Faltfile parsing


Could you please tell me how to parse the below flat file.

<SHIPMENT ******[COLOR=red][B]>[/b][/color] [B][COLOR=#ff0000][/color][/b] [COLOR=black]Here am using "<HEADER", "<SHIPMENT" & "<ITEM" as record identifier, the issue as follows[/color] [COLOR=black][/color] [COLOR=black]1. If we give more characters then the limited for each segment it's not validating, its taking only the required fields lenght.[/color]
  1. For the last “>” value don’t know where to place the variable whether in ITEM segment or SHIPMENT segment.

  2. Or shall we use withoutrecordidentifier (no idea how to create dictionary/schema for the above)

Any one pls suggest some idea…