You can find the Import menu entry in the Bookmarks Manager (Library)

• Bookmarks > Show All Bookmarks > Import & Backup > Import Data from Another Browser
• http://kb.mozillazine.org/Import_bookmarks

If there are problems with importing the IE Favorites in Firefox then export the favorites in IE to an HTML file and import that file in the Firefox Bookmarks Manager.

If you do not have the menu bar in IE then right-click the toolbar at the top to enable the Menu Bar.

• Export the favorites in IE to an HTML file (bookmarks.html):
  File > Import and Export
• Import the HTML file in Firefox:
  Bookmarks > Show All Bookmarks > Import & Backup > Import Bookmarks from HTML

See "Import from another browser" and "Import from file":

• http://kb.mozillazine.org/Import_bookmarks

I have large # of folders which I need in my firefox E-mail ...

Firefox doesn't do email, it's strictly a web browser.

If you are using Firefox to access your mail, you are using "web-mail". Seek support from your service provider or a forum for that service.