It's a "Series" Paramount made in asia. Date of manufacture is May, 1991.

Look through the 1991 Paramount catalog for your bike.

The Waterford website has some history on the "Series" bikes HERE.

In 1991, the "Series" road bikes were the Series 3 (Candy Blue with Shimano RX-100 components) and Series 5 (White/Grey splatter with Shimano 105 components). The Series 5 was more expensive than the Series 3.