vim termcap problem on HP-UX , Vim takes long time to open file or tag

I am having a strange problem using vim 7.3 on hp-ux v11.3i. Whenever i open vim, it just takes a long time to open. Scrolling is also slow. Disabling syntax highlighting helps but it is still at unacceptable speed. vi on the other hand is blazing fast. This machine has many cpu's and large amount of memory. 

On running vim with --startup time monitoring, it seems that for all termcap operations, it is taking a long time. for eg:

006.041  000.878: expanding arguments

006.090  000.049: shell init

1014.995  1008.905: Termcap init

1015.344  000.349: inits 2

1015.925  000.581: init highlight

.

.

.

1075.276  000.812: reading viminfo

1075.361  000.085: setup clipboard

1075.409  000.048: setting raw mode

1534.299  458.890: waiting for return

1534.314  000.015: start termcap

1534.376  000.062: clearing screen

$TERM set to xterm or dtterm has same problem. Syntax highlighting and colors works but is very slow. Any suggestions ??

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