Steps to build iptables binary.

1. untar the tarball.
2. ./configure --enable-static --disable-shared --prefix=`pwd`/bin --host=armv7a-mediatek451_001_vfp-linux-gnueabi
3. make CC=/mtkoss/gnuarm/vfp_4.5.1_2.6.27_cortex-a9-rhel4/i686/bin/armv7a-mediatek451_001_vfp-linux-gnueabi-gcc
4. make install

And then the binary will be generated at folder iptables-1.4.15/bin/sbin
