1. Preheat oven 400F (200C).
2. Sift the flour along with baking powder and soda together in a bowl.
3. In another bowl, mix the condensed milk, butter, vanilla essence along with water.
4. Stir well until combined.
5. Pour the wet into the dry and mix gently.
6. The batter should be of a dropping consistency.
7. Pour this into a greased (7 inch) diameter cake pan.
8. Bake for 10 minutes and then reduce the heat to 300F (150C) and bake for another 15 minutes.
9. You know it is ready when the cake starts leaving the sides of the pan, get a brown tinge and as a further check – insert a skewer in the centre of the cake and it should come dry and clean.
10. Remove from the oven.
11. Let it sit for a few minutes (say about 5 minutes).
12. Invert it upside down (so that the bottom is now on top) on a plate.

Courtesy: http://chefinyou.com/