I have read that, this world is formed with the single fabric known as Bramhan which is the Goal of Advait philosophy of Hinduism, Is it true ? What is the exact Advait Philosophy?
The advaita philosophy is often summarized by advaita commentators with one quote from Adi Sankara. It is verse 20 from his Brahmajnanavali-mala. It goes:
Brahman is the Truth, the universe is false, the jiva (individual self) is, indeed, Brahman, not another; By this should be known the Truth of the scripture; Thus is the drumbeat of Vedanta.
Swami Vireswarananda after the Introduction to his translation of the Brahma-Sutras, says in the section entitled Adhyasa Or Superimposition (available here - http://www.wisdomlib.org/hinduism/book/brahma-sutras/d/doc62753.html) [the verse he quotes below is the first half of the verse quoted above]:
The whole of Sankara’s philosophy may be summed up as follows:
ब्रह्म सत्यं जगत् मिथ्या, जीवो ब्रह्मैव नापरः |
brahma satyaṃ jagat mithyā, jīvo brahmaiva nāparaḥ |
—The Brahman of the Upanishads is the only Reality, and everything else—this world of manifoldness—is unreal, is a mere appearance; the individual soul (Jiva) is identical with Brahman, the One without a second, which the scriptures define as Existence-Knowledge-Bliss Absolute. “Brahman is Existence, Knowledge, Infinity” (Taitt. 2.1); “Brahman is Knowledge, Bliss” (Brih. 3.9,28). This identity of the Jiva and Brahman is clearly stated by the scriptures in texts like : “Thou art That, O Svetaketu” (Chh. 6.8.7), “I am Brahman” (Brih. 1-4-10), and “The Self alone is to be meditated upon” (Brih. 1.4.7).
The latest components of the Vedas are teachings called Upanishads. To a large part they are agnostic and speculate about general principles of our world.
Broadly speaking, the Upanishads are teaching a grand unification, expressed in the doctrine
Atman = Brahman.
Here Atman denotes the individual person, while Brahman denotes a fundamental principle which - as it is said - governs the universe. Technically this position is a monism, later called Advaita (= not two) Vedanta (= end of the Veda).
This position has been elaborated to an influential philosophical position in India and in Western Hinduism. Its most well-known advocate in modern times was Vivekananda at about 1900, an earlier influential thinker was Shankara.
Note. Besides Advaita Vedanta there exist different philosophical schools in Hinduism which advocate quite different positions.