The Frame number says 1963 Li125
The frame loop is Serveta (It's been filled in but I can see the ignition cut out from underneath!)
The engine bolt mounting has the extra box section welded round it on the drive side (what models had this?)
It's also had the headstock reduced to GP length and welded back on at some stage (or it was a GP and has been lengthened).
Best case senario: A genuine Li125 with a replacement loop and a bit of "history"
Worst case senario: A ringer

What do you think?