Welcome to the forum, Prashanth.
I removed the flanges from the bottom and converted the the remainder. I then created the flanges.
This was easier to me than to try to create the rips needed. For some reason, I just cannot make those happened.
If I wanted to make this as a part, however, I might consider making it from 3 pieces. One wrap and 2 side panels.
Obviously I had to guess where you wanted the seams 