Put a pyrex loaf pan out where you can get to it quickly. Make the caramelized sugar - put the sugar in a small pan with a couple tablespoons of water and swirl it around to mix. Turn the heat to medium high (if you have a gas stove, you don't want the flames coming up the side of the pan). Do not stir the sugar yet! I know you want to, but don't. Wait until it starts to turn golden around the edges, THEN you can stir. I am adding a photo of when you can start stirring in case you are tempted to start sooner.
Once the sugar starts to brown, don't STOP stirring - keep it moving until it is golden brown, just a shade lighter than you want as it will darken a bit in the pan.
Pour into the pyrex, then grate a good amount of nutmeg over it and sprinkle on the coconut. Put it aside to set up for a few minutes
Beat the eggs, milks and vanilla and salt together until they are nice and frothy. Pour them into the pyrex over the coconut and sugar.
Put the loaf pan in another, larger pan and fill 1" of cold water, and place it in a cold oven. Turn the oven on to 350 and bake for about an hour and 20-30 minutes, until the flan is set in the middle.
Cool for awhile, then run a knife around the edge. Put a plate over the top and flip. Don't dilly-dally, go ahead and flip it. Scrape as much of the stuck on sugar and coconut in the pan onto the flan as you can. Lick the spoon.
Tasty served warm or chilled. That pan is going to need to soak in warm water for awhile, and you might consider changing out the water every hour or so.
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