Corporate Credit Rating 2025 for TASK SRL: B1+ (First Issuance)

modefinance published the Solicited Corporate Credit Rating of TASK S.R.L. on the website and the rating assigned to the entity is B1+ (First issuance). The analysis indicated that the company maintained an adequate economic and financial profile, demonstrating the capacity to withstand adverse economic conditions over the medium to long term.

TASK (hereinafter the “Company”), originally established as a distributor of industrial components, has evolved into a sophisticated organization that combines technical expertise, advanced application consulting, and design capabilities, moving beyond the traditional distribution model. In the industrial automation sector, the Company stands out for its unique positioning, thanks to a broad technological offering—ranging from inverters to vision systems—and cross-functional expertise that enables the delivery of precise, high-value solutions. The internal technical team effectively supports the sales force, while partnerships with international manufacturers such as Datalogic, Zebra, Gefran, Murr, and Weintek strengthen the Company’s consultative role. TASK operates as a strategic, cross-sector partner, offering both generalist products and advanced automation and identification solutions. In recent years, the Company faced exceptional market dynamics and the impact of the customer Copan Wasp. In 2025, however, the sales team’s portfolio grew by +9%, almost fully offsetting this contraction. For 2026, the Company aims for sustainable growth: +5% in the managed portfolio, reaching up to €6.5 million, a more stable revenue contribution from Copan, and total revenue exceeding 2025 levels, supported by the addition of a new sales professional. TASK serves approximately 710 clients across diversified industrial sectors and offers multiple levels of partnership, ranging from standard supplies to turnkey solutions. Its core business is in Italy, with a small share in the EU, and the barcode segment accounts for 27% of revenue, followed by sensors and laser markers. Recently, registration with MEPA has opened new opportunities in the Public Administration sector. The Company is ISO 9001:2015 certified (IQNET and CSQ-IMQ).The Company also prepares and publishes a Sustainability Report, demonstrating a strong commitment to ESG issues.

TASK S.R.L. demonstrates a sound financial position, with no significant critical issues. The Company is characterized by a balanced capital structure (leverage 1.20), with equity (€2.97 million; +17.20%) sufficient to finance 45.53% of total assets (€6.52 million; -1.54%) and fully cover fixed assets. Financial debt is very limited and declined during the year (€1.30 million; -12.26%), resulting ina financial leverage of 0.44, consistent with a balanced capital structure. Notably, after accounting for cash, the net financial position is -€299 thousand (vs. -€88 thousand), indicating a positive liquidity position and full sustainability of financial debt. The management of current assets and liabilities is also sound. Cash flow analysis highlights balanced operational management, with operating activities generating sufficient resources to cover both investments and debt repayment. The positive operating cash flow was supported by self-financing, partially offset by a negative change in net working capital, which still shows improvement compared to 2023. In 2024, economic performance was partly affected by a revenue decline (€7.30 million; -12%), due to exceptional market dynamics and the influence of the customer Copan Wasp, resulting ina contraction of operating margins and net profit from €886 thousand to €496 thousand and €456 thousand to. €172 thousand respectively. Overall, profitability ratios remain adequate.

TASK has a lean corporate structure, controlled by Mr. Donato Crisostomo, Chairman of the Board of Directors and CEO, who also oversees the commercial division. Three minority shareholders are also present, including Mr. Remo Uberti, Board member and head of the administrative area. The Company does not hold investments in other companies. No Board of Statutory Auditors has been appointed, as it is not required; however, a sole statutory auditor has been designated.

TASK S.R.L. holds a strong position within its sector peer group in terms of size and solvency. However, profitability is below the 50th percentile of the sample, hough it remains sufficient on a stand-alone basis. The sector peer group shows improved solvency between 2021 and 2024, with leverage remaining at balanced levels and overall financial leverage very low. Liquidity indicators remain above 1 throughout the period, demonstrating the ability to meet short-term obligations. The median ROCE stands at 17%, considered adequate, while ROE remains stable at 13%.

