The paper presents a numerical study of the effect of rotation on convection and heat transport in ferromagnetic liquids. The conditions for validity of principle of exchange of stabilities have been identified by means of linear stability analysis. The nonlinear stability analysis has been done using the streamline formulation. The systems of equations derived with the help of minimal Fourier series representation are analogous to those of the Lorenz model. The effect of different parameters on heat transport has been quantified through the average Nusselt number obtained from the solution of the scaled Lorenz model. Certain unusual effects of buoyancy magnetic parameter and nonbuoyancy magnetic parameter on heat transport are reported.