Edit: I see you already know that some photos are mirrored. Anyway, it should be oriented like this
View attachment 120542
The words on the right side (vertically) are the name of a company: Northeast Promotional Fiber Industry Co. Ltd.
Presumably this would be the presenting organization. Can't tell who the receiving entity is. Normally the recipient's name is clearly written (next to the organization), but I'm not sure who the recipient is on this flag. The organization is (or was) a real one, so that is a good thing. Not enough information to make a call on this one, but...the name of the company is legit s(and written in period-correct lettering) so my wild guess is that the flag is legit.