ORA-24235: bad value for object type: string
Cause : The specified object type was not appropriate.
Action - How to fix it : DBA Scripts :: www.high-oracle.com/scripts
Make sure the specified object type is one of the following: package, package body, procedure, function, trigger, type, and type body.
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.