Heat the water, coconut milk, butter, brown sugar, vanilla and salt in a medium saucepan over medium-high heat until bubbles form around the edge. Add the flour all at once and stir quickly with a wooden spoon until no lumps of flour remain. Remove from the heat.
Combine the saffron and milk in a small bowl. Add the saffron mixture to the coconut milk mixture. Beat in the eggs 1 at a time with a wooden spoon. The dough should look soft and glossy. Spoon the dough into a pastry bag fitted with a star tip.
Heat canola oil for deep-frying in a Dutch oven or large, deep skillet to about 350 degrees F, or until the tip of a wooden spoon handle dipped into the oil gives off a slow, steady stream of tiny bubbles. Carefully pipe dough in 6-inch lengths into the hot oil. Fry, turning once, until golden brown on both sides. Drain on paper towels. Combine the granulated sugar, cinnamon and coconut in a paper bag. Close and shake to mix. Put a few warm churros at a time into the bag. Shake until coated. Serve immediately.
Adapted from "Flavors of My World" by Maneet Chauhan, Southwestern Publishing, Inc.