Stir together water & sugar in a small saucepan. Bring to a boil & add walnuts. Boil for 2 minutes, then drain & place walnuts on a cookie sheet to dry.

Whip egg whites in a medium bowl until foamy. Stir in mochiko until it has a past consistency. Heat oil in a heavy deep skilled over medium-high heat. Dip shrimp into mochiko batter & fry in the hot oil until golden brown, about 5 minutes. Remove with a slotted spoon & drain on paper towels.

In medium serving bowl, stir together the mayonnaise, honey & sweetened condensed milk. Add shrimp & toss to coat with the sauce. Sprinkle the candied walnuts on top & serve.