Make Caramel

1. In a medium saucepan over medium-high heat, add water, sugar and lime juice.
2. Bring to a slow boil and cook until caramel becomes golden-brown
3. Remove from heat and pour into a 9" round baking dish, making sure the caramel covers the entire dish and sides
4. Sprinkle grated coconut on the bottom of the mold (atop caramel) and set aside to let cool

Make Flan

1. Preheat oven to 325º
2. Fill a large pot with water and bring to a boil. Set aside for later use
3. In a large bowl, beat eggs and sugar until well mixed
4. Add both milks and switch to a wooden spoon, stirring slowly to avoid creating bubbles. Stir in vanilla
5. Pass through a fine-mesh strainer into the caramel-glazed baking molds
6. Place molds into a baking pan (that fits all four molds) and carefully pour the hot water (that was set aside from earlier) around the dish, creating a water bath. Bake 45 minutes to 1 hour, or until the custard is set and a toothpick comes out of the center clean
7. Allow to cool completely
8. To serve, invert onto a plate