Need Suggestions : Edifier S550 5.1 optical connectivity issue :(

You will need a 5.1 Decoder, it would cost around Rs 4K+. Search in Ebay.in for 5.1 decoder and you will find some listed there.
 
The ones you listed will get the job done. But I am not sure about the quality of the product or how well it works. You will only get seller warranty for these decoders, so it is better to get it from a seller with a good reputation/rating.

You can also have a look at this decoder - Optical Spdif Coaxial Dolby AC3 DTS Digital TO 5 1 2 1 CH Analog Audio Decoder | eBay
It is one the older models which has been around for a while and has some reviews on the web which you can check.
 
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