  This is the second part of a detailed study of the ultracompact group CG
J1720-67.8: in the first part we have focused the attention on the three main
galaxies of the group and we have identified a number of candidate tidal dwarf
galaxies (TDGs). Here we concentrate on these candidate TDGs. Absolute
photometry of these objects in BVRJHKs bands confirms their relatively blue
colors, as we already expected from the inspection of optical and near-infrared
color maps and from the presence of emission-lines in the optical spectra. The
physical conditions in such candidate TDGs are investigated through the
application of photoionization models, while the optical colors are compared
with grids of spectrophotometric evolutionary synthesis models from the
literature. Although from our data self-gravitation cannot be proved for these
objects, their general properties are consistent with those of other TDG
candidates. Additionally we present the photometry of a few ``knots'' detected
in the immediate surroundings of CG J1720-67.8 and consider the possibility
that these objects might belong to a dwarf population associated with the
compact group.
