Quote Originally Posted by sandermarijn View Post
The thing that matters for correct lens-to-film distance is the thickness of the adapter flange. The orientation of the threading is only relevant for convenience and esthetics (both of which are important as well).

I have used two China-made LTM-M adapters and both were a bit off in orientation, but not by as much as the OP's. Focus was perfect as far as I could tell.
Point taken. I was thinking too hard (well this is not that hard, anyway) on the orientation that didn't think about the obvious. So, yes, probably simply the two threads start at different angles.