Yup. It's under the lacquer layer which covers the whole frame. (As far as I can tell).
I bought those yellow wheels and then decided the frame had to be yellow too. And then it all got horribly out of control when I found that SJS were selling yellow tyres at a discount...
After that, the head badge just seemed inevitable.
After I grafted on the new trackends (it had dropouts), I realised that trackends set the rear wheel a bit higher than the dropouts had, so that the rear wheel fouled the brake bridge. (With me so far?...) So I had to hack out the rear brake bridge, patch over the holes and braze in a new brake bridge. You can make out the patches in the middle pic if you look carefully.
That's when I found out how hard it is to drill a small hole in the back side of the brake bridge, and a larger one in from the front side (to take the recessed brake bolt). There's not much room for a drill between the seat stays and seat tube...