Spanish Business Visa rejection - Why?

Hello folks,

I was recently rejected a business visa on grounds of:
- the justification for the purpose of stay was not provided
- the submitted information regarding the purpose and conditions of my intended stay was unreliable.

I had following docs:

• A Completed Schengen Business Visa Application Form
• Invitation letter in Spanish/English.
• Business cover letter from my current employer confirming my participation.
• Passport-size photographs, as per the specified guidelines
• A copy of my valid passport, showing personal details and expiry date
• Copy of both Onward and Return Flight Tickets and Hotel bookings.
• Documents showing that I have sufficient funds (Savings&Salary Bank Statements, ITR, Form16)
• A detailed travel itinerary.
• Travel Insurance covering the entire period of stay with minimum coverage of €30,000.

Reasons why I think my visa was refused:
- I have no travel history.

• My itenarary mentioned some tourist spots that we were planning after our business conferences. This might have put them off.

Any thoughts on this?

PS:
I'm thinking to re apply and my employer also suggests same.