Heat oil in deep-fryer or heavy deep skillet to 375 degrees F (190 degrees C).
In a medium bowl, whisk together the evaporated milk, sugar, salt, water and egg. Gradually mix in the flour.
Dip a rosette iron into the batter, then into the hot oil. Fry until golden, and drain on paper towels. Dust with confectioners' sugar before completely cool.
