Well, this way or another, I made what I wanted.
Used this link for help:
Used the following switches with php configure:
./configure --enable-static --disable-cgi --without-mysql --disable-all --with-mcrypt
I didn't need PHP CGI support, all I needed was PHP on cli with mcrypt support. So, that's it. It's done. After make a portable PHP binary is available.
Though it still needs libmcrypt installed as dependency on system. But, good thing is it doesn't need to port any PHP module/extension with it. That I can live with.
I tried using Statifier to build a perfect portable PHP, but that gave segmentation fault.
Ermine trial did pretty well making the installed php to make a portable php, which does not need any dynamic linked dependencies on system. But, that's trial.
Anyway I'm happy that I got a bit of what I was looking for.
Thanks for any help provided here.