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My digital forensic analysis (levels adjustment):

I'm not certain about the last letters, but I'm sure there is a small צ (between the ח and first צ) and a descender under the first letter. The descender could have resulted from having been folded against the first letter, but there is no evidence of other letters transferring.

ץאא ח***צ***צ’'צ בוריץ

Maybe the חצ"צ stands for : חילי צבא צ'כוסלובקיה (The Soldiers of the Army of Czechoslovakia or a Soldier in the Army of Czechoslovakia)