I've a python script in the network machine, I can open the network through 
   explorer and have access to the script. Through that script from network,I      want to create some folders/files and write/read some files in my localhost.         Is there a way to do this in python?
The good part is: you have read access on the script.
What you need is a python installation on your local machine and preferably a drive letter mapping to the script's folder. If not already mapped, this can be scripted with net use <letter>: \\<remote host>\<shared folder>.
Then it's as easy as cd <letter>:\<path>\ ; python <script>.py.
Then to the output of the script. Apparently it creates files. Can you supply the target folder on the script's command line? In that case just supply a local path.
How to run python from a network machine to local host?