Many thanks to IVR
Very nice and pretty useful. Here is a part of one of my working files

Very good - isn't it?. I am not a Latex expert but it seems that there are almost no manual intervention needed in order the regions to look almost the same as in the SMath file.
At the moment I've noted a complain (error) regarding text inside matrix, functions sum(), el(), diff() remained - but IMHO those are minor issues at the moment.
Regards,
Radovan
When Sisyphus climbed to the top of a hill, they said: "Wrong boulder!"