In a pan over medium heat, mix together the evaporated milk, condensed milk, sugar, and red food coloring, stirring until sugar is dissolved. Let cool.
Add banana essence and mix until well combined. Place mixture in an ice tray and freeze. Unmold once set.
Using an ice crusher, crush the flavored ice with regular ice cubes and place it in a serving bowl.
Top crushed ice with milk powder, wafer sticks, rice crispies, and mini marshmallows. Drizzle with chocolate syrup and enjoy with friends!