Grease a 10 inch bundt pan really well with non stick spray and place it in a large steamer pan, set aside. Pre-heat water in steamer pot.
Transfer the water, sugar and about 1/2 tsp. Yellow food colour in a sauce pan. Simmer on medium heat for 8 - 10 minutes until syrup consistency is achieved. Transfer the caramel sauce into the bottom of your greased bundt pan making sure to cover the bottom well.
To make the cake batter, in a large bowl, whisk together all of your dry ingredients and make a well at the centre.
Pour all the wet into the dry ingredients and mix well using a hand held electric mixer and set aside.
In a bowl, add the evaporated milk, condensed milk, cream cheese eggs and vanilla. Mix it using a hand mixture or whisk or into a blender until you have a smooth mixture. Use a strainer to transfer the egg mixture into the prepared bundt pan. Set aside.
Add the cake batter on top of the caramel, smooth the top so its nice and even.
Steam for 1 hour to 1 1/2 hour on low heat, look to see that the top of the cake is firm. Or do a stick test.
Allow to cool for about an hour, invert it onto a platter and enjoy!