With not knowing alot, from what I can see the reel foot has been altered, and 4 of the screws look like they may have been changed or replaced. Other than that the engraving of initials are "in a collectors eye" never fun too see but for the fishing type who cares..... I used to own a reel of the same size but for the life of me cannot recall where it was made, there was two factories, one being more sought after than the other. At any rate all things being said, if it's a good price for the lot....who knows.
just my two cents worth, maybe nothing more.