rotate object around another object 1:1

I’m trying to make a object rotate, however I want the pivot point to be at a different location then the default axis and since Unity doesn’t let you relocate the axis, I made a parent whos axis is located at the pivot point i want, however the child object continues to rotate on it’s own axis instead.
What is the best way to make the child pivot on the parent’s axis?

the code i used to make the parent pivot is the following (c#)

void Update()
    {
        if (Input.GetAxis ("Vertical")>0){
            transform.Rotate(.0f,0.0f,1.0f,Space.Self);
        } else if (Input.GetAxis ("Vertical")<0){
            transform.Rotate(.0f,0.0f,-1.0f,Space.Self);
        }
    }

What you need is rotatearound. Your rotate function should be sth. like:

if (Input.GetAxis ("Vertical")>0){
     transform.RotateAround(Vector3.zero, Vector3.up, 1); 
}