The industrial automation electronic components distribution sector includes sensors, control systems, and remote monitoring devices used to manage and optimize production processes. In 2023, the aggregate revenue of the main Italian distributors reached approximately €150 million, down 10–15% from the previous year, while the national automation market grew by 10.6%, reaching €8.1 billion. Demand is primarily driven by machinery manufacturers and other manufacturing companies, with over 110,000 active businesses, particularly in the food and furniture industries.

Government incentives, such as the Transizione 4.0 and 5.0 plans, are expected to promote digitalization, innovation, and energy sustainability through tax benefits and financing, supporting the sector. Additionally, the European Semiconductor Act, approved in 2023, will strengthen European production and supply security, with public and private investments exceeding €43 billion by 2030, supporting startups, SMEs, and workforce training to maintain technological leadership.

Fundamentals in the Italian energy sector have improved, supported by the stabilization of gas and electricity prices and by a reduction in volatility compared with the record levels observed in 2022. However, the increasingly strategic role of LNG (liquefied natural gas) in the energy mix - accounting for 42% of EU gas imports in 2023, up from 20% in 2021 - has replaced Russian pipeline gas, leading to higher procurement costs and greater exposure to global market dynamics, such as rising gas demand in Asia and changes in US shale gas extraction policies, which could drive prices upwards.

In early 2025, the Italian economy grew moderately, supported by household consumption, buoyed by stable employment and higher real incomes. Investment activity remains subdued due to low capacity utilization and tight financial conditions. Growth is being driven by the services sector, while manufacturing shows a fragile recovery, hindered by tariffs and geopolitical tensions. The construction sector also contributed positively, supported by projects linked to the National Recovery and Resilience Plan (PNRR). The Bank of Italy forecasts GDP growth of 0.6% in 2025, 0.8% in 2026, and 0.7% in 2027, driven by domestic demand and public investment under the PNRR framework.

The present Corporate Credit rating is issued by modefinance under EU Regulation 1060/2009 and following amendments.

The present rating is solicited and is based on both private and public information. The rated entity and/or related third parties have provided all private information used. Modefinance had access to some accounts and other relevant internal documents of the rated entity and/or related third parties. Solicited and unsolicited ratings issued by modefinance are of comparable quality, as the solicitation status has no effect on methodologies used. More comprehensive information on modefinance Corporate Credit Ratings are available at http://cra.modefinance.com/en

The present Corporate Credit Rating is issued on MORE Methodology 2.0 and Rating Methodology 1.0. A comprehensive description of both methodologies, as well as information on Modefinance Rating Scale and Mappings, is available at http://cra.modefinance.com/en/methodologies.

For information on historical default rates of modefinance Corporate Credit Ratings please refer to ESMA Central Repository and ESMA European Rating Platform.

modefinance refers to default as a company under bankruptcy, or under liquidation status, or under administration or for which missed payments on a financial obligation are officially recorded.

The quality of the information available on the rated entity and used to determine the present rating was judged by modefinance as satisfactory. 

Please note that modefinance does not perform any audit activity and is not in a position to guarantee the accuracy of any information used and/or reported in the present document. As such, modefinance can accept no liability whatsoever for actions taken based on any information that may subsequently prove to be incorrect.

The present credit rating was notified to the rated entity in order to identify potential factual errors, as prescribed by the CRA Regulation.

No amendments were applied after the notification process.

The rated company purchased ancillary services from modefinance (preliminary rating). Modefinance guarantees that this purchase of ancillary activities does not constitute any conflict of interest.

The rating action issued by modefinance was performed independently. The analysts, members of the rating team involved in the process, modefinance Srl and its members and shareholders do not have any conflicts of interest in relation to the Rated Entity and/or Related Third Parties. If in the future a potential conflict of interest is identified in relation to the persons reported above, modefinance Ratings will provide the appropriate information and if necessary the rating will be withdrawn.

The present Credit Rating is an opinion of the general creditworthiness that modefinance issues on the rated entity, and should be relied upon to a limited degree. The issued rating is subject to an ongoing monitoring until withdrawal.

Head Analyst - Elisa Graffi, Rating Analyst
elisa.graffi@modefinance.com

Responsible for Rating Approval - Pinar Dilek, Rating Process Manager
pinar.dilek@modefinance.com