Mix together eggs and water. Set this aside.
Place 1/3 cup of cornstarch in bowl for dusting of shrimp.
Mix in a separate bowl, 1/3 cup (the remainder) of cornstarch, coconut, sugar, salt and flour and blend well.
Heat oil for deep-frying.
Roll shrimp in cornstarch, then in egg and finally roll in coconut mixture.
Place shrimp in hot oil and deep fry until done. Take care not to overcook them.