Hi DHARSAN,
axf is ARM executable format (AXF) file, which is actually standard ELF/DWARF file. Project *.axf file is automatically generated after a successful build. Take a look at your project folder if you need it.
bin file is binary format file. When we have a axf file generated, right click on the generated axf file in "project explore" window, "Binary files", "Create binary", *.bin file will be created.
We can use either axf or bin file for Flash programing.
Hope this helps,
Jun Zhang