Classic and Vintage Bicycles: What's it Worth? Appraisals and Inquiries - Premier Cycle? Anyone have ANY idea?

So, my roommate bought this beat old bike for 15 bucks on craigslist, road it for a while and then got a new bike... it's sitting in the closet and my bike got stolen so I was going to make it a project and convert it to single... but I don't have any idea about the frame... I think the frame may have been built by Maruishi, but I have no idea and am having a hard time finding information... any help?

Pictures below:

http://farm4.static.flickr.com/3568/3565253919_20d09e32db_m.jpg

http://farm4.static.flickr.com/3648/3565255809_a4b6533e12_m.jpg

http://farm4.static.flickr.com/3302/3565255035_957be2c781_m.jpg

http://farm4.static.flickr.com/3610/3565254655_57e4b22257_m.jpg

http://farm4.static.flickr.com/3556/3566071510_c2f54d5be6_m.jpg

http://farm4.static.flickr.com/3585/3566072862_027f8369ea_m.jpg

http://farm4.static.flickr.com/3558/3566073604_e952ef33f1_m.jpg

Any help is appreciated.

Well, the components are not very high quality and the stem shifters weren't put on many higher end bikes. The frame is likely to be a high tension steel. It does say Maruishi on one of the stickers so it could be a frame made by them for another company to market.

You're likely not going to be hacking up a top notch bike here so enjoy your conversion.

Yeah, I figured as much.

I broke it down, it's sturdy and decent, we'll see... I've got a Motobecane that I've got my eye on, if I can't land it, I'll prolly just do my first, cheap build to learn from on this frame.

Thanks!

Maruishi used kangaroos as as symbol for a long time. They probably used that Premier Cycle marque to sell some product in places other than LBS's during the bike boom.