Yep, the second one means beautiful. It's a very odd kanji, though. The way that you have it written is wrong. On the other hand, the stroke order is a little strange, so based off of computer type, I would have written the darn thing the same way.
Here's a little something I whipped up in paint to show what I mean by strange stroke order. Forgive the messiness, I can't smoothly operate my laptop mouse for the life of me.
Another strange thing about this kanji is that "mi" isn't even technically a pronounciation--the kunyomi is "utsuku" and the onyomi is "bi." However, when you see it used in a name, it is almost always pronounced "mi." Go figure.
