> C_SRCS = \
>+       asmparser.c \
>+       blob.c \
>+       bytecodewriter.c \
>+       compiler.c \
>+       preproc.c \
>+       reflection.c \
>+       ../d3dcompiler_43/utils.c \

Since you have PARENTSRC set, have the path doesn't make sense.

>         d3d10_main.c \
>         effect.c \
>         shader.c \
>         stateblock.c \
>         utils.c

       ^^^^^^^^^^^^^^

Is there a reason you are including two utils.c files?  Wouldn't they  compile to the same place?

Regards

Alistair.