Dear friends,
I personally thank all of you for help. Indeed your advisce was very helpful. Still, I would say, first hand experiance makes a lot difference. I would cut our story short.
We reached Naran on 17th August with all stuff ready for treking, camping. We could not get hold of paramount adventure guys, they were very busy and mostly out of town with guests. However, we found some wonderful local guides who were very very helpful.
Unfortunately, the weather was against us. We went upto babusar top on jeep on 19th August amid mild to heavy rain. Had to cut back to Naran that day. 20th August was sunny and we were very ready to camp at saif ul malook but security officers on the lake did not allow us due to some recent incident involving alleged robery. Even boating was banned though some very nice local people got us on a boat for a short ride (after which they told us that we broke the law, otherwise we would not have done that). These nice locals also tried to get us a place for camping but security was pretty strict.
We hiked back to Naran on foot. We wanted to do more adventure but had to come back as our little kid got ill back home. So we could not acheive either of the two targets we originally planned.
For others, the bottom line is that the valleys otherwise are very safe and fun to travel and trek as long as you have some good locals with you. We made contacts with a number of very good local people (including jeep drivers and guides) and have plan to do another adventure next year insha Allah.
Thanks again every body,