Preheat the oven to 350F. Oil a 10 in. ring shaped cake tin. Blend the oil and sugar; add the honey and soy milk, and beat together. Combine the flour, baking powder, salt, and spices, and add to the oil mixture. Add the carrots, walnuts, and the raisins; mix well and place in the pan.

Bake in the oven for 55 minutes, or until a skewer inserted comes out clean. Let the cake cool for 5 minutes in the pan, and then turn out onto a wire rack.

To make the icing, beat together the flaked coconut, lemon rind, confectioner's sugar, and lemon juice with enough hot water to give the mixture a spreading consistency. Spread the icing over the cooled cake and sprinkle evenly with the toasted coconut.