I was involved in the import of hundreds of De Bernardis into New Zealand in the mid/late 1980s, and visited the factory once or twice.
From memory, which fades, the rudimentary seat stay to seat lug attachment of this Bugno-branded frame is all but identical to that of De Bernardi.
De Bernardi also offered very similar masked fade paint finishes.
De Bernardi offered frames at a much lower price, tubing, finish and paint level than more well-known builders of the day, although they were also capable of producing higher-end models near as good as them. You got what you paid for.
Looking across the whole picture I'd bet it's a De Bernardi under the Bugno name.
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