Preheat oven to 350°F. Grease and flour a 9x13inch baking pan. Set aside.
For the cake, in a large bowl, beat together the oil, 1/2 cup sugar, and egg yolks until thick and well-combined. Stir in the milk, spices and orange zest until smooth. Add the flour, baking powder and salt and stir until just combined.
In a separate bowl, beat the egg whites and remaining 1/4 cup sugar until stiff, glossy peaks form. Gently fold the egg whites into the batter, adding it in batches. Do not over mix at this stage or else the whites might deflate. Fold in the carrot, raisings and walnuts. Pour the batter into the prepared pan and spread out evenly. Bake until golden brown and a toothpick, inserted in the center, comes out clean, about 20 to 25 minutes. Remove from the oven and allow to cool completely.
Use a chopstick or long skewer to poke holes all throughout the cooled cake. In a large measuring cup, whisk together the evaporated milk, condensed milk, heavy cream and vanilla extract. Pour this mixture completely over the top of the cake. Cover with plastic wrap and chill for at least 4 hours or overnight to allow the cake to soak up the milk mixture.
To make the topping, in a large bowl, beat together the cream cheese, vanilla and salt until creamy. Add the heavy cream and powdered sugar and beat until smooth and slightly thickened. Dollop over the cooled cake and spread out into an even layer. Sprinkle the top with chopped walnuts and cinnamon. Chill for at least 30 minutes before slicing and serving. Enjoy!