In a heavy saucepot start boiling milk on a medium flame. Keep stirring, so it doesn't stick to the bottom. Reduce the milk to half its quantity. Turn the gas off and keep it aside.
In heavy pot heat ghee on low, medium flame. Sauté the coarsely ground and chopped walnut mix till light golden. Please keep an eye as it burns very quickly.
Now add in the reduced milk to this mixture and mix it very well. Fry this mixture for 3-5 minutes and add in the milk powder. Mix quickly, making sure there are no lumps. You might want to switch to a whisk. Now fry it till all the milk is evaporated.
Now add in the cream and 1 cup milk. Add in the cardamom powder, nutmeg powder and saffron.
Mix it well and again cook this mixture till all the milk is evaporated. Keep stirring the mixture with a spoon to get to this stage. When you touch the mix, it shouldn’t stick to your finger.
Now add in the sugar and 1/3 cup milk. Mix it well and cook it till the mixture is glossy. If you want a really firm consistency, then cook this mixture till it doesn't stick to your finger, or little sticky is ideal if you wish to a softer texture.
When it is done, take it off the heat and transfer it to another bowl or it will become too hard. Garnish it with chopped walnuts and desiccated coconut.
Serve warm and enjoy!