Reverse
海軍大演習 - Navy Large Maneuvers
非常時- Emergency
参加記念 - Participation Commemorative
昭和九年度 - 1936
Case (most likely is not original to the watch fob).
Label of Akiba workshop https://asiamedals.info/threads/badges-and-watch-fobs-made-by-akiba-medals-tokyo-akiba.21820/