Advertised Shortcut Info

Advertising info for a shortcut is stored in CLSID\{Class ID}\inproc Server32, junk value in InProcServer32 contains the advertising info.

Sorry, but that's not true. The Darwin Descriptor for COM advertising (ActiveX/COM Component) is stored as the InProcServer32 registry value.

The advertised shortcut's TargetPath is a combination of the ProductCode & Darwin Descriptor + some tags. Open the shortcut using ex. notepad and you'll find the descriptor there.

A Darwin Descriptor is an encoded string and when decoded produces a combination of the ProductCode, Feature & ComponentId(s).
As the Darwin Descriptor is stored as a "REG_MULTI_SZ" entry it can contain more then one descriptor where other packages may have installed the same component.

You should be able to find Darwin Descriptors under the following locations (I'm sure I've missed some)

HKCR\CLSID\<CLSID>\InprocServer32
HKCR\Installer\Assemblies
HKCR\Installer\Components
HKCR\Installer\Win32Assemblies
HKCR\<ProgId>\shell\<MyCustomName; Open, Edit or whatever you want>\command
HKLM\SOFTWARE\Microsoft\Windows\CurrentVersion\Installer\UserData\<SID>\Products\<Compressed ProductCode>\Features
<TargetPath of the Advertised Shortcut>

Well Notified AngelD.
This was a worth information to share over here.

Start -> Program -> right click on particular shortcut -> select Properties;
If it shows any target files then it is Not advertised shotcut.
An advertised shortcut will not show any target file.