I don't think it is a repaint, perhaps the head lugs, but I doubt it. Tubing was good, not as good as the Vitus line but just thicker in gauge, milled at the same plant as Vitus during this period. Follis was a kind a repechage brand that came to the USA in the 70's in a somewhat organized fashion, the importer sponsored a racing club in SoCal in the 70's for a while. As a comparison, I would place it above a Raleigh Super Course but, that could be argued. This bike would probably ride pretty well, one will have to tackle the French threading, seat post & stem size issues. Note that the seat stay "caps" are just part of the tube, cut and formed to appear as a cap. Would make a good fixed gear project, would cost more than it was worth to piece together accurately, maybe a good use for a French donor bike to supply parts and finish this one off.