As said Shayne very runny diluted milk, not a patch on the old stuff. From what you have said, they have changed the formula then ? I know it is supposed to be a milky colour that dries black, but this was just like painting coloured water on, and after 1 coat and letting it dry there was not much transition in colour, whereas the Granville was near enough black with the 1 coat.
Granville is still milky and runny prior to application, but has more 'substance' to it, and goes much further without skimping. Aquasteel is off the menu for me now, wouldnt use it, if it was free !