SK did make a couple different early non-reversible ratchets, but neither one that I am aware of looked like that. One was very similar to the Hinsdale rocker rat, for whom SK was doing contract production. The other had a round head, attached by a neck to a forged handle, but the neck was not squared off like that, or attached with four rivets. Neither one was so primitive looking. And I don't recall seeing them in 1/4 drive size.
As crude as that thing looks, the "SK" stamping is actually convincing.
It's interesting that the opposite end has a non-ratcheting female opening, almost like a refrigeration ratchet.
Last comment, the primitive crudeness seems anachronistic to the production of the sockets, the other handles, and the box, which all appear to be mid to late 30s.
That exhausts my reaction.
EDIT: If more knowledgeable SK aficionados don't comment soon, you may want to post it on the SK thread. You can find it in the A-Z Index in the Sticky at the top of the board.