Yep. For some reason it looks BMZ to me (Italian contract builder). This is based on nothing but a hunch and could be entirely wrong, so there you have it.
Check this thread for possible clues:
http://www.bikeforums.net/classic-vi...ain-holes.html
It is the most distinctive thing on the bike (short of decals, which there appear to be none). You can at least eliminate a lot of brands this way-- it's not a Viner or a Guericotti, for instance.