Gobarian is based off of the Go Nagai character Govarian. This particular character seems to be very popular in Korea, even though it remained obscure in Japan.

This toy is about 7" tall, and made out of a soft type of plastic. I think it is the same material they use to make Jumbos (polyethylene), but i'm not sure. The firing fists and feet come from Bioman and the torso comes from Danguard Ace, but the rest appears to be an original design. The wings fold back and are removeable.

This toy embodies Korean robot toy design: The crazy colors, the obvious copyright infringement, and the fantastic packaging.