As I said before, the inductor is way to small as well. At 48V stepping down to 12V, there will be 36V across the inductor. The formula for current in an inductor is:
dI/dt = V / L
For a 1 uH inductor with 36V across it
dI/dt = 36,000,000 A / sec
Or 360A / PWM period. You want to...