If you’re rejected by an investor, and it’s because you’re too early-stage or too advanced for its investment criteria, don’t you want to be told that?

I'm in charge of getting companies to apply to an angel investment group. Some companies are perfectly fine, but either they're too early (no revenues or customers) or too late-stage (they have raised too much money and their valuation is too high). When I tell them no, shouldn't I explain why: that they're either too early or too late-stage? Thanks.