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I now see that the paper wasn't really tough. It was really very conceptual. If one had strong command over theory and the concepts, it wouldn't be too tough to crack. Atlleast the theory based questions were quite doable.

Thanks for the reply Mr. Genius!

Ok now I know I am a bit tensed so pardon me for asking for answers to so many questions at a time. :P

What would be the answer to the question on delta changing from 0.5 to 0.65? I got purchase 375 shares. Also, would the answer to the question on credit rating matrix- "at the point approach" be because it had lower diagonal matrix values? What should be the minimum number of various positions...

Did anyone have issues with the question of backtesting: VaR exceeding on 5 out of 150 days where we had to find out the probability of it exceeding on 6 out of 250 days? I was not able to match any of the answers. 250C6*(5/150)^6*(29/30)^244 gives around 12% as result which none of the choices had.