Narodni Podnik may translate as something like National Corporation.

The actual design of the lower case ‘f’ in a circle is rather different from any design that I have ever seen in use.

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• Publisher: US Patent and Trademark Office
• Inventor: Favorit, Narodni Podnik
• Country: USA
• Date: application filed October 1955
• Derailleur brands: Favorit
• Derailleurs: nothing specific