Dorako is a pink and black winged monster from the Ultraman Powered series. My childhood best friend bought me this figure as a thank you present for taking care of his pet frogs while he was on vacation. (This happened every summer. I'd watch the frogs and receive an Ultra-monster.) Dorako has very bizarre spike-like hands sticking out of what aprears to be large baggy sleeves.
From what I can find online, Dorako was a more muted pink on the show and featured cool transparent wings. I find it very difficult to idenifiy the Japanese monster toys I had as a kid. I never really knew their names so it hard to look them up. If you want to learn more about Dorako check it out here.