Start by typing an alphabet. Press Ctrl+T and rotate a bit.
Duplicate the layer. Fill it with black color. Move this layer below all the layers in layer order in layer palette. Now move this layer to right a bit.
Double click the layer to open layer style window. Apply settings as shown.
Similarly add more alphabets.
Create a circular frame shape using custom shape tool. Press Ctrl+T. Right Click and select distort. Adjust the nodes to get the shape as shown.
Move these circular layers below all the layers in layer order in layer palette.
Apply same effect we used for the alphabets.
Type other details.
Create a rectangle as shown. Move this layer right above the circular layers in layer order in layer palette.
Create "Target" shape using custom shape tool. Fill it with black color and place as shown in the image below.
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