You can see the labeling of the components:
- IR TX would be Infra-Red Transmitter.
- IR Rx will be Infra-red Receiver.
- Output LED will turn on whenever the outputs would be on.
- Calibration (R3) variable resistor will determine sensitivity.
- IC will cause the outputs to be on when the IR detects a nearby object.
This page should help, his circuit is fundamentally identical.
I found his page by Googling the search terms: "IR object detection circuit diagram".
Doug.
Building Management Systems Engineer.