The application used to have a custom splash screen on both Android and iOS which I placed under /app/themes/custom/assets/android/Default.png and configured the app to have theme:"custom" in config.json. This is how I got it done with Alloy 1.2.0 and Titanium 3.1.3
Migrating to Ti 3.2.0 and Alloy 1.3.0 the splash screen works for iOS but not for Android. In android I just see the red 'Powered by Titanium' splash.