I've never seen that serial number format or logo style. Where did the bicycle come from? If that a decal that was on the headtube?
It's definitely entry level. That front crank appears to be a Shimano Front Freewheel System. If so, there's a lot of weight to be saved by replacing it with a cotterless crankset and a standard freewheel on the back hub. However, the FFS is kind of neat. The rear cogs do not freewheel under normal chain tension, but the crankset does. Consequently, as long as the bicycle is moving, the chain is being driven. This allows you to shift while coasting.