Yup, that's a "Brazilian" Giannini bass guitar.
The headstock is definitely from the current chinese made models, but I've never seen that tele style before.
Giannini is a Brazilian musical instrument manufacturing company founded in 1900 by Tranquilo Giannini, an Italian luthier who immigrated to Brazil in the late 1800's. They started building acoustic guitars only, but went on to manufacture strings, amps, pedals, keyboards, violins and electrics guitar and basses.
Giannini is still run by the same family, and is the most traditional instrument maker in the country. It was the first in Brazil to offer steel strings guitars starting in 1960's (in Brazil, nylon strung classical style guitars have always been the norm) and the first to produce electronic keyboards in the early 1980's.
They have been exporting to the US and Europe since the late 1960's, and even have their own comercial, marketing and distribution office in New York.
In regards to electric guitar and basses the company haven't been building in their own Brazilian plant since the mid 1990's when manufacturing costs got cheaper in Asia. Aside from a brief period between 2006 and 2007 when they produced a series of in house Brazilian made guitar and basses using local wood suplies, all electric guitars and basses are made in Asia.
Nowadays the local plant produces mainly their higher-end handmade acouctics. And a lot of that is targeted to the export market.
Giannini most internationally successfull product is the Craviola, a 12 steel string guitar with a kidney shaped body. It's a internationaly patented product and it has been seen in the hands of famous musicians, most notably Jimmy Page, Robert Plant, Andy Summers and Linda Perry.
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