I got the solution. It’s very simple.
$logo = get_field('field_53368dabb411e', 'manufacturer_'.$m->term_id);
As documentation says that we can pass POST ID as second argument, This can also be options / taxonomies / users / etc.
Now I have to work with custom taxonomy. So if I pass taxonomy term id as second parameter, it doesn’t work. It search value in wp_postmeta table, which is wrong. Because ACF didn’t store taxonomy/relationship field data in wp_postmeta table. It stores in wp_options table.
So now problem is how to pass argument that ACF get actual value. I search all code related to relationship field and how ACF insert & get data from DB. I just concat the taxonomy slug + ‘_’ + taxonomy term id and I got my result.
I don’t know whether this is bug is plugin or they forgot to update or mention in documentation, but I got my desired result with this hack.
