made in Czechoslovakia. they made a complete bike with a "Rapido" Headbadge.
It was outfitted with:
Favorit brakes(look like CLB racers)
Favorit derailleurs (look like early 1960s Simplex, but cheaper)
Favorit seatpost
favorit "leather" saddle- (looks like an Ideale)
1970s Foil decal bike. 

During the later 1950s the Favorit brand  made two cycles which would feature as perhaps the top of their range. One was four speed racer, steel frames nicely lugged, alloy components such as sidepull brakes, bars, stem of a Girder style, the chainwheel was steel chromed, the wheels were alloy rims (perhaps 650), hubs were alloy and there were rather pretty Favorit wingnuts on the axles.The tyres were tubulars by Czech firm Barum. The eight speed variant was much the same as the four speed . The chainwheel was a double type in chromed steel suffice to say modeled on the pedigree Simplex variant of the 40s and 50s. The deraileur was a toggle type as common in the 50s.The FWD was a steel fabrication as was the rear.The model was used for racing and regarded as deluxe top lightweight cycle of the Eastern Bloc countries save but for the East German Diamant. This model was featured in a Venetian Blue colour predominantly and  it had the distinctive Favorit script on the down bars. Later about 1962 a factory Favorit was seen in multicoloured original paint finish. During the Communist Era these cycles were virtually legal tender as waiting lists were normal.Second hand models were bought at premium.

Favorit was (and is?) the premier Czech bike manufacturer which celebrated
its 100 anniversary in 1974 and make bikes under quite a few other brand
names too.
at one time much like Raleigh, producing a full line of bikes. 
the bike were generally imported through Canada.

During the 1950s and 1960s the Favorit racing machines were utilized for competition by the Czechoslovak national teams in IRRC ,track championships,Olympics and the Berlin-Praga-Warzawa the Eastern Bloc's equivelant of the Tour de France.

Favorit was a dominant Czechoslovak export commodity to other Eastern Bloc countries where the models were appreciated and utilized during the Communist Era when Western Imports were largely non-existant for the general population and the bicycle was a valueable possession due to the very few automobiles which were on the road.