ORA-15197: suppressing string additional ASM messages
Cause : The ASM command generated so many erorrs that this summary message was reported in place of many individual messages.
Action - How to fix it : DBA Scripts :: www.high-oracle.com/scripts
If the command contained multiple actions, try separating each action into its own command and executing each command by itself. Otherwise, try not to generate so many errors.
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.