Pop the side of the case off. Feel for heat. Once you locate the source of the heat, you can deal with that problem. If its the CPU, its probably not thermally connected to the fan or the fan isn't sinked properly.
You can also look for airflow obstructions which could cause the heat issue as air is unable to move through the case.
When hot, CPU heatsink is basically cold to the touch. PSU has large amounts of heat coming out the back, so i'm guessing it's causing everything else to work overtime, probably because of it being a low quality PSU.
And I really think it's the PSU. after doing some research. Thermal Master must be one of the worst PSU brands out there, and coolermaster just throws it in cause it's cheap i guess.