About Company

"VITA" in Latin means «life».  

It is not accidental that the leading producer of canned fruit and vegetables JSC

"Orhei - Vit" has a Latin root in its name.  The combination of high-quality ecologically
clean raw materials and modern technologies of the well-known world producers created
products that are rich in vitamins and minerals that are very important for vital activity of
human body. 
Joint Stock Company “Orhei - Vit” was founded in 1945. The modern infrastructure of
the company was established in early 80s, when the second production line was put into
operation and the aseptic department for juice storage was created. The company was
privatized in 1994. The major activity directions of the company are focused on two main
markets: the market of consumer-ready products and the industrial market of concentrated
fruit juices and other prepared food. 

JSC "Orhei - Vit" territorially covers 15, 1 hectares in the picturesque zone of Orhei – an
important administrative, tourism and cultural center of Moldova. The proximity to the
suppliers of raw materials makes the activity of the company easier. The goal of the
company is to satisfy the needs and expectations of consumers while producing natural
products of high quality.  

Assortment of products:
 natural juice;
 nectar;
 fruit preserves;
 confiture;
 fruit butter;
 jam;
 tomato paste and tomatoes in their own juice;
 juice, nectar and puree for baby food;
 canned vegetables
and many other delicious and healthy products.

Awards were gained at the prestigious forums of food and drinks

in Barcelona and Paris. According to the results of the international audit, JSC “Orhei -
Vit” was awarded a certificate that confirms application and further development of quality
management system in accordance with the requirements of standard ISO-9001 and
НАССР. 

About Factory JSC “Orhei - Vit”

Joint Stock Company “Orhei - Vit” was founded in 1945. The modern infrastructure of
the company was established in early 80s, when the second production line was put into
operation and the aseptic department of juice storage was created. The company was
privatized in 1994. The major activity directions of the company are focused on two main
markets: the market of consumer-ready products and the industrial market of concentrated
fruit juices and other prepared food. 

JSC "Orhei - Vit" territorially covers 15, 1 hectares in the picturesque zone of Orhei – an
important administrative, tourism and cultural center of Moldova. The proximity to the
suppliers of raw materials makes the activity of the company easier. The goal of the
company is to satisfy the needs and expectations of consumers while producing natural
products of high quality.  

The company has modern equipment.  

In 2001, during the modernization of the main department, the filling line TBA8-1000 was
installed with the productivity of 6000 tetra-packages per hour and the filling line of juices
in glass bottles with capacity of 200, 750, 1000 ml, produced by the Italian firm FBL, with
the productivity 6000, 5000 and 3600 bottles per hour. 

Thus, the enterprise has an opportunity to make 30 million packages and 15 million bottles
of various natural juices and nectars annually. 

At present, the juice department is equipped with the most high-productive equipment of
the well-known firms like BUCHER, UNIPECTIN, TETRA-PAK, FBR-ELPO and many
others. 

To provide the factory with qualitative raw materials, fruit and vegetables are grown on 420
hectares of arable factory-owned soil with the use of intensive technologies. There is a
farmer service center to provide services to private companies that deal with growing fruit
and vegetables in Orhei region.

Orhei-Vit Products
The basic motto of the factory "Orhei-Vit" is to assure a constant high
quality of all manufactured production that allows to declare it as a
production of premium class (beginning from semi finished items and
finishing with preservation). 

Juices VITA are made from natural raw material of extra quality and are a source of
vitamins necessary for an organism, micro cells and other useful substances. Juices VITA of
an exotic series tone up and stir to the activity of the organism, strengthen immunity and
nervous system. They are made from the high-quality raw material received as a result of
processing of exotic fruits which grow in the near East, in Asia and the Mediterranean Pool. 

Therefore an exotic series of juices VITA transfers 100 % taste of natural fruit. The daily use
of juices VITA-a guarantee of health and vivacity for long years.

 International partners

Exclusive distributor of JSC «Orhei-Vit» production in Kazakhstan.

Kazakhstan is located in the center of the Eurasian landmass in what is known as Central Asia.
Kazakhstan is bordered on the east by China, on the south by Kyrgyzstan and Uzbekistan, on the
west by the Caspian Sea, and on the north by Russia. The capital city of Astana is located 1,300
kilometers (808 miles) north of Almaty (the former capital), roughly in the center of the country.
With a total surface area of 2,717,300 square kilometers (1,049,150 square miles), Kazakhstan is
the ninth-largest country in the world, slightly less than 4 times the size of the U.S. state of
Texas. The northern border with Russia, which spans 6,846 kilometers (4,030 miles), is the
longest continuous bi-national border in the world
The population of Kazakhstan was estimated at 16,733,227 in July 2000, a slight decrease from
the 1990 population. In 2000 the birth rate stood at 16.78 births per 1,000 while the death rate
was 10.56 deaths per 1,000 persons. Migration out of the country, estimated at 6.7 persons per
1,000, has been a major source of the country's population decline. The population was estimated
to be shrinking at a rate of .05 percent a year in 2000.

