it's both, makino is a reputable NJS framebuilder, and with the sug75 cranks it is already HHSB by numbers. bonus points for a frame that gets actively ridden and is not just a wallhanger
Yes also sharpied msw's is always fair game as lots of the cool retro wheels came this way, this does not even appear to be a poorly done sharpie job just one that is worn in. Also looks like a salsa quil stem so thats more hhsb points
Doesn't it qualify as a rat then?