I have seen one or two others very much like it in Japanese auctions - one with a silver dial, the other had a blue dial. Both came with this hammered finish.
The one you showed looks to be in pretty good condition, aesthetically.
There's no reason to class this as a fake. It's not a particularly collectible watch, though - UN at the time used third-party movements from the likes of Felsa or A.Schild, decent quality but certainly not high-end (though they did their best to "spice up" the looks of the movements they used). No comparison to their glory years making pocket watches and marine chronometers in the 1920s or '30s.
If you like the look of it, it's a matter of the price - if that is okay for you, go for it. It's certainly a special look! Universal Geneve also made this type of "Ellipse", but not with this type of dial. And these mesh bracelets (which you can also find on UG watches) are comfortable to wear, plus you can adjust them to whichever length you need (there's a maximum, obviously, but unless you have gorilla wrists these make for a good fit).
The only things that would put me off are: you can't exchange the bracelet for a leather one, and spare parts for the movement
may be hard to come by. If you can identify the base movement, part of that worry vanishes, of course.