Resolution:
When newer minor version of SmartMapper is installed, the hotfix jar files of the old version SmartMapper nneds to be removed, otherwise it might cause issue.

Ex: When SM 5.3.0 + hotfix05 is installed, and then upgraded to SM 5.3.2, in the Installation Manager, it shows SM 5.3.2 installed, however, in the Designer Help-&gtRuntime Environment-&gtSmartMapper Resources, it would still show as SM 5.3.0. Because  wrong SM jar files were used by designer. For more details details of removing older jar files, refer to Smartmapper hotfix 'readme.txt'  before installing newer version of SM.