In a large saucepan, heat oil to shimmering. Add spices and stir-fry gently until fragrant, 30 seconds to 1 minute. Add rice and stir-fry 3 to 4 minutes, until rice is coated with seasoned oil and begins to turn opaque. Add water and vegetables and cover. Cook on low heat until water is absorbed, about 20 to 25 minutes. When ready to serve, remove bay leaf and fluff rice to mix in vegetables. Sprinkle with cilantro if you like. Put a wedge of lime on each person's plate before serving so that guests may squeeze a little juice over their rice and veggies.