How to connect MS SQL Server Express Edition with Splunk DB Connect v1?

I am trying to connect Microsoft SQL Server 2012 Express Edition with Splunk DB Connect V1 through GUI with Following information:

Name- RSD(name given to identify uniquely in splunk)

Database Type - Microsoft SQL Server

Host - IP Address of my own System Since Database is running locally

Port - 1433

Username - sa

Password - Password which is used for SQL Server Authentication
Additional JDBC Parameters - useCursors=true

When I click on Fetch database names. It gives an ERROR java.sql.SQLException: Network error IOException: Connection refused: connect.

Or, I entered database name manually in Splunk Security:

Database - name of my database and click on save then, it gives same error as above.

I have found following logs in dbx.log file

enter code here
2015-04-29 09:34:33.164 dbx7826:INFO:BridgeSession - Executing Bridge command: BridgeExecutionInfo{className=com.splunk.dbx.info.DatabaseList}
2015-04-29 09:34:35.223 dbx7826:ERROR:DatabaseList - Error fetching database catalogs: java.sql.SQLException: Network error IOException: Connection refused: connect
java.sql.SQLException: Network error IOException: Connection refused: connect
at net.sourceforge.jtds.jdbc.JtdsConnection.<init>(JtdsConnection.java:436)
at net.sourceforge.jtds.jdbc.Driver.connect(Driver.java:184)
at java.sql.DriverManager.getConnection(Unknown Source)
at java.sql.DriverManager.getConnection(Unknown Source)
at com.splunk.dbx.sql.type.impl.AbstractDatabaseType.connect(AbstractDatabaseType.java:139)
at com.splunk.dbx.sql.type.impl.MicrosoftSqlServer.connect(MicrosoftSqlServer.java:85)
at com.splunk.dbx.sql.type.impl.AbstractJtdsDatabaseType.listCatalogs(AbstractJtdsDatabaseType.java:48)
at com.splunk.dbx.info.DatabaseList.invoke(DatabaseList.java:34)

I have looked through any related answers that I could find, but no luck.

Some help and insight would be appreciated.