COMBINE water, sweetened condensed milk, cinammon sticks, anise and cloves in medium saucepan. Heat over medium-high heat, stirring occasionally, until boiling. Reduce heat to low; cover. Cook for 15 minutes. Remove from heat; stir in coffee granules until dissolved. Cover; steep for 5 minutes.

STRAIN coffee mixture through a fine sieve into 13 x 9-inch baking pan; cover with plastic wrap. Freeze for 4 to 5 hours, stirring every hour to break up ice crystals, until slushy. Serve in individual glasses; serve with dollop of whipped cream. Sprinkle with cinnamon.