Heat 1 cup sugar and ¼ cup of water in a small, heavy-duty saucepan over medium heat, stirring constantly, for 6 to 8 minutes or until sugar is dissolved and mixture is caramel-colored. Pour into a 9- or 10-inch-round cake pan; let cool.
Heat 2 cups water, rice, salt, cinnamon and nutmeg in medium saucepan over medium-high heat; let cook until the rice is soft. Remove from heat; let cool.
Place cooled rice, evaporated milk, LA LECHERA® Sweetened Condensed Milk, butter, lemon peel, vanilla extract and eggs in blender; cover. Blend until smooth.
Pour mixture into mold with caramelized sugar; cover with foil. Place pan in large roasting pan; fill roasting pan with warm water to about 1-inch depth. Cook for 1 hour or until a wooden pick inserted comes out clean. Remove from the oven; let cool. Unmold flan; set aside.
Heat remaining ¼ cup water, remaining ½ cup sugar and raisins in small saucepan over medium heat; cook until it forms a light syrup. Remove from heat; let cool and serve with the flan.