Kazakhstan is the second largest state in terms of territory to emerge from the former Union of
Soviet Socialist Republics (USSR). In December 1991, when Kazakhstan declared national
independence from the USSR, the government and economy were still closely tied to the Soviet
centralized economic and managerial systems. Kazakhstan's politically moderate, multi-national
population was divided roughly in half between indigenous ethnic Kazakhs and other peoples—
Russians, Germans, Ukrainians, Chinese, Uygurs, Koreans—as well as dozens of other smaller
national and ethnic groups. In 2000 the population was roughly 46 percent Kazakh, 35 percent
Russian, 5 percent Ukrainian, 3 percent German, 3 percent Uzbek, 2 percent Tatar. In terms of
religious identification, roughly 47 percent of the population professed Islam, while 46 percent
was Russian Orthodox or Protestant.

Industrial structure

The country is rich in mineral resources, including chrome, coal, copper, gold, iron ore, wolfram,
and zinc. The economy is still closely linked with the other economies of the former Soviet
Union and especially with the Russian Federation. However, since independence in 1991,
foreign trade has been redirected toward markets outside the former Soviet Union.

Prior to the breakup of the USSR, Kazakhstan's electrical grid was a single component within the
unified Soviet electrical system. When independence came, Kazakhstan underwent a wrenching
withdrawal from the physical infrastructure of the Soviet system. Dozens of independent power
grids appeared, fragmenting energy markets. The reliability of energy supplies fell sharply.
Cases of forced restrictions of power supplies and disconnections rose. Many small towns in
northern Kazakhstan were forced to suffer the severe Siberian winters without gas and electricity
supplies in the early years of the transition. During this period the Kazakh government sought to
develop independent electrical and natural gas supply systems for the purposes of self-
sufficiency. Ultimately, the country came to see the wisdom of reinte-grating regional Eurasian
energy markets. In summer 2000 Kazakhstan began the steps to create a single power system
stretching across the states of Russia, Kazakhstan, Kyrgyzstan, Uzbekistan, Tajikistan, and
Turkmenistan.In 1991 the Kazakh government began negotiating with international oil firms to
develop Kazakhstan's Tengiz oil fields. The Kazakhstan government joined the large
multinational oil firm Chevron to form a joint venture called Tengizchevroil. The agreement
committed Chevron to spend about US$20 billion over 20 years to develop the Tengiz field's 6
billion barrels of proven reserves. The agreement anticipated that eventually Kazakhstan would
be exporting as much as 700,000 barrels a day from the field. Other major international
petroleum firms, including Birlesmis Muhendisler Burosu, British Gas, and Agip also committed
investment in the country's oil fields.Beginning in 1992, Kazakhstan's northern neighbor
Russia restructured the management of its state-owned oil and gas companiesThe country is rich
in mineral resources, including chrome, coal, copper, gold, iron ore, wolfram, and zinc. The
economy is still closely linked with the other economies of the former Soviet Union and
especially with the Russian Federation. However, since independence in 1991, foreign trade has
been redirected toward markets outside the former Soviet Union.Prior to the breakup of the
USSR, Kazakhstan's electrical grid was a single component within the unified Soviet electrical
system. When independence came, Kazakhstan underwent a wrenching withdrawal from the
physical infrastructure of the Soviet system. Dozens of independent power grids appeared,
fragmenting energy markets. The reliability of energy supplies fell sharply. Cases of forced
restrictions of power supplies and disconnections rose. Russia first imposed high taxes and
surcharges on the movement of gas and oil and then, in order to block economic development
that might run contrary to the interests of Russian energy firms, sought to blockade its southern
neighbors by cutting off access to foreign markets entirely.Kazakhstan has major aluminum,
copper, steel, uranium, and zinc factories. The country's major steel producer, Karaganda Metals
(or Karmet), was privatized in 1994 and sold to the international firm Ispat-Karmet. Production
dropped for several years but in 2000 began to increase, reaching 300,000 tons. The major
aluminum producer, Aluminum of Kazakhstan, is engaged in a major expansion of output. The
country's chief zinc complex, Kazzinc, announced in 2000 that it would expand production to
250,000 tons. Kazakhstan also has a growing precious metals sector, with production increases
in recent years in gold and silver in particular. The majority of gold and silver output comes as a
by-product from base metal production, but there are also separate deposits. There are 23 gold-
bearing regions in Kazakhstan. The Vasilkovskoye mine in north Kazakhstan is considered to be
the fourth largest gold mine in the world.
The corporate bonds market in Kazakhstan has not yet reached its pre-crisis position, despite a
significant increase of bond issues and narrowing spreads of the most liquid bonds. Firstly, most
of the corporate bonds of issuers with strong creditworthiness are still traded with higher
discounts to their face value while the demand for so-called second-tier bonds is very low.
Secondly, trading activity in the bond market remains below its pre-crisis peak. In 2009
corporate bond trading on the Kazakhstan stock exchange (KASE) decreased by 28 percent to
$2.6 billion. Trading activity worsened in the first two month of 2010 as trading volume were
down 67.2 percent over the same period of 2009 and totaled to $220.9 million. A narrow range
of traded instruments and the limited ability to refinance debts are the main problems the market
still faces despite the various market development programs implementing in Kazakhstan.

