Two foreign-based Irish-registered companies were fined yesterday for failing to keep proper books of accounts.

Carmaster, an Italian-owned international telephone discounting company with a registered address at Dollard House, Wellington Quay, Dublin, was fined €500 after admitting failing to keep proper records for 1999.

Mr Kevin Creedon, an officer with the Office of the Director of Corporate Enforcement, told Dublin District Court the company's auditor brought the offence to the attention of the Companies Office after he issued a qualified report in the annual audit. There was no loss or gain to anyone.

Counsel for Carmaster said there were two directors and a single shareholder in the company, which was registered here for tax purposes. There were no employees and no day-to-day expenditure, which resulted in them failing to realise that they needed to keep books of account.

After early success, its market became saturated and the intention was to wind it up voluntarily.

Rake Street Ltd, a London-based commercial property rental company, with a registered address at Central Chambers, Dame Street, Dublin, was fined €1,500 after pleading guilty to failing to keep proper records for 2000, 2001 and 2002.

Defence counsel said its only business was the rental of two commercial properties and it carried out 100 transactions a year. As soon as the owners became aware of the situation they took steps to rectify it and now keep full and proper books.