Debian – Stdout/stderr redirects in start-stop-daemon

I'm trying to write init config that will redirect output of my daemon to two files (for stdout and stderr). The problem is, it's not working. I'm reading this right now.

So, I've done this shell script to test this approach. And it doesnt' work:

PATH=/sbin:/usr/sbin:/bin:/usr/bin
DESC="Seed kurokikaze starter"
#NAME=node
DAEMON="/etc/node-version/0.1.99/bin/node"
DAEMON_ARGS="/etc/seed/kurokikaze/server.js"
DAEMON_DIR="/etc/seed/kurokikaze"

APPLOG_FILE="/var/log/seed/kurokikaze"
ERRLOG_FILE="/var/log/seed/kurokikaze-err"

PIDFILE="/var/run/seeds/kurokikaze.pid"
SCRIPTNAME="/etc/seed-init/kurokikaze"

NCMD="exec $DAEMON $DAEMON_ARGS 1>>$APPLOG_FILE 2>>$ERRLOG_FILE"

start-stop-daemon -Sbmv --pidfile $PIDFILE --chdir ${DAEMON_DIR} --exec $DAEMON --startas /bin/sh -- $NCMD

But if you start this without wrapping daemon in separate shell, it works as intended (just without stderr/stdout redirects):

start-stop-daemon -Sbmv --pidfile $PIDFILE --chdir ${DAEMON_DIR} --exec $DAEMON -- ${DAEMON_ARGS}

The question is: why first script doesn't work? System is Debian Lenny, start-stop-daemon version is 1.14.29