  Bound-state corrections to $J/\psi$ production from almost real photons are
calculated in the colour-singlet model. A systematic, gauge-invariant, theory
  of hard quarkonium processes is used upto $O(v^2)$, where $v$ is the relative
velocity of the quarks. The internal structure of the meson is characterised by
two parameters, $\epsilon_B/M$ and $\nabla^2 \phi(0)/M^2 \phi(0)$, in addition
to the usual wavefunction at the origin $\phi(0)$. These parameters are
constrained to be consistent with measured leptonic decay of the $J/\psi$ and
hadronic and radiative decays of $\eta_c$.
