I know that to look at this ring it's easily dismissed as a "Crap ring" and worthy of selling to a vendor. But I have heard(Re: read) it said on other threads that this ring is like may others in the game (cerainly the same as the other rings dropped the same NM group as this one in Gusgen) in that it has a hidden effect. While it drops certain stats, it most likely reacts with a certain food or status affliction to bolster another statistic. This is not unlike the hidden effect of the opo opo crown when you eat a whatever the fruit is called that starts with "P".
Anyway, I don't know for certain what, if any, special effects it has, but I imagine it would have to have SOME sort of effect otherwise a ring like this would have no place in the game, much less an entire series of rings dropped by an entire series of thematically-based NMs. Some experimentation is certainly needed here. If anyone gets their hands on one and has a chance to do some digging, please let me know, I'd be very curious.
Well one thing you need to do is check the stats again... in certain circumstances it may be beneficial to lose some ability points in order to gain some elemental defense... in this case +10 Ice defense.
Sounds like it would be good against Shiva, Ice Elementals, or any other ice based casting mob.