ORA-24362: improper use of the character count flag
Cause : When the character count flag is set, then the maximum size of the buffer in the server should be specified as a non-zero value.
Action - How to fix it : DBA Scripts :: www.high-oracle.com/scripts
Please use a non-zero value for the mamimum size of the buffer in the server.
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.