In a heavy saucepan, combine milk, vanilla extract, sugar, cinnamon, and nutmeg. Stir over medium heat until sugar is dissolved. Lower heat and keep the mixture at a simmer.
In a second saucepan, melt margarine over low heat. Add rice and stir to coat. Add apple juice and cook over low heat, stirring, until most of the liquid is absorbed. Ladle the hot milk mixture, 1/2 cup at a time, into rice mixture, stirring after each addition. Keep adding hot liquid until all milk is used and rice has a soft, creamy texture.
Spoon into dessert dishes and sprinkle with additional ground cinnamon. Serve warm.