It looks like a required hidden file from the project has been removed, specifically ".DataConverter.wavedev". The file which ties the component's implementation to a specific code generator is called the wavedev file. For more information on the hidden files used by the Eclipse IDE see Chapter 20.1.1 in the v1.9 REDHAWK documentation.
If you cloned this project from the git repository you should be able to confirm this using git status. If this is the case, you can use git commands to re-checkout this missing file. From the root of the basic-components repository:
git checkout DataConverter/.DataConverter.wavedev
The wavedev file for this project may also be viewed here