Too bad about the state of the frame since it looks like a very nice one.
As noted by others, the decals are Liotto but the frame has all the telltale signs of a
Giuseppe Pelà build.
I don't think the decals were applied randomly; I've seen a couple of other Liottos that were made by Pelà.
Pelà only did contract builds, so you will see his work wearing decals of all sorts of brands (including Masi, as
Drillium Dude pointed out).
Here's an Elio badged Pelà:
And here's one of those Liottos I mentioned earlier:
