I think you are correct in the general dating for this frame ('90s)
It is almost identical to a Falcon frameset I bought cheaply as an 'end of line / closeout' from a LBS here in Luton UK around the mid-90s when I believe Ernie Clements still held the rights to the Falcon marque and was building these frames (or having them built for him) out of his bike shop / mail order business.
Mine is in '531 Pro' and is now resident as a spare / hack trainer for me at a friend's home in Alicante Spain - but that's another story entirely...
Build quality is fine on the frame itself, but the paint and the v.nasty cheap vinyl sticker decals were definitely not (inc shiny faux chrome backed head badge).
I also discovered that that whoever brazed the forks had made a complete hash of it, as the drop outs were not level and I had to file one drop-out slot to make the wheel run 'centre' in the forks!
As a result of all of this I finally swapped out the fork for a unicrown equivalent (from a Giant Peleton Superlight - again another story!) and had the whole thing resprayed in white powder coat.
To this day the bike is naked of decals 'cos the Clement / Falcon versions were so kak. One day I'll get round to speaking to Lloyds about more 'appropriate' versions perhaps...
Anyway, though Dale may of course disagree I believe these frames qualify as KOF because of their marque provenence and who ultimately built them (apparently).
Incidentally, I don't think there were any model designations during the 'Clements' tenure - any Falcon aces out there to correct this possible misapprehension?
Ian Briggs LUTON UK.