This is a Bemstar figure by Bandai from Japan, based on the Return of Ultraman series! The mold is from 1983 (it is probably not actually from that year) and is a variant with blue areas. See pictures for details.
CONDITION: The creature's back seems to be a bit deflated. The figure can't stand flat-footed, but I think this is pretty normal. Signs of wear and use are present. Please see pictures for condition details.
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P.S. Be sure to check out my many other Japanese figures, if you get a chance. I have plenty of Ultraman, Kamen Rider and Super Sentai figures, all shipped from the USA!