Dear Karan,
First of all, Knowage has a new "Knowage Meta Web" component, that you can use in order to create a Business Model. But now you can't use this to create a Mondrian schema, we are going to develop a new designer in the following version.
Anyway, you can find usefull informations on Knowage_6.x_CE_Manual.pdf - chapter 4.10 - My first OLAP
Best Regards
Angelo