The `86 catalogue shows a SM700 (those with a 24" rear wheel) in that exact colour, so it might still be the original colour. The decal might have been replaced at some point.
The frame itself has features that were introduced in the 88 catalogue. Like the lower cable guide that is a solid weldon instead of the skinny types used the years before. The Ubrake suggests, that it is 89 or earlyier. They didn't use Ubrakes in 90 any more, I think but I'm not sure. in 91 they changed the dropout to the "funny stickout - does that really hold?"-type.
My best guess would be, that it's a late 87/ early 88 SMxxx frame (if the colour is original). The number would change with the groupset, it came with. The top tube cable guides should be plastic clips.