Ladies fancy images. monograph. "SM" (?) 1st quarter of the 20th century.

[AlexSpb]

Here's a small (d = 9cm ) kruglyashok .
Most likely, the Russian thing , I bought 15 or 20 years ago in a (can not remember ) of the old collection.
Reminds even cover from the small box , but " consumer goods " such as Palekh in a style I do not recall.
The monogram is quite readable , so if someone came across this artist , and possibly will think ...