Preheat oven to 375°F.
Grease an 8 "x 12" baking pan.
Using a stand up mixer, cream the butter and sugar, then add the vanilla and the eggs and beat for additional 2-3 minutes.
In a separate bowl sift flour, and baking powder. Mix in the cinnamon, salt, and nutmeg.
Slowly begin adding the flour mixture to the butter mixture. Add the evaporated milk ½ cup at a time. Add the coconut milk.
Finally add the shredded coconut ½ cup at a time.
Pour into baking pan, and bake for 30-40 minutes or until cake tester comes out clean.
Place the cake on a cooling rack, and allow it to come to room temperature.