Instead of importing EAR file follow the steps below:
Here are the steps we did to fix the issue:
1. Open NWDS 7.31 - File - Import - Existing Project into Workspace - Provide the project from old nwds 7.02 location
2. Once project is imported to Workspace, right click and Development Component and Convert Project to Development Component
3. We user Local and created the Development Component and carried the changes that need to done.
4. For deploying you have 2 options:
a. Deploy from NWDS
b. Go to View Component Browser and Right Click on the local component where you have the development component and EXPORT, this process will create SCA file which can be deployed using JSPM.
Hope this helps.
Thanks,
Pramod