ORA-07617: $FORMAT_CLASS failed translating the binary label to a string
Cause : VMS system service $FORMAT_CLASS failed because the given binary classification was not valid.
Action - How to fix it : DBA Scripts :: www.high-oracle.com/scripts
Examine system error message and refer to SEVMS 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.