RE: OS 55AX
Ameyam,
What I can diagnose from your photos.
The crankshaft has some of what appears to be rust, in front of the rear bearing and it seems the crankshaft has spun in the rear bearing's inner race...
But this seems to be a short episode, resulting from a shard of the con-rod lower end having wedged itself between a ball and a race; effectively stopping the bearing, while the crankshaft was spinning.
There is some rust on bearing's races, but it seems there is none on the balls and the (plastic - Touché, OS) cage seems intact.
...I cannot tell why the con-rod failed....
Do you use an electric starter and could you have inadvertently tried to spin the engine over when it was flooded?
Did your engine lose the prop and spun at unspeakable RPM?
If not, I suspect the con-rod had a flaw from manufacturing; a hair-line crack, or something.
If your engine is only one year old, it should still be under the two-year warranty OS gives its customers.
It would be a good idea to contact BAX (Bill Baxter) of Hobby Services; perhaps in the [link=http://www.rcuniverse.com/forum/forumid_133/tt.htm]OS Support Forum[/link].
Perhaps, with the photos you posted, he can just send you the replacement parts that you need, without you needing to send the engine back and forth through Indian customs.
It would cost you nothing to try.