So the problem is - I am not able to indicate proper Data Source for HANA database in VS Community and that is why I am not able to use Entity Framework to work with the database. Is it possible that VS Community does not support this Data Source?
Currently I am downloading VS 2010 Ultimate - but I don't wanna give up on Community.
[UPDATE 1] I followed this article - http://blog.nwoolls.com/2012/07/25/registering-missing-data-providers-with-visual-studio-2012/ by Nathanial Woolls and after some modifications it worked for me and Visual Studio 2010 (on different host and clean installation of VS).
[UPDATE 2 + WORKAROUND] Read my MS post if needed - here
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