Web Service (instance specific error)

Hi All,
I'm using NAV 2009 SP1, and when try to list the services using url :http://localhost:7047/DynamicsNAV/WS/Services
system throws following error,
* I have made sure that the server is configured for the remote access.
Can someone please suggest, what am I missing, thanks.

Error Message :
- <s:Envelope xmlns:s="http://schemas.xmlsoap.org/soap/envelope/"&gt;
- <s:Body>
- <s:Fault>
<faultcode xmlns:a="urn:microsoft-dynamics-schemas/error">a:Microsoft.Dynamics.Nav.Types.Exceptions.NavNCLChangeListenerConnectionFailedException</faultcode>
<faultstring xml:lang="en-US">The Microsoft Dynamics NAV Server cannot connect the Change Listener to SQL Server because of the following error: A network-related or instance-specific error occurred while establishing a connection to SQL Server. The server was not found or was not accessible. Verify that the instance name is correct and that SQL Server is configured to allow remote connections. (provider: SQL Network Interfaces, error: 26 - Error Locating Server/Instance Specified)</faultstring>
- <detail>
<string xmlns="http://schemas.microsoft.com/2003/10/Serialization/">The Microsoft Dynamics NAV Server cannot connect the Change Listener to SQL Server because of the following error: A network-related or instance-specific error occurred while establishing a connection to SQL Server. The server was not found or was not accessible. Verify that the instance name is correct and that SQL Server is configured to allow remote connections. (provider: SQL Network Interfaces, error: 26 - Error Locating Server/Instance Specified)</string>
</detail>
</s:Fault>
</s:Body>
</s:Envelope>

Content of the customsetting files are as below.

<?xml version="1.0" encoding="UTF-8"?>
<appSettings>
<!--
The network protocol used to access the database.
Valid options: Default, NamedPipes, Sockets
-->
<add key="NetType" value="Default"></add>
<!--
Name of the database server to connect to.
-->
<add key="DatabaseServer" value="HKFIN05-TEST"></add>
<!--
Name of the database instance to connect to.
-->
<add key="DatabaseInstance" value=""></add>
<!--
Name of the database to connect to.
-->
<add key="DatabaseName" value="Mirgation"></add>
<!--
Name of the Microsoft Dynamics NAV Server instance to connect
to (for client) or listen on (for server).
-->
<add key="ServerInstance" value="DynamicsNAV"></add>
<!--
The listening TCP port for the Microsoft Dynamics NAV Server.
This is part of the server's URL.
Valid range: 1-65535
-->
<add key="ServerPort" value="7046"></add>
<!--
The listening HTTP port for the Microsoft Dynamics NAV
Business Web Services.
This is part of the web service's URL.
Valid range: 1-65535
-->
<add key="WebServicePort" value="7047"></add>
<!--
Turns on or off the https for Web Services
-->
<add key="WebServiceSSLEnabled" value="false"></add>
<!--
Maximum permitted size of a Web Services request, in kilobytes
-->