Moser VPH

This advert (dated 1984) says that a special limited run (only for custom orders) will present a silver and gold headtube badge with the serial number (#003 on your friend's) and the name of the owner.
Included on the deal they'll give the owner theft insurance cover and a sweater with a Va Por La Hora bike printed on it.

According to the low S/N and the numerous stickers I suspect it was for a F.Moser dealer, called Tino Vassallo, shop still open now in Catania, Southern Italy.

Judging by the brakes and crankset, few parts were replaced during the years.