Please repost the flag as you are showing the reverse side and all the kanji are backwards! The first photo also has the blag with the bottom up and top down besides being backword.
LIFE'S LOSERS NEVER LEARN FROM THE ERROR OF THEIR WAYS.
Arita Nobuo-kun [also: Shinobu]
Mr. Arita, Nobuo
Everlasting Fortunes of War
This one is an enlistment (Congratulating) Yosegaki Flag.
Top Right Corner:
祝入営 (Syuku Nyu-ei) - Celebrating for enlisting.
Thank you very much everyone for help with the flag.
FYI ... your flag, as shown in post 3, is still reversed. The tabs go on the right side. I mention this only because Guy has done the translation anyway and you may not be aware. I don't want to find later that you got it framed reversed at great expense because we failed to mention that point.
Also, for those with memberships at Wehrmacht Awards Forum you can find a pinned reference thread in which many of the commonly encountered kanji slogans can be found.
Thread for the Compilation of Kanji Slogans and Translations - Wehrmacht-Awards.com Militaria Forums