Soak the rice in water for 3-4 hours. Drain the water and make a fine paste.
Heat milk in a heavy bottom pan and bring to boil.
Add the rice paste with the milk and lower the flame. Keep stirring constantly to mix well. There should not be any lump left and the mixture should be smooth.
Add rose water and cinnamon powder and cook on low to medium flame for 10 minutes by stirring constantly.
Turn off the flame and add the condensed milk. Mix well.