No one thought that the textile giant PT Sri Rejeki Isman or Sritex had started to sink and sink due to being hit by a mountain of debt. It was revealed that as of September 2022, SRIL's total liabilities were recorded at US$ 1.6 billion or the equivalent of Rp. 24.66 trillion (exchange rate = Rp. 15,500/US$). This amount is dominated by debt that has interest such as bank loans and bonds. Most recently, SRIL experienced an increase in loss attributable to the parent entity of 30.74% in the first half of 2023. Referring to its financial statements, the loss per June 2023 of the issuer owned by the conglomerate Iwan Lukminto was recorded at US$ 78.72 million or the equivalent of Rp. 1.2 trillion (Rp. 15,342/US$). Meanwhile in the same period last year, the company posted a loss of US$ 60.21 million.

Sritex is a large company that controls the textile industry in Indonesia. He had stood for more than 50 years before he was finally hit by a debt storm.

So who is the founder of Sritex?

The history of the Sritex company cannot be separated from the figure of its founder, namely Haji Muhammad Lukminto (H.M Lukminto). Lukminto alias Le Djie Shin is a Chinese breed who was born on June 1, 1946. He started his career as a trader by selling textiles in Solo since his 20s.

In the description of the book Local Champion, Solo as the center of textiles in Java since colonial times has made Lukminto's business flourish. Until finally in 1966 or at the age of 26 he dared to rent a stall at Klewer Market. The kiosk was named UD Sri Redjeki.

Unexpectedly successful business. Two years later, he opened his first printing factory to produce white and colored fabrics for the Solo market. The establishment of this factory was later transformed into PT Sri Rejeki Isman or Sritex which has survived until now in 1980.

There are not many stories of Lukminto's 'cold hand' in making Sritex the 'king' of the cloth industry in Indonesia. One interesting thing about him is his close relationship with the 2nd President of Indonesia, Suharto. It seems that the ruler's cold hand was in the development of Sritex.