Cook the khoya with sugar in a non-stick pan, stirring continuously, for about twenty minutes, or till the mixture begins to leave the sides of the pan.
Remove the pan from the heat, add the cocoa powder and chocolate colour, and mix well. Set aside to cool.
Divide the mixture into sixteen equal portions and shape them into peda.
Decorate with almond slivers and set aside for one whole day to set before serving.