ORA-12687: Credentials expired.
Cause : The credentials that are used to authenticate the user for the requested connection have expired.
Action - How to fix it : DBA Scripts :: www.high-oracle.com/scripts
Renew your credentials. Refer to the documentation specific for your Network Authentication Adapter on how to do this.
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.