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I own a Transcend Jetflash V30 (TS2GJFV30) 2 GB Flash drive with PID:6387 & VID: 058F. Searching on iFlash returns 6 entries. Which utility should I try now? Is it possible to create a password protected partiton using any of the tools?

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Pic 2.1.   choose setup->Mode->Password disk

but I don`t have utility for enter this password in future. To get access to security partition.
first of all try to find it!!!

for example:

UT165 UFDUtility v3.2.5.5 - This for USBest UT163/165 controllers. Not for your controller!!!

VID:058F is probably Alcor controller. Simply utility for creation of password protected partition is JFormat. From transcend-site (link to dwnld) or from there