Meaning of Mool Mantar

Have you listened 'Ek Ongkar' in Rang De Basanti ? and wondered what did it mean? Its actually the moolmantar in sikhism which is sung beautifully in movie as background score. the moolmantar starts with 'ek ongkar' goes till 'gurparsad'.

Original Moolmantar Text in Roman -

Ik­oaʼnkār saṯ nām karṯā purakẖ nirbẖa­o nirvair akāl mūraṯ ajūnī saibẖaʼn gur parsāḏ.

Meaning :
Ik­oaʼnkār - only one God.
saṯ nām - Truth is his name
karṯā purakẖ - the creator
nirbẖa­o - without fear
nirvair - without hate
akāl mūraṯ - timeless and without form
ajūnī saibẖaʼn - beyond birth and death, The enlightened one
gur parsāḏ.-known by the Guru’s grace

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Jap = Remember Him and Embrace His meditation
Aad Sach = He was present in the beginning
Jugaad Sach = He was present before the Yugas (ages) began.
Hai Bhee Sach = He Is present now
Naanak Hosee Bhee Sach. 1 he shall certainly be present in the future. says guru nanak.

After Gurparsad, these are first few words of japji sahib recited by Sri Guru Nanak Dev Ji.

For any questions on it. feel free to post them in comments. will try to get answers for you :)