3 Years. Baswant Kumbhar 
1. Nagarjuna Oil refinery Ltd. (NORL) is a 1 rupee face value Exploration & Production company. 
2. Year High of Nagarjuna Oil refinery Ltd. (NORL) is 8.03 and Year low 2.75 stocks traded at 3.09 So Year high\ low ratio is 2.92, I think you knew that I not like a share which year high/ low ratio is more than 2 .
3. Promoters of Nagarjuna Oil refinery Ltd. (NORL) Hold 38.25 % FII hold 1.06 % and 2.02 hold by DII so this ratio is normal, But promoters pledged his 73.80 % holdings this means company has a high debt it is the main reason for such a low price and I do not like stocks with pledged promoter holdings. 
4. Nagarjuna Oil refinery Ltd. (NORL) never give dividends. 5. No bulk deal recorded in Nagarjuna Oil refinery Ltd. (NORL) . 
6. Overall my view is negative for NORL due to year high low ratio , pledged promoters holding and non dividend paying concern.
7.I Have no any share of NORL