Discs spinning after being loaded, that's a positive sign, but 'No READ' or 'No Disc' usually means the laser has failed or its output is too weak to read DVDs (DVD players tend to spin discs at a faster speed with a higher read rate than CD decks (obviously to read the video data as well as audio per disc, the optical/laser voltage rating is higher for DVD). So they are more likely to fail quicker than CD lasers but not always.
In short, since the unit is only a player, and may not be brand new or under any warranty, consider replacing it with a new unit or perhaps a DVD recorder (or even a Blu-Ray player - as they are becoming cheaper to buy now) - the cost of repairs/parts for this one would be higher than a new one and not economical, although you can always submit it to a service centre and get a quote (and a second opinion) on the likely cost(s) of parts/repairs involved. It won't be cheap, trust me.
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