A custom recovery should have no problems factory resetting a phone, i.e. wipe cache and data, which is all that a "hard reset" does. Yet you are saying you've used more than one recovery and none is able to (though "CWM" is "ClockworkMod", so "CWM" and "Clockword" are actually the same thing).
So the first thing to ask: what happens when you do a factory reset? Does it do nothing, produce an error message, or does it erase apps and data (i.e. do the reset) but you are expecting it to do something else and so think it isn't working? And are you doing the reset directly from recovery (my recommendation) rather than from the Android Settings?
If you have custom recoveries which really don't perform resets (even if you select "advanced reset", or whatever the CWM equivalent is, and tell is specifically to wipe cache and data partitions), what device were these recoveries built for? It needs to be built for the exact model, not just a similar one. It's really dangerous to use a recovery that was built for a different device.
If it's really the case that none of the custom recoveries built for your device are able to perform this basic function, even when using the recovery menu and selecting explicitly which partitions to erase (cache and data), then you need to find an image of the original stock recovery and use fastboot to flash that over the custom recovery. Or use whatever the process is for a micromax to flash the device with a full set of stock software (these tools are manufacturer-specific, and I've never seen a micromax device in real life so don't know much about them).
