I had observed this lovely shrub in my neighbors place in Bangalore . I was fascinated by its seeds and its lovely flowers. On the Indian flora face book group I found the id of this shrub as Bixa Orellana also known as the lipstick tree . I have learnt a lot from this active group .
Lipstick tree is native to tropical America, but widely cultivated throughout the tropical world, since long back. Flowering: October-December. It is is reported to be the larval host plant of Tri colored Pied Flat butterfly.
The seeds when crushed yields this brilliant red dye which is used as a food coloring agent, Many times, this food coloring replaces the very expensive saffron in recipes and dishes around the world. Current trends show that it is used increasingly in body care products. Annatto oil is an emollient, and its high carotenoid content provides beneficial antioxidant properties. In body care products, annatto oil provides antioxidant benefits while adding a rich, sunny color to creams, lotions, and shampoos
Some interesting links on the various uses of this shrub :
Bixa orellana (annatto) lowered blood glucose by stimulating peripheral utilization of glucose, and it is possible that this glucose-lowering extract might be of pharmacological importance. http://www.ncbi.nlm.nih.gov/pubmed/18773125
Link on Ethanobotanical and diversified applications of Bixa Orellena http://www.cibtech.org/J%20LIFE%20SCIENCES/PUBLICATIONS/2011/Vol%201%20No.%204/20-2-JLS-Giridhar.pdf