Trouble with a trivial makefile

[Guillaume du Pontavice]

hello,

i am in trouble with a trivial makefile, using  cygwin 1.5.5-1 and make
3.80-1 on Windows 2000 SP3

here it is : i have just created 5 folders (fold1 fold2 ... fold5) , each
one contains one file ( respectively foo1.c foo2.c ... foo5.c)

you can recreate this tree using this :

mkdir fold1 fold2 fold3 fold4 fold5
echo 0 > fold1/foo1.c
echo 0 > fold2/foo2.c
echo 0 > fold3/foo3.c
echo 0 > fold4/foo4.c
echo 0 > fold5/foo5.c

i then use this small makefile :

SRCS   := $(wildcard fold1/*.c fold2/*.c fold3/*.c fold4/*.c fold5/*.c)

all:
 @echo $(SRCS)


which should give me the following results :
fold1/foo1.c fold2/foo2.c fold3/foo3.c fold4/foo4.c fold5/foo5.c

instead of that i just retrieve :
$ make
fold1/foo5.c fold2/foo5.c fold3/foo5.c fold4/foo5.c fold5/foo5.c

???

this makefile works fine on Linux and Solaris box

i have also tried this makefile :

SRCS_1   := $(wildcard fold1/*.c)
SRCS_2   := $(wildcard fold1/*.c fold2/*.c )
SRCS_3   := $(wildcard fold1/*.c fold2/*.c fold3/*.c )
SRCS_4   := $(wildcard fold1/*.c fold2/*.c fold3/*.c fold4/*.c )
SRCS_5   := $(wildcard fold1/*.c fold2/*.c fold3/*.c fold4/*.c fold5/*.c)

all:
 @echo $(SRCS_1)
 @echo $(SRCS_2)
 @echo $(SRCS_3)
 @echo $(SRCS_4)
 @echo $(SRCS_5)


which gives me the following results :

$ make
fold1/foo1.c
fold1/foo1.c fold2/foo1.c
fold1/foo1.c fold2/foo1.c fold3/foo1.c
fold1/foo1.c fold2/foo1.c fold3/foo1.c fold4/foo1.c
fold1/foo1.c fold2/foo1.c fold3/foo1.c fold4/foo1.c fold5/foo1.c


Is this problem cygwin-related ?
Any help would be appreciated,

thanks,
Guillaume