using timer

int secs = 0, mins = 0, elapsedTime = 60000;
boolean started = false;
String secsStr = String.format("%02d", secs);
String minsStr = String.format("%02d", mins);

Timer play = new Timer(1000, new ActionListener() {
    @Override
    public void actionPerformed(ActionEvent evt) {
        elapsedTime = elapsedTime - 1000;
        mins = (elapsedTime/60000) % 60;
        secs = (elapsedTime/1000) % 60;
        secsStr = String.format("%02d", secs);
        minsStr = String.format("%02d", mins);
        timeIndicator.setText(minsStr+":"+secsStr);
    }
});
play.start();