@Zviedrs Sorry, but my brain must have been lacking oxygen! I forgot about the German Hercules marque. That is what that bike is. It is not related to the English/Indian brand except by name only. I believe they were established before the English company was founded (circa 1910-1911). I would have known immediately had I seen a head badge which is probably why I did not recognize the decals as specifically being from the English/Indian factories.
It makes perfect sense given yours and the bike's location.
At this point I would bring it up a notch in quality as they did make some very good racing bikes (I think they also used Columbus tubing for frames), so I would put it at the upper end of my estimated value range. I cannot confirm what components would have originally been on it, but I would assume that it was at least outfitted as a mid-level racer with the possibility that the same frame was used as their top model but with high end components (and maybe some chrome lugs).
As I tried to glean more from the photo I could not really ID the parts, but "SR" is usually in reference to either Campagnolo "Super Record" model components or Sakae Ringyo branded components. I tend to think that the front and rear mechs and seat post are original; replacement crankset, pedals, and bar; hubs?.
Regardless, I would be much more interested as a buyer knowing that this is a quailty machine handmade in Germany by a smaller company (than English/Indian) that sponsored racing teams back in the day. If it works size wise then I think it would be a decent purchase for what the seller was asking.
Again, I apologize as I do not hear much about the German marque other than their motorized vehicles (they made a cool 3 wheeled car and "bolt on" motors for bicycles, and various scooters/motorcycles).
Edit to previous comment: I doubt that you can fit 32mm tires on it, more than likely 28-30mm at the widest.
I found that the German marque was founded in 1903.
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