diff -w -r -C 2 ocaml-3.12.0/bytecomp/translmod.ml ocaml-3.12.0+recmodules/bytecomp/translmod.ml
*** ocaml-3.12.0/bytecomp/translmod.ml	2010-01-22 13:48:24.000000000 +0100
--- ocaml-3.12.0+recmodules/bytecomp/translmod.ml	2011-06-09 19:25:21.312516999 +0200
***************
*** 177,180 ****
--- 177,215 ----
   let status = Array.create num_bindings Undefined in
   let res = ref [] in
+
+  let rec emit_binding i =
+    match status.(i) with
+        Defined -> true
+      | Inprogress -> false
+      | Undefined ->
+        let defined = ref true in
+        status.(i) <- Inprogress;
+        for j = 0 to num_bindings - 1 do
+          if IdentSet.mem id.(j) fv.(i) then begin
+            let dep_defined = emit_binding j in
+            if not dep_defined && !defined then defined := false
+          end
+        done;
+        if !defined then begin
+          res := (id.(i), None, rhs.(i)) :: !res;
+          status.(i) <- Defined;
+          true
+        end else
+          false
+  in
+  for i = 0 to num_bindings - 1 do
+    match status.(i) with
+        Undefined -> ignore (emit_binding i)
+      | Inprogress -> ()
+      | Defined -> ()
+  done;
+
+  for i = 0 to num_bindings - 1 do
+    match status.(i) with
+        Undefined -> ()
+      | Inprogress -> status.(i) <- Undefined
+      | Defined -> ()
+  done;
+
   let rec emit_binding i =
     match status.(i) with
***************
*** 185,199 ****
            status.(i) <- Inprogress;
            for j = 0 to num_bindings - 1 do
!             if IdentSet.mem id.(j) fv.(i) then emit_binding j
            done
          end;
          res := (id.(i), init.(i), rhs.(i)) :: !res;
!         status.(i) <- Defined in
    for i = 0 to num_bindings - 1 do
      match status.(i) with
        Undefined -> emit_binding i
      | Inprogress -> assert false
!     | Defined -> ()
    done;
    List.rev !res

--- 220,236 ----
           status.(i) <- Inprogress;
           for j = 0 to num_bindings - 1 do
!            if IdentSet.mem id.(j) fv.(i) then emit_binding j;
           done
         end;
         res := (id.(i), init.(i), rhs.(i)) :: !res;
!        status.(i) <- Defined
!  in
   for i = 0 to num_bindings - 1 do
     match status.(i) with
         Undefined -> emit_binding i
       | Inprogress -> assert false
!      | Defined _ -> ()
   done;
+
   List.rev !res

diff -w -r -C 2 ocaml-3.12.0/typing/typemod.ml ocaml-3.12.0+recmodules/typing/typemod.ml
*** ocaml-3.12.0/typing/typemod.ml	2010-06-07 10:24:02.000000000 +0200
--- ocaml-3.12.0+recmodules/typing/typemod.ml	2011-06-09 19:24:11.572517000 +0200
***************
*** 463,472 ****
        (fun (_, smty) (id, mty) -> (id, transl_modtype env_c smty))
        sdecls curr in
!   let init =
!     List.map
!       (fun (name, smty) ->
!         (Ident.create name, approx_modtype env smty))
!       sdecls in
!   let env0 = make_env init in
    let dcl1 = transition env0 init in
    let env1 = make_env dcl1 in
--- 463,475 ----
        (fun (_, smty) (id, mty) -> (id, transl_modtype env_c smty))
        sdecls curr in
!   let (env0, rev_init) = List.fold_left
!     (fun (env, init) (name, smty) ->
!       let id = Ident.create name in
!       let mty = approx_modtype env smty in
!       (Env.add_module id mty env),
!       (id, mty) :: init
!     )
!     (env, []) sdecls in
!   let init = List.rev rev_init in
    let dcl1 = transition env0 init in
    let env1 = make_env dcl1 in