In 2009, there was a rapid increase of the number of corporate bond issues in the local market.
As the Kazakh banks virtually stopped lending (2.5% rise in lending in 2009), especially to
unstable borrowers, urgent need for financing has forced local borrowers to turn to the bonds
market. According to our estimates, local issuers, excluding the issuers of quasi-sovereign debts,
managed to raise funds by issuing corporate bonds on the local market in amount of $8.4 billion
in 2009 ($4.2 billion in 2008). In comparison, just one borrower managed to issue Eurobonds in
the amount of $1.5 billion in 2009. 
In the result of increasing number of issues, supply and demand became unbalanced; this led to a
surplus of debts and a fall in bond prices. The companies need to finance their operations this
year and slowing decline in bond yields may lead to the situation repeating again this year. If we
take a look at the issuers’ structure by sector, there were some significant changes in 2009.
Financial sector is still the dominant one with a share of 43.9 percent in 2009 compared to 63.1
percent in 2008. The decline was due the rise of quasi-sovereign bond issues.

The Country Risk Tier (CRT) reflects A.M. Best’s assessment of three categories of
risk: Economic, Political and Financial System Risk.

Economic Risk: High

• Kazakhstan, which is endowed with natural gas and oil reserves, was the first of the
Commonwealth of Independent States (CIS) to develop a marketbased economy.

• Growth is driven largely by the global commodity markets, so, given recent volatility in energy
prices, very high growth rates up through 2007 were followed by a slowed growth in 2008 and
2009.

• Inflation peaked in 2008 at 17%, which was followed by high interest rates and a halving of
inflation in 2009 to less than 7%.

Political Risk: High

• The central government under President Nazarbayev is powerful, while the bureaucracy is
considered cumbersome and corrupt.
• Upon independence, Kazakh politics was largely concentrated on relations with Russia and
development of energy reserves in conjunction with Western partners.

• Kazakhstan continues to have a strong relationship with Russia but also is improving relations
with China.

Financial System Risk: High

• The insurance industry is regulated by the Agency of the Republic of Kazakhstan on

Regulation of Financial market and Financial Organizations.

• The National Bank of Kazakhstan has ceased intervention in support of the exchange rate with
the result of sharp depreciation in 2009.

• Banks in Kazakhstan faced a solvency crisis in 2009. Since then, government restructuring of
key banks has brought the banking system back towards stability. Risks remain as asset quality
is not high and non performing loans are rising.

JSC «Orhei-Vit» in Kirgizia.

Located in the central region of Asia, bordered by China on the east, Kazakhstan on the north,
and Uzbekistan and Tajikistan on the west and south, Kyrgyzstan is a remote, landlocked,
mountainous country with a total area of 198,500 square kilometers (76,641 square miles). It is a
bit smaller than the U.S. state of South Dakota. Kyrgyzstan's capital, Bishkek, is located near the
northern border of the country close to the border with Kazakhstan and Kazakhstan's largest city,
Almaty.

The population of Kyrgyzstan was estimated at 4,685,230 in July 2000. In 2000 the birth rate
stood at 26.29 births per 1,000 while the death rate was 9.15 deaths per 1,000 persons. The
population growth rate was estimated at 1.43 percent in 2000. Migration out of the country was
estimated at 2.8 per 1,000.

