FCOL is an acronym for "For Crying Out Loud!".
After mounting /mnt/sysimage, it looks like you will need to check the permissions of /bin/sh. On my system it is a link to /bin/bash.
/bin/bash should have rwxr-xr-x permissions. Also check with the "mount" command and see how /mnt/sysimage is mounted. Is it mounted with the "noexec" option? If so that could be the problem.
If "chroot /mnt/sysimage" works, enter "/bin/bash -l" to run the .profile script setting up the PATH variable and the Environment.