Andrew the ring looks like a very thin elipse on it's side whith a small starlike point on the left inside (north),with a slightly brighter galaxy north west about 30 arc seconds away, of about the same size as the ring galaxy nucleus,there is another galaxy south east of the ring which is supposed to be the galaxy that whent through the ring galaxy and coursed the star formation which is why the ring is so bright(relitivly speaking).
This galaxy has a given magnetude of 12.5 but needs a fairly good sky to see any detail.
I would be interested to see if you could observe it in your 12.1/2".
Check the article by David Frew in the March edition of AS/T
As Volans is getting low down I sugest that you should make this one of your first objects to observe
I have just found the article by David Frew and I can see all the galaxies he mentions, and he said did not see the norhtern galaxy, but then he was only using a 25cm (10") scope as apposed to a 40cm (16") scope
Cheers Ron