UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                 FORM 10-K-SB/A

                                Amendment No. 1

              ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                        SECURITIES EXCHANGE ACT OF 1934

                    For the fiscal year ended April 26, 1997

                           International Cutlery, Ltd.
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             (Exact name of registrant as specified in its charter)

Delaware                                                       13-3796781
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(State or other jurisdiction of                             (I.R.S. Employer
incorporation or organization)                            Identification No.)

127 West 25th Street                                             
New York, New York                                               10001
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(Address of principal executive offices)                       (Zip Code)

(212) 924-7300 (Registrant's telephone number, including area code)
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Securities registered pursuant to Section 12(g) of the Act:

Title of each class                         Name of exchange or which registered
-------------------                         ------------------------------------

Common Stock, Par Value $0.01                         OTC Bulletin Board
Class A Redeemable Common Stock Purchase
  Warrant                                             OTC Bulletin Board
Class B Redeemable Common Stock Purchase
  Warrant                                             OTC Bulletin Board

Securities registered pursuant to Section 12(g) of the Act:

                    Common Stock, par value $0.01 per share
                    ---------------------------------------
                Class A Redeemable Common Stock Purchase Warrant
                Class B Redeemable Common Stock Purchase Warrant
                                (Title of Class)


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<PAGE>

WE ARE HEREBY FILING AMENDMENT NO. 1 TO FORM 10-KSB THE FINANCIAL DATA SCHEDULE
EXHIBIT 27 WHICH WAS INADVERTENTLY LEFT OFF THE INITIAL FILING.
<PAGE>

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities and
Exchange Act of 1934, the Registrant has duly caused this Amendment to be filed
in accordance with Rule 12b-15 of the Securities and Exchange Act of 1934, to be
signed on its behalf by the undersigned thereunto duly authorized in the City of
New York and State of New York on the 12th day of August, 1997.

                                            International Cutlery, Inc.

                                            By: /s/ Joel Silver
                                               -----------------------------
                                               Joel Silver
                                               Chairman and Chief
                                               Executive Officer


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