Nageswar, thanks for the additional information. That helps a lot. Being that you do know the estimated work then you can absolutely enter that as Work for the task. You can also enter Cost for that matter and Actual Cost will get calculated based on % Complete.
Now for your specific questions: Absolutely you can see all the slipping tasks, late tasks, and basically all reports based on task fields. Nothing you told me says you need Physical % Complete so % Complete should work fine. With costs and a baseline you get all the EV and SPI available. Unless you are tracking actual costs you won’t get CPI. All the advanced reporting is also available for task information. Burndown is an out of the box report in 2013 and you can take a look at the new cumulative fields of 2013 to see what you can do with s-curves and other reporting needs. They are certainly available, but you do need Project 2013 to get the reporting you are asking.