I'll go with the idea that the "M" means Merida -- is that Taiwan or Japan? I understand how much of the tooling works - I've been to Taichung, TW and have been in many bicycle frame and parts factories. The only thing that confuses me -is that for some one like Huffy - they should have single-spec-ed or single-jobbed most of these models. I cant believe the confusion about the origin.
I can tell you one thing - back in 1992 - I knew how to import a sub $200 bike with an aluminum frame.....