Bring the milk to a boil in a non-stick pan; lower the heat and simmer till the milk reduces to half its original volume.
Add the cream, sugar and saffron, and cook till the sugar dissolves.
Squeeze the rosogulla to remove excess syrup and place them in a bowl. Pour the milk-cream mixture over and set aside to cool. When completely cold, place in a refrigerator to chill.
To serve, place a few chilled rosogulla in each bowl. Sprinkle the pomegranate kernels, grated khoya, pistachios and almonds on top and serve at once.