My guess was that the "BATTERY" led indicates low battery, since it is red.
Now I notice that the "CPU OK" is also red. So red can mean OK !
Then on the other hand, since it is does not say "BATTERY OK", but only "BATTERY" then I deduce that the meaning is that the battery is not OK.
By the way, this controller is weirdly arcaic, but the company still exist, the controller is still their main product, you can get manuals off their site, and there is even a software (which you can buy ?) for connecting to the controller via a modem.