Combine cereal and milk; let stand 5 minutes. Stir in egg and margarine; add carrots, apple and raisins. Combine remaining ingredients in large bowl. Stir cereal mixture into dry ingredients, stirring just until moistened. Spoon batter into 12 large, greased or paper baking cup-lined muffin tins.
Bake at 400ºF (200ºC) for 20 to 25 minutes or until golden brown. Cool in pan 5 minutes and then turn out onto rack to cool. 12 muffins.