From what I can make out on the wiring diagram, +ve goes into the indicator relay, and out comes on a light blue wire. This goes all the way to both handlebar switches (hazards and indicator switch). The switches then switch this to the appropriate indicator bulbs, which then goes to ground through the bulbs (and telltales).
So, if this light blue wire is broken somewhere (I.e. in a corroded connector), it would kill both indicators and hazards. Colours are from the Haynes wiring diagram so hopefully are correct, but might not be!
I believe you should be able to measure 12V at the light blue wire at the indicator switch, and this should easily light a test bulb (say, a 55W H7 if you have one lying around). A smaller bulb should also work, but it might not get the relay to flash). If you don't have 12V, or have something silly like <8V when your battery is good, then suspect the wiring (you can also test on the output of the relay too).
Having googled that box, it looks like it's an integrated package, not just the indicator relay! (Contains diodes + sidestand relay + indicator relay) - explains why it has 7 pins. I wouldn't try to bench test it unless you know exactly what pins do what :P
