try open hardware monitor or another one to rule out a bad read of the hardware. the temp if it right is for the chipset on the motherboard it should not be that hot. (bad chipset or no airflow or it missing thermal paste or the heat sink not on right on the chipset).
Use another program or update it, that reading is not correct, your board would basically be melting and it is also reporting the Min temp as 111, thus it's not even as though the temp was ramping up to 111.
I also tried speccy and got the same results http://imgur.com/bcADqDe the board isnt giving off any heat if i put my hand near the fan, just a bit worried now that iv tried 2 different programs and got the same results.
where the asus heat sink is in the photo is the chipset for the mb. make sure both pins are on and it on tight. hopfull when they built the mb the vendor put thermal paste under the heat sink. if you have a hair dryer set it on cool and blow air over that heat sink see if the temps change. if they do it could be no thermal paste or no air movement in your case.