update for research.
I got in contact with Cosimo - 70yo bicycle mechanic who has small bicycle workshop in Spinetta Marengo near Alessandria, Italy
- he was working for Mario Peloso and after looking on pictures confirm that it is style of Peloso work, he confirmed that initials mark is Peloso work. He request for more photos and there is a hope I could find out when frame was built and who was the first owner.
Anyway Thanks to all of you one more time.