What kind of BB is this and how do I adjust it?
 

I've got new bike an bottom braket is not smooth. I can feel "grind" when spinning cranks. How do I adjust this type and what tool do I need? It's got like a ring on left side.

http://bikeforums.net/attachment.php...hmentid=385193

This looks to be a cartridge bearing BB , sans the central cartridge. The bearings are in the rings, and are adjusted to zero out any axial movement by adjusting the left (on some it's either) ring using a splined tool (most likely the same as Shimano) then locking the adjustment via the lockring.

BTW- Do not Preload the same as you might a classic cup/cone BB. Take out any play, but leave stay as close to zero preload as possible, even if it means leaving that last doubtful bit of vestigial play.

As to the brand, there were a few of these types over the years, including OMAS, and Real, but this one doesn't look like either. So you may check if it's the type I'm describing by removing one cup/ring entirely, or simply adjust by touch if it acts right.

Is this a box store bike?
Many low end bikes have a cup & cone system that appears to be cartridge at first glance.
You have to be somewhat wary, because the splines are often not well filled out and the tool is prone to slip.
I'd suggest using a suitable length 8mm bolt and a few washers to retain the tool in place, like in the attached pic.
The 8mm thread is the "odd" one vs whatever the more common pitch is. You might want to take your crank bolt with you when buying one so they can match the thread.

http://bikeforums.net/attachment.php...hmentid=385217

Specification says it's "Low Maintenance Sealed Cartridge Unit"

Do I understand that this ring with notches on outside is a locking ring? (is there special tool for it?)

Yes, it's basically the same kind of lockring as there would be on a classic cup/cone bottom bracket.

There are various tools for these, and rather than recommend one, I'll link to a bunch of pictures of some.

BTW- here's a picture of a BB similar to what I think you have.

that bottom bracket is adjusted like a cup and cone bb because that is what it is

Correct. This was cup and code bb. Cleaned, lubed, adjusted and now it's smooth and nice.