It is a pretty horid fake. I am unsure if this is a straight up fake or a DDR cap someone has tried to covert. Regardless it looks horid.
I agree, not good. Not good at all.
Yours is a slightly more tarted up Nationale Volksarmee Cap with extra stamps and embellishments, none of which are in the least convincing or serious.
You can see it here, especially with the nice blonde women in deep socialism.
Mr Mint has these stacked up somewhere, too. He has paid a lot of attention to GDR/DDR caps, which are collectible in their own right.