Here is what I've done but unfortunately, none works:
1) Install Sony Update Service, select Xperia Ray and reinstall the latest firmware. [Result: Successful, but still stuck at Sony Logo]
2) Download the .ftf (I flashed almost all version, GB, JB etc) , wipe everything, and flashed using flashtool. [Result: Successfully flashed, but still stuck at Sony Logo]
3) Unlock the bootloader, using Flashtool, I flashed several custom kernel and rom combination, (Lupus, Xkernel, Ice Bean Rom, MIUI rom, Xperia HD rom). [Result: Successfully flashed the custom kernel and rom, CWM from the kernel loads fine to flash the rom, but after flashing, still stuck, this time at the kernel's logo]
4) Relock the bootloader, tried to reflash the firmware using Sony Update Service again. [Result: Successfull, but stuck at Sony logo, again]
That's it, please help me, anyone have any idea on what can I do to solve this? Is it possible that this is the hardware defect, not software?
I'll really appreciate your help.