Its seems like the original enamel, there where/ are some very small fragments of stickers on on I wondered if it may have been a ladies bike , cranks are 165 , and the drops are very shallow which suits me fine ,
No it's just a small frame, I built a similar one up for my Nephew a few years ago when I got hold of a very small pristine Pursuit frame* and used the wheels, crank, front shifter, brakes and handlebar set-up off my 'pub bike' (the 'pub bike' was never a success in that I rarely rode it, I'd just built it up out of bits in the shed)
All I had to buy was a rear mech (Sora) a set of 6 speed indexed 'downtube shifters' (rear spacing was too narrow to get a 7 on) new chain, cables and tyres to build Simon a bike that looked like it had just come out of a shop for about £80 cost to me.
* The frame was unmarked, nary a chip or a rust spot and the decals were nigh perfect (wish I could find a bigger one to fit me, none of mine are that perfect)