Galazan's license to build Winchester M-21s undoubtedly specifies build requirements for the M-21s sold under the Winchester name. Considering the quality of the CSMC guns, the current licensor may have no problem with Galazan's stamping guns as Winchester that are built the same as CSMC M-21s -- as long as sold at the grade and price apparently required by the license agreement.

I think it's likely this garish Grand Royal was built by Galazan's as an "authentic" Winchester M-21, as authorized by the license agreement that according to their website is still valid.