You have MicroDVD SUB captions and need SRT. The SUB to SRT Converter converts the frame indices back into timecodes.
Each line {startFrame}{endFrame}text is read, the frames are divided by the FPS (auto-detected from a {1}{1}rate header when present, otherwise your setting) to produce HH:MM:SS,mmm, the | separators become line breaks, and the cues are numbered. Set the frame rate to match the source video and convert.