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another possibility for the P______ word is some variant of "special" such as Speciale or Especiale
of the figures seen below the name it may be that the figure on the right depicts Saint Christopher - he is a frequent resident on the frames of and in the crests of Belgian bicycles
unable to make out the letters in the centre of the crest
you could try making a photo of the transfer with the light coming from the left instead of from the right...
perhaps with the two images to work with readers may be able to say more
if you are able to make out any of the four(?) characters in the centre of the crest you might wish to take a look at this alphabetically organized list of Italian cycle marques -
I found it. A Umberto Dei. This logo was also stamped on the very rusty cranks(both sides and one side more readable that the other). I think it may be a 1946 frame but that's a guess---it could be a 60s for all I know---but it has model39 Universal brakes.
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