I'm afraid that doesn't suffice.
For suppose that m <= n < = s, e.g. m = 4, n = 4, s = 5. Then:
rank(A) <= 4,
rank(B) <= 4,
rank(AB) <= 4.
That, however, doesn't make rule out as impossible following:
rank(A) = 4,
rank(B) = 4,
rank(AB) = 2,
which would make the statement...