Hello and welcome to the forums. That M is actually on the Headtube / Downtube lug. I think the frame was built by Moser bicycles. Kind of interesting can you tell us more about the components or maybe post a few pics of them? The crankset looks interesting and very light.
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“One morning you wake up, the girl is gone, the bikes are gone, all that's left behind is a pair of old tires and a tube of tubular glue, all squeezed out"
Sugar "Kane" Kowalczyk