Engine Water leackage


Santorin LO
 

Hi Group, 
Recently after few hours of motorring especialy on higher rpm i found red water under the gearbox. However, i could not licate the source of the leakage. After about 100hrs of the same (was not too bad and no aignificant shortage of oil or water both gearbox and engine), when it got worst, i finally found the source - not from the gearbox, but actually from the 'stern' side of the engine just around the timing belt area. 
Would anyone be able to know what xould be the problem and why the collor is red?

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