In a large mixing bowl, using a wooden spoon (do not use a mixer), combine oil and sugar until blended.
Add eggs, one at a time, mixing well after each addition, and vanilla. Gradually add dry ingredients, stirring until well blended.
Add shredded carrots, chopped nuts, pineapple and coconut and mix just until combined.
Bake for 50 minutes or until top of cake springs back when lightly touched.
After cake has cooled, top with cream cheese frosting or serve plain.
Cream Cheese Frosting:
Cream together the cream cheese and butter.
Add confectioners' sugar, milk, vanilla and most of the toasted coconut. Let cake cool completely and spread frosting on top. Decorate top with toasted coconut, if desired. Variation: Substituting 1 teaspoon of lemon zest for the vanilla and 1/2 teaspoon of fresh lemon juice for the milk will produce a nice lemony frosting.