Whats the deal with this Zorro? Is it Mego?

[MegoNinja]

I found this

http://cgi.ebay.com.au/vintage-MEGO-PACO-ZORRO-all-original-VERY-RARE_W0QQitemZ300016007550QQihZ020QQcategoryZ1169Q QcmdZViewItem

My question is,
is this Mego or what? It looks VERY different from the actual Zorro that Mego issued (note the red cape). Is this a Mego Zorro, because this would be rather cheap for a Mego one no?

[EMCE Hammer]

It's Mego scale, but not Mego. Paco is a knock-off. They made some neat stuff, but it's mostly inferior to Mego.