Yes, Kamlesh. You are right..
Shiraz will be the master as it has highest IP address.
There are 4 steps in adjacency formation :
1. Neighbor relationship
2. Bi-directional relationship i.e 2way
3. Exchange of DD packets
4. Full adjacnecy ( Full state)
In this case after the 2-way state Shiraz will become the master as it has the highest IP and when it will send the first DD packet it will set the Initial Bit (I=1) Morebit ( M=1) and Masterslave bit(MS=1) and will get the reply from Chardonnay with MS bit set to 0 as it is the slave.
HTH,
-amit singh