Well, they are actual names, but: some are legible, others are written rather haphazardly. There is no clear presenter, and no clear recipient. I've never seen a flag that was just covered (including the red disc) in names. The character in the center means "strength". I wouldn't think it is a military flag (by that, I mean a flag that was issued by the military), because there is no recipient and nobody with any clear rank written on it. Not even sure if its a wartime item. Could be from the war era, but there is no good luck message, or any other thing that would tie it to a time or place.