Preheat oven to 180ºC. Grease 23cm round loose-based cake pan or spring form pan at least 7cm deep with butter; sprinkle lightly with flour.
Beat cake mix, oil, water and eggs in a large bowl with electric mixer on low speed until moistened. Beat on medium speed for 2 minutes. Pour into cake pan.
Bake 40 to 45 minutes or until a toothpick inserted in center of cake comes out clean. Cool 10 minutes. Run knife around sides of pan to loosen cake; remove from the pan to cooling rack. Cool completely.
Place sweetened condensed milk, vanilla, cinnamon and water in medium saucepan. Bring to a simmer. Cook over low heat 10 minutes, stirring occasionally. Remove from heat.
Beat whipping cream mix and cold milk in medium bowl as directed on package.
Break the cake into pieces and place into a buttered 2 liter baking dish. Sprinkle with the pecans and raisins. Pour the cinnamon mixture over the cake. Spread whipping cream evenly over top.
Bake 12 to 15 minutes, uncovered, or until the cream begins to turn golden brown. Serve warm, dusted with powdered sugar.
