OK, just out of interest what's the error message that you're getting back from the API call?
I still think it's to do with the interpretation of that :$PROFILES$ thing... Just humour me for a minute, and try doing some sort of apps_initialise at the start of your wrapper script, e.g.
FND_GLOBAL.apps_initialise (user, responsibility etc);
Just one other thing: what's the rest of the definition of the valueset? Do you, for instance, have something in the 'ID column' such as ORGANIZATION_ID?
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