1) Preheat the oven to 190°C.
2) Bring the water to a boil in a medium-sized, heavy, ovenproof saucepan. Add the rice, cover, and simmer for 20 minutes, until rice is nearly cooked.
3) In a large bowl, whisk the soy milk, sugar, and salt. When the rice is cooked and still hot, add the soy milk mixture and cinnamon stick. Cover, place in the oven and cook for 45 minutes.
4) Remove from the oven, uncover, and remove the cinnamon stick. Stir in the vanilla, cinnamon and nutmeg. Pudding will be slightly liquidy; the liquid will continue to absorb into the rice and thicken as the pudding cools.
5) Distribute among eight bowls, drizzle each with one teaspoon of the condensed milk. Dust with cinnamon and nutmeg, if desired.
6) Serve warm or at room temperature.