In medium nonmetal bowl, combine beef and stir-fry sauce; toss to coat. Let stand at room temperature for 15 to 30 minutes to marinate.
Spray large nonstick skillet with nonstick cooking spray. Heat over medium-high heat until hot. Remove beef from sauce; reserve sauce. Add beef to skillet; cook and stir 3 to 4 minutes or just until browned.
Add asparagus, carrots and reserved sauce; mix gently. Cover; cook 4 to 6 minutes or until vegetables are crisp-tender, stirring occasionally.
Meanwhile, cook rice in 1 1/2 cups of the water as directed on package. Cover to keep warm.
In small bowl, combine remaining 1/4 cup water and cornstarch; blend well. Add to skillet; cook and stir until slightly thickened. Remove from heat; cool slightly. Alternately thread beef, asparagus and carrots onto 6-inch skewers. Serve kabobs over rice. Spoon sauce over top.