Actually, 38 VMs total sounds about right. ESX itself occupies just a little bit less than 2GB of memory, so you've only got about 4GB of memory available for VMs. Your VMs require 119MB of memory each. 4096/119 = 34.
For 100 such VMs, you need about 11.6GB of VM memory, plus 1.8GB for ESX on each of two machines. That's 15.2GB of memory total.