The vast majority of Kyrgyzstanis live in rural areas. The World Bank reported that only 33.6
percent of the population lived in urban areas in 1999. The population density for the entire
country was 25 per square kilometer (65 per square mile) that same year, according to the World
Bank.
Kyrgyzstan is a remote, landlocked country with inadequate trade and
transportation infrastructure . Kyrgyzstan's economy heavily emphasizes agriculture and
animal husbandry, but there is a growing service sector in the urban areas. In 1999 agriculture
accounted for 45 percent of the economy, while services comprised 35 percent. Industry made up
the remaining 20 percent. Oil and gas, machinery and equipment, and foodstuffs are
Kyrgyzstan's main imports. Kyrgyzstan's principal trading partners are Germany, Russia,
Kazakhstan, and Uzbekistan. Cotton, wool, hides and meat are the main agricultural products
and exports. Industrial exports include gold, mercury, uranium, and electricity. Kyrgyzstan is a
mountainous country with significant hydroelectric power generating potential.

But Kyrgyzstan's enthusiastic pro-market posture has not met with the anticipated level of
economic success. Basic economic indicators plunged between 1991 and 1995 when Soviet-era
government subsidies for industry, farming, and public services were eliminated.
Rapid restructuring of the economy led to sharp drops in farm and industrial output. From 1996
to 1997, the declines in output were reversed and the economic picture for Kyrgyzstan
brightened considerably. A large increase in government revenue from the newly opened Kumotr
gold mine, the largest single industrial enterprise in the country, combined with favorable
weather that helped boost agricultural production. Economic growth in 1996 registered 7 percent
and climbed to 10 percent in 1997. Inflation declined, and the government's current account
deficit, an indicator of the government's fiscal responsibility, dropped to its lowest level since
independence.

This picture changed when Kyrgyzstan was hit hard by the 1998 financial collapse in its major
trading partner, Russia. The financial collapse in Russia led to a sudden drop in orders for
Kyrgyzstan goods from Russia. The contraction in output led also to a deterioration in
Kyrgyzstan's balance of payments at the same time as the country's indebtedness to foreign
lenders increased substantially.

Problem zones and priorities of the domestic stock market development

Based on the above comparative analysis, we can see, first, that the stock market in Kyrgyzstan
has been developed and can be fairly compared with other similar foreign markets. Second, we
could see a significant difference in state policies of neighboring countries and of Kyrgyzstan on
defining the place and role of the stock market in economic development. And ultimately, the
third is that the comparative picture allows us to estimate correctly our successes and problem
zones in order to choose proper directions for development.

The list of problem zones can be started by stating the fact that there are no operations with state
securities in the Kyrgyz stock market, yet in other countries it is a major part of trade volume.
Until now, State Exchequer Bills (SEB) circulation and its secondary operations are performed at
interbank, organized and regulated by the Central Bank of the Kyrgyz Republic. In this regard,
the pilot-project that has been launched since September to transfer trading from SEB to the
trading space of the KSE gives some hopes for further market liberalization. We hope that as a
result the state will be able to attract more financial means for internal investment towards state
securities. This, in its turn, will create preconditions for transfer of short and mid-term state
securities into long-term ones. The latter may become an alternative way to pay the foreign debt
of the country by means of transferring foreign debt into internal debt. Such a scheme
successfully functions in many developed countries.

The Kyrgyz government did practically nothing in order to effectively use capital formation by
local enterprises via the issuing and placing of corporate bonds, while these securities have been
circulating well in Kazakhstan, Russia, Ukraine and Azerbaijan. To increase interest in bonds as
the effective means of real economy capitalization, the authorities must take principle measures.
The stimulus for development can be given by reducing registration fees to the country’s
treasury from the amount of bonds’ issuing, and by exempting investors from taxes in the initial
stages. Tax exemption from the income of bonds-holding will interest many banks in receiving
an effective instrument of crediting other banks and real sector enterprises by purchasing
circulating bonds. Moreover, the population will be interested in purchasing bonds, if its income
is tax-free, while the interest rate will be higher on bank deposits. The serious problem in the
stock market development in Kyrgyzstan is the absence of municipal bonds issuing. In the
beginning of this year, the issue of municipal bonds was discussed in government. According to
the former head of the State Agency on Financial Supervision and Reporting, the Bishkek Mayor
office and other regions were interested in issuing their municipal bonds. But the real steps in
this direction have not been taken yet. By issuing bonds, local governments could attract the
money of portfolio investors to solve issues of regional development, while a portfolio stock
investor could receive one more attractive and liquid financial instrument to increase income.

JSC «Orhei-Vit» in Romania

Located in southeastern Europe on the Black Sea, Romania covers an area of 238,500 square
kilometers (92,085 square miles), making it slightly smaller than Oregon. It borders Hungary,
Yugoslavia, Bulgaria, Moldova, and Ukraine, and has a coastline of 225 kilometers (140 miles).
The capital, Bucharest, is towards the south of the country.
The population of Romania was estimated at 22,334,312 in July 2000, having fallen 2.6 percent
since its peak in 1988. The population is expected to continue falling for the next decade thanks
to net emigration and low birth rates, a fact that worries the government. But improved health
care should slow the rate of decline as infant mortality falls from its current 19.8 deaths per
1,000 live births.

Meanwhile, the proportion of retired people is rising. By 2005, 14.6 percent of the Romanian
population will be aged 65 or over, compared to 11.8 percent in 1995. For this reason, Romania
has recently reformed its state pension system because rising unemployment has combined with
the aging population to make the former payas-you-go system unaffordable. The plan is to
encourage complementary private pensions, allowing younger citizens to save for their own old
age while maintaining payments to those that are already pensioners .Romania's population is
remarkably homogenous. Almost 90 percent are ethnic Romanians, claiming descent from Latin-
speaking Romans who settled among the local Dacians in 100-200 A.D. As a result, Roman-ian
is a Romance language related to French and Italian, in contrast to the Slav languages spoken in
surrounding countries. Around 70 percent of Romania's population is Romanian
Orthodox.Romania has been successful in developing its industrial sector in recent years.
Industry and construction accounted for 32% of gross domestic product (GDP) in 2003, a
comparatively large share even without taking into account related services. The sector
employed 26.4% of the workforce. Romania excels in the production of automobiles, machine
tools, and chemicals. Motor vehicle production tripled in the 2000s, but still lags behind
neighbouring countries such as Hungary or Ukraine. In 2004 Romania enjoyed one of the largest
world market share in machine tools (5.3%)[citation needed]. Romanian-based companies such
asDacia, Petrom, Rompetrol, Bitdefender, Romstal and Mobexpert have expanded operations
throughout the region. However, small- to medium-sized manufacturing firms form the bulk of
Romania's industrial sector.Romania's industrial output is expected to advance 9% in 2007, while
agriculture output is projected to grow 12%. Final consumption is also expected to increase by
11% overall - individual consumption by 14.4% and collective consumption by 10.4%. Domestic
demand is expected to go up 12.7%.Industrial output growth was 6.9% year-on-year in
December 2009, making it the highest in the EU-27 zone which averaged -1.9%.

GDP growth reached 8.3% in 2006 according to the statistical office of the Romania (the year-
to-year growth amounted to unexpected 9.8% in the 3rd quarter of 2006 and stayed high at 9.5%
year-to-year change in the 4th quarter of 2006), and 8.0% in 2007. Romania's Gross Domestic
Product at purchasing power parity (PPP) is predicted to stand at $16,982.323 per capita in 2015,
when the country is expected to join the Eurozone. If this estimation proves
correct, Romania will surpass Turkey, Bulgaria and Venezuela in this aspect.

Recently the European Commission Secretary General Catherine Day has praised and recognised
that Romania is "clearly on the right track" in terms of economic and social
development.Romania's growth rate of 8.2% lagged just behind Slovakia's at 8.7% in the first
quarter of 2008. Romania has growing middle and upper classes with relatively high per capita
incomes. World Bank estimated that in 2002 99% of the urban and 94% of the rural population
had access to electricity. In 2004, 91% of the urban and only 16% of the rural population had
access to improved water supply and 94% of the urban population had access to improved
sanitation. In 2007 there were about 19.5 million mobile phone users in Romania and about 7
million] internet users.

The net average wage was 1,192 lei (roughly 380 USD) in March 2008, rose to 1,352 lei (430
USD) in 2009 and is expected to reach 1,819 lei (570 USD) by 2013.The income from salaries in
Romania had the highest growth rate in the region during 2006. Despite recent growth Romania
still has some of the lowest wages in the European Union, second only to Bulgaria.

EU membership gives Romania new economic opportunities in its relations with Moldova.
Romania is currently the second largest export market for Moldova, accounting in 2007 for a
15,7% market share. Moldovan exports are dominated oils, iron rods and barrels and sunflower
seeds. In January–February 2007, Moldova has imported mostly garnishes, breeches and similar
goods (by 196.9 times more than the same period of 2006), as well as petroleum oils and oils
made of bituminous materials (+34%). Simultaneously, the value of Moldovan imports from
Romania went up to USD 101.6 mln (by 2.1 times more), more by USD 52.1 mln compared with
the first two months of 2006.