This is probably some adapter made to be plugged to RS232 ports.
Pins 4 and 7 are DTR and RTS signals, and are typically +/-5V to +/-12V signals.
The diode is there to clamp negative voltages since as said above, the input signals can go as low as -12V.
The capacitor is there to form a monostable multivibrator. The output pulse (open collector) will have a fixed duration as long as the input pulse (positive) is longer than the time constant.
A common trick to ensure a fixed pulse duration here, since it's probably meant to be driven from a PC's RS232 port and the timings of the DTR/RTS signals can't be accurate.