ORA-07622: smscre: $CREATE failure
Cause : While creating the system global area (SGA) backing file, VMS system service $CREATE failed.
Action - How to fix it : DBA Scripts :: www.high-oracle.com/scripts
Examine the system error message and refer to VMS documentation.
Well, the reason for above error is that i have taken the above script from a 11g database and running it on 10g database. 11g has bring some changes in password management. Below code is executed on 11g and user created successfully, which is expected result.