Screener does not have their credit report, but I found this information. There may be something more current too, but I have not found it.Google Search
Vintage Coffee & Beverages Ltd (VCBL), formerly Spaceage Products Ltd, is a company that has undergone some changes in its financial health and creditworthiness. The company’s credit rating status is reported as “Issuer not cooperating,” meaning ratings agencies have requested data but have not received it from the company, according to Acuite Ratings. Promoters have also pledged a significant portion of their holdings, and debtor days have increased.
Here’s a more detailed breakdown:
Credit Rating: The company has been flagged as “Issuer not cooperating” by rating agencies like Acuite Ratings and others, indicating a lack of information sharing.
Promoter Pledging: A substantial portion of promoter holdings (27.4%) has been pledged, which can be an indicator of financial strain.
Increased Debtor Days: The company’s debtor days have increased, meaning customers are taking longer to pay, which could impact cash flow.
Tax Rate: The company’s tax rate appears to be low.
Return on Equity: The company has a low return on equity over the last 3 years, at 11.7%.
Dividend Yield: The current dividend yield is 0.08%.
Capitalizing Interest Cost: The company may be capitalizing interest costs, which could be a way to manage financial reporting but might also indicate difficulties in meeting interest obligations.
Stock Trading: The stock is trading at 4.00 times its book value.
Promoter Holding Decrease: Promoter holdings have decreased over the last quarter by -1.38%.
These factors, taken together, suggest that VCBL may be facing financial challenges and that its creditworthiness could be under scrutiny. The “Issuer not cooperating” status is a significant red flag, as it suggests a lack of transparency and potential reluctance to address financial concerns.
Disclaimer: I have got out of the stock yesterday.
Current capacity : 6500MTPA (4500 +2000) - 2000 MTPA started production from Jan 2025.
proposed : 4500MTPA (spray dried ) - operational by march 2026
Additional : 5000 MTPA (freeze-dried) - just announced after raising money via preferential issue to investors and promoters.
These guys seem very fishy to me. The Compliance officer just resigned after they are issuing a lot of preferential warrants at Rs 124 per share.
Also, the website has no IR information. I was trying to find their IPO RHP to look at any active cases against promoters, but couldn’t locate it. On BSE, I only see current year’s annual report. Not sure why they don’t have past annual reports and filings since the comapany has been listed since 2019
Hello, wanted to understand the nature of contracts the company has with the suppliers - are the longer term contracts or shorter term contracts or back to back against orders?
Since the coffee prices have been volatile and the management had raised a point in one of their con calls that their suppliers tend to default on delivery against the agreed contracts if the prices have increased - ultimately causing delays and supply chain problems.
Is this the reason the price has been falling despite announcements of capacity expansion?
and whether the rise in coffee price hedged by the contracts with the customers?
For small companies, pledge of promoter shares is not unusual.
Equity dilution is a big worry. 15-20% hit on EPS just because of that. Short term, it is definitely a bad sign. Medium term, I guess the expectation is that new capacity will offset dilution.
Even after such bumper growth in Q2 results, stock has not shown drastic price increase? Is the growth priced in or there are some red flags in this stock?
This result is anticipated by the market and it is already priced in. Next two quarters will be same as current quarter, since company is at full utilisation. I feel only when new capacity starts generating revenue this might start moving again
