I don't think that this frame is anything to get excited about. I reckon it is a pretty low-level model, produced by Fiorelli, to capture a non-specialist market, in the same way that Peugeot has produced frames under brand-nmaes such as Helium, Talbot etc, and Gitane has used Cyrille Guimard, Jacques Anquetil.. to name but a few.
The Ballila brakes are pressed steel, the Magistroni chainset .. well that company made better ones at that time... and the top-end Fiorellis had those beautiful chamfered top-eyes in the style of Atala, Frejus, Olmo and so many others.
The frame and its bits would make an interesting enough Italian stallion... but only a somewhat emasculated one.
Norris Lockley.. Settle, UK Internal Virus Database is out-of-date. Checked by AVG Anti-Virus. Version: 7.0.289 / Virus Database: 265.0.0 - Release Date: 08/11/2004