How to implement 'phonetic typing' for performing a language conversion of a field (using CKEditor)?
Finally I found a module called Indic Script.


  This Module enables IME (Transliteration Input Method) for Indian Languages in Drupal Text Fields and Text Area Fields So that users can create their content in their own Language within Drupal without installing any additional software.
  
  6.x-3.0 and 7.x-2.x version has the integration for CKEditor (CKEditor.module and WYSIWYG.module)
  
  Indic Script module supports Type writer (TW) as well as Phonetic typing
  for the following languages.
  
  
  Tamil, Tamil Tw, Tamil 99
  Hindi, Hindi Tw, Hindi Remington Tw
  Malayalam, Malayalam Tw
  Bengali, Unijoy, Bengali Tw
  Gujarati, Gujarati Tw
  Kannada, Kannada Tw
  Oriya, Oriya Tw
  Punjab, Punjab Tw
  Telugu, Telugu Tw &amp; Telugu Apple Tw
  


I've tested this module. Here is the screenshot of this module usage with CK field



I hope it helps someone.