I just gave it a listen, as I had never heard it before. It was ok. The melody appears very similar if not identical to the old New Year's Eve song, "Auld Lang Syne" (Should auld acquaintance be forgot).
Auld Lang Syne - Happy New Year:
https://www.youtube.com/watch?v=Tjs31mEzRh8
I Understand--June Valli (1954)