The sticker indicates the tubing, in this case made by a company called Mesu. The rest of the words on that decal would be "PRÄZIS" and "HT-Quality." Presumably HT here would indicate high-tensile steel.

This is what the sticker would have looked like:






Now, who actually manufactured that frame, I'm not sure.

The few bikes I've run across that were made with this tubing (and had some details similar to the bike posted here) were labeled Nardelli and one labeled Fagenberg (Danish).