Interesting find!
@Angelo Farina ?
I and my wife owned two, identical. Diaphragm-type depth meter with polycarbonate body and filled with air, manufactured by Mega Sport, Torino, Italy and sold with various names (Mares, Scubapro, Cressi, Modulo M, etc.). My one is marked Modulo M, and it is still working perfectly, the one of my wife was flooded. Here some photos of my one:
After removing the back stainless-steel cover, the brass diaphragm acting on the internal mechanism is exposed (with some oxide, as you can see).
Pressing the diaphragm the depth indicator moves, as shown here:
At the time (ca 1980) this was possibly one of the best depth meters you could buy, as it is demonstrated by the fact that my one is still working perfectly, after 40 years and more than 1000 dives.
I always kept my one in a console together with a brass Scubapro pressure gauge, which is also still being used.
I replaced the depth meter with a Cressi Leonardo computer a couple of years ago, because I had to dive in a site where a DC was mandatory.
And yes, the NDL limits are to be evaluated against the orange "max depth" needle, according to US Navy tables (for a single dive per day, of course).