That things got slacker angles than my xc bike.
The things you find Erle…
Are they really crude TIG welds, or really crude fillet brazings? 
They look like unfinished fillets, yuck
This is nothing like the Toei’s I adore and covet highly.
TOEI photo gallery
Flickr: Toei Bicycles
Photos of custom bikes designed by Hiroshi
Me says it’s a cut price junker built for Alps (of handlebar fame). Apart from the stamp I don’t see anything Toei about this at all.