Not all nations use or have used the blue = inert color code. Red could mean the same thing or something different depending on where and when this was made.
The MK coding is Britishy / Naval. It could be English or from a former colony that still uses Britishy terms for ordinance. It may have come from HMC (Heavy Mechanical Complex), Pakistan, although I have not been able to find anything about 20mm ammo from that facility.
It could be for the Mk 11 HIPEG aircraft gun, although I have not found much info on that system. I found some passing references, so it existed, but other than that I dunno.
Here's a note of an Argentine 20mm round from 1974 with the similar markings, but there is no photo:
http://www.municion.org/20mm/20x102.htm
It may be an earlier 20x102mm round instead of 20x110mm.
Kind of sparse info, but one of those factoids may be the search-term you need to dig up more.
