Rasterize the layer and erase the left portion of the rectangle to have a shape like that. Change the foreground color to #3F678F and draw a circle with the help of ellipse tool. Duplicate and place the circle as shown in the figure. With the help of brush tool, draw a white line as shown in the figure. Add little shadow below the image by selecting gray color and draw with the help of brush tool. Our smiley is ready :-)
