Monitoring Big-IP using SCOM 2012

In an effort to bring F5 devices under SCOM 2012 infrastructure, we installed the f5 managemnent pack in our SCOM server. While trying to discover the F5 BIG-IP device, the below error occurs. I tried with admin & root credentials with Management & self IP but still the issue persists. Any help to resolve this issue will be highly appreciated?

Execute device discovery:Failure
                Failure Message: F5Networks.Protocols.iControl.iControlException: The remote server returned an error: (407) Proxy Authentication Required.
   at F5Networks.Protocols.iControl.Utilities._HandleWebException(WebException webException)
   at F5Networks.Protocols.iControl.Utilities.WrapNetworkErrors[ReturnType](GenericVoidHandler`1 soapCall)
   at F5Networks.ManagementPack.Discovery.Networking.iControlDiscovery._MakeSoapCall[ReturnType](GenericVoidHandler`1 soapAsyncBegin, GenericTypeHandler`2 soapAsyncComplete)
   at F5Networks.ManagementPack.Discovery.Networking.iControlDiscovery.CoreGetSystemLocalTime()
   at F5Networks.ManagementPack.Discovery.Networking.iControlDiscoveryBase.<>c__DisplayClass1.b__0()
   at F5Networks.ProgressTracking.Tracer.<>c__DisplayClass1.b__0()
   at F5Networks.ProgressTracking.Tracer.DoActionWithTryFinally[TReturnResult](GenericVoidHandler`1 activeCode, VoidVoidDelegate preCode, VoidGenericHandler`1 postCode, VoidVoidDelegate postCodeSuccess, VoidGenericHandler`1 postCodeFailure)
   at F5Networks.ProgressTracking.Tracer.DoActionWithTryFinally(VoidVoidDelegate activeCode, VoidVoidDelegate preCode, VoidGenericHandler`1 postCode, VoidVoidDelegate postCodeSuccess, VoidGenericHandler`1 postCodeFailure)
   at F5Networks.ProgressTracking.Tracer.DoActionWithTryFinally(VoidVoidDelegate activeCode, VoidVoidDelegate preCode, VoidVoidDelegate postCodeSuccess, VoidGenericHandler`1 postCodeFailure)
   at F5Networks.ProgressTracking.Tracer.TraceCall(VoidVoidDelegate activeCode, String action, String area, String category, Int32 id)
   at F5Networks.ManagementPack.Discovery.Networking.iControlDiscoveryBase.get_SystemLocalTime()
   at F5Networks.ManagementPack.Discovery.DiscoveryManager.DiscoverDevice._ConnectToDeviceAndPushCertificate(Credentials deviceCredentials, ManagementPackIQueryConnection deviceConnection, Boolean refreshAllDeviceInfo)
   at F5Networks.ManagementPack.Discovery.DiscoveryManager.DiscoverDevice._ConnectToDevice(Credentials deviceCredentials, Boolean refreshAllDeviceInfo)
   at F5Networks.ManagementPack.Discovery.DiscoveryManager.DiscoverDevice._Execute(DiscoveryInfo discoveryInfo)
   at F5Networks.ManagementPack.Discovery.DiscoveryManager.DiscoverDevice.<>c__DisplayClassc.b__a()
   at F5Networks.ProgressTracking.ProgressEventSourceBase`1.<>c__DisplayClass6.b__5()
   at F5Networks.ProgressTracking.ProgressEventSourceBase`1.<>c__DisplayClassb`1.b__8()
   at F5Networks.ProgressTracking.Tracer.DoActionWithTryFinally[TReturnResult](GenericVoidHandler`1 activeCode, VoidVoidDelegate preCode, VoidGenericHandler`1 postCode, VoidVoidDelegate postCodeSuccess, VoidGenericHandler`1 postCodeFailure)
   at F5Networks.ProgressTracking.Tracer.DoActionWithTryFinally[TReturnResult](GenericVoidHandler`1 activeCode, VoidVoidDelegate preCode, VoidGenericHandler`1 postCode)
   at F5Networks.ProgressTracking.ProgressEventSourceBase`1.DoActionWithProgressNotification[TReturnResult](GenericVoidHandler`1 activeCode, String action)
   at F5Networks.ProgressTracking.ProgressEventSourceBase`1.DoActionWithProgressNotification(VoidVoidDelegate activeCode, String action)
   at F5Networks.ManagementPack.Discovery.DiscoveryManager.DiscoverDevice.Execute(DiscoveryInfo discoveryInfo)
   at F5Networks.ManagementPack.Discovery.DiscoveryManager._SyncFinishDiscovery(DiscoverDeviceHandler discoveryHandler, DiscoveryInfo info)
   at F5Networks.ManagementPack.Discovery.DiscoveryManager._AsyncFinishDiscovery(AsyncDiscoveryInfo asyncInfo)           Attempt to connect to the iControl device socket:Success
                Attempt to connect to the iControl device socket:Success