Did some further testing and came to these results: it does not support inductive loads (electric drill) max current was 5mA while beeping continuously (drill trigger pressed); It can take to some extent resistive loads (heating elements and tungsten filament light) was able to successfully power a 40w incandescent light but not a 60w. Curious fact is that even with the 40w some times it worked ok other times it showed the same behavior (no power output and beeping continually).
As for the PCB all looks like straight from the factory: no corrosion, no heat spots, electrolytic capacitors with no leak and no bulge, battery cable is well soldered on both sides of the board.
The unit itself was given to me free of charge, but the new battery was about 20 euros, so I was hoping to see it running

The new battery is an Ultracell UL7.5-12. As far as date code the only marking I see are "UUL7949". With resistive load I was able to draw more than 10A from the battery so at the very minimum the UPS should provide 100W of output right? And as I stated the problem is the same when connected to my bench power supply (12v 60A) so I never assumed it to be a faulty battery.