In a mixer, place the eggs and the sugar, beat until the mixture reaches a lighter-color. Add the oil and beat again until combined, gradually add the milk and the flour, keep beating until all ingredients are well mixed. Add the baking powder and mix.
Grease a baking tin with butter and flour, pour the batter into this baking tin and bake in a preheated oven at 180°C (356°F) for 50 minutes or until the top is golden brown (do the toothpick test).
Cut the cake into large slices, into the baking tin.
In a bowl put the condensed milk and the coconut milk, mix well, pour this cream all over the cake and cover the cake with a plastic bag touching the cream. Take it to the fridge until well chilled.
Remove the plastic bag and sprinkle some grated coconut over the cake.
Serve.