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Grease a round baking pan of 8 inches diameter x 2 inches height with butter or a non-stick spray.
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Preheat the oven to 180 degrees Celsius/356 degrees Fahrenheit for 30 minutes.
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Now sift the dry ingredients together. (All purpose flour, Cocoa powder, Baking powder and Baking Soda).
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In another large mixing bowl, mix wet ingredients condensed milk, oil, milk, water and vanilla extract.
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Pour the wet ingredients to dry mixture and whisk it together with a wired whisk.
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There is no need to use hand mixer.
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Consistency should be not very thin nor very thick.
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Bake for about 30 minutes or until the skewer inserted into the center of the cake comes out clean.
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Insert a toothpick in the center of the cake and it comes out clean.
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Switch off the oven.
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Let the cake sit in oven with the door opened slightly for 5 minutes.
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This prevents cake from sinking at the bottom.
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Remove the cake from oven and place on a wire rack to cool.
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Once the cake is cooled completely, apply the chocolate ganache frosting on it.
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Garnish cake with almond and pistachios.