It is possible that the laser has gone, the part you require is:
Sanyo SF-P101N CD Mechanism - 16 pins (there are 15 pin versions available which have the same product number, the two versions are incompatible)
i have found the part on Ebay (UK) for less than £5, the shop that sells it also suggest replacing the flexible strip that connects the mechanism to the circuit board, the strip costs £2 and replacing it would seem to be a very sensible idea seeing as you have to completely strip the unit to replace the CD mechanism.
My UD-M31 is in bits on my work bench at present, awaiting the arrival of a new mechanism, i'll post again if replacing it solves the problem.
Darkshelves
